New Hampshire passed legislation that went into effect April 1, 2009, requiring all individuals whose activities fall under the legal definition of “loan originator” to be licensed. This fulfills mandates of the SAFE Act. So the question is, how does this transition out over the next months?
All loan originators have to be licensed through the NMLS and must be sponsored by a company that has filed and been approved on the NMLS. Since April 1st 2009, no individual can act as a loan originator without an approved New Hampshire license. According to New Hampshire Department of Banking, originators licensed between April 1, 2009 and July 30, 2009 must do 4 things before December 31, 2009, in order to renew their license for 2010:
Anyone not holding a license by July 31, 2009 (or filing an application on or after that date), has to complete all the requirements of the S.A.F.E. Act prior to license approval. That includes completing the fingerprints, criminal background check, credit check, NMLS education, and NMLS exam, all administered by the NMLS.
This looks pretty common. New loan originators have to meet the NMLS education and exam requirements immediately to get licensed and loan originators licensed prior to July 2009 have a window of time to meet NMLS licensing requirements.
So, New Hampshire loan originators, looks like you and Pennsylvania loan originators have the soonest deadline to meet! Be sure to check out the NMLS website for further details. ProSchools has submitted the New Hampshire NMLS SAFE Comprehensive course for approval and we hope to hear back soon.