Colorado mortgage loan originators were required to complete education and testing under previous laws, prior to the SAFE Act. Mortgage originators in CO luck out — they are eligible to have their Colorado prelicense education and State Component of the SAFE Test certified. For a lot of MLOs, this means they only have to pass the National Component of the SAFE Test by the end of 2010, not complete another 20 hours of education or pass the State Component of the SAFE Test.
Here is a summary of Colorado’s transition plan to meet education and testing requirements under NMLS:
- All new Colorado applicants on or after December 31, 2009 need to complete 20 hours of NMLS-approved pre-license education prior to being licensed.
- Colorado mortgage loan originators who have completed at least 20 hours of CO state-approved education prior to December 31, 2009 are able to participate in the certification process.
- Testing requirements must be met as well. All new loan originator applicants in Colorado approved on or after January 1, 2010 need to pass the State and National component of the SAFE Mortgage Loan Originator test prior to their application being approved.
- Existing licensees as of January 1, 1,2010 must pass the National Component of the SAFE MLO Test by December 31, 2010. Only 2 months to go!
Check out the MLO SAFE Compliance Chart with all 50 states and deadlines.