One state at a time! ProSchools just received approval from the NMLS for our 20-Hour PA SAFE Comprehensive course for mortgage loan originators. This course meets the NMLS education requirement for Pennsylvania loan originators, plus it contains an exam prep that will prepare LOs for both the state and national component of the NMLS exam.
As you know, the SAFE Act (stands for “Secure and Fair Enforcement for Mortgage Licensing Act of 2008″), passed a year ago, giving states one year to pass legislation requiring mortgage loan originators be licensed according to national standards. ProSchools closely monitors the deadlines set by states for passing the NMLS exam and meeting NMLS education requirements.
On August 5, 2009, Pennsylvania’s Governor Rendell signed into law as Act 31 of 2009, House Bill 1654, amending Pennsylvania’s existing mortgage licensing law. The amendments contained in Act 31 implement the SAFE Act by merging its requirements into the existing mortgage licensing law, now titled the Mortgage Licensing Act (“MLS”).One impact of the law is that new Pennsylvania mortgage loan originators (new to the business), must now meet the education and testing requirements prior to receiving their license. Mortgage originators licensed prior to the law have until December 31, 2009 to meet the NMLS prelicense and exam requirements. All prelicense and continuing education, including education providers, must be NMLS approved.
One interesting note is that currently ProSchools is the only approved provider offering online instructor-led classes. In developing our courses, we saw a major benefit being convenience and flexibility. Students can continue working while staying in compliance with the new requirements of the SAFE Act. Class sessions are led by an instructor and participants can share ideas and thoughts with other loan originators and mortgage industry experts around the country via online forums and blog posts.
As I have mentioned before, Pennsylvania has one of the earliest deadlines to meet: December 31, 2009. Because LOs must wait 30 days if they fail the NMLS exam, we suggest they take the exam now. No need putting added pressure on yourself during the holidays! We’ve heard a few sad songs when people procrastinate.