ProSchools has taken a few calls from Massachusetts loan originators lately. Often these loan originators are licensed in multiple states, making it a bit of a puzzle to figure out the most strategic plan.
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- Complete 20 hours of education. The education must include a minimum of 3 hours of mandatory Massachusetts law, 3 hours of federal law and regulations, 3 hours of ethics, and 2 hours related to lending standards for nontraditional mortgage product marketplace.
- Pass a national background check.
- Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is actually two exams, a national exam and a state exam, which may be taken separately.
- Register with the National Mortgage Licensing Registry (NMLS).
One of the bigger projects ProSchools faces is trying to track when each state must complete the education and pass the SAFE test. In Massachusetts, it depends on when you got licensed.
Loan Originators licensed as of July 31, 2009 must complete 20 hours of NMLS-approved or state-approved education and pass the National and Massachusetts components of SAFE Mortgage Loan Originator Test by October 31, 2010.
Loan Originators licensed between August 1, 2009 and October 31, 2009 need to complete 20 hours of NMLS-approved or state-approved education and pass the National and Massachusetts components of SAFE Mortgage Loan Originator Test by July 31, 2010.
Loan Originators licensed after November 1, 2009 must complete 20 hours of NMLS-approved education and pass the National and Massachusetts components of SAFE Mortgage Loan Originator Test prior to applying. And that’s what we know for today.