A few weeks ago ProSchools got the 20-Hour Iowa SAFE Comprehensive Course approved. Now the big question is this:
Who in Iowa needs it?
Since Iowa has already had loan originator education in place for a couple years, most current Iowa mortgage licensees will have their past education “certified.” That means they won’t need to do the 20 hours of NMLS education. However new Iowa loan originators, those just entering the business after July 2009, will need to take the 20 hour SAFE Course prior to obtaining their license. Then there’s the SAFE Exam, which remember, is separate from the education requirement. According to the Iowa Division of Banking:
- Individuals who were licensed prior to January 1, 2009 will need to pass both the National and Iowa components of the exam by October 31, 2010.
- Individuals licensed between January 1, 2009 and July 31, 2009 will need to pass the National component of the exam by October 31, 2010.
- New applicants as of July 31, 2009 must pass both components of the exam prior to being licensed.
Here’s bottom-line: Most current Iowa loan originators will only need to take the SAFE Exam and it will depend on when they got licensed as to whether they need to pass both parts of the SAFE test, the national and state components, or if they only need to pass the national componant.
As always, ProSchools tries to stay updated with the latest information affecting loan originators, and changes are constantly in the mix so please keep checking back for the latest information.