Are you staying caught up with the latest NMLS states and approvals? We’ve been moving fast!! ProSchools has quickly developed and submitted mortgage courses to meet the new 20-hour S.A.F.E. Act requirements as regulated by the NMLS. To date, we’ve received approval for the 20-hour course in Arizona, Idaho, Louisiana, Michigan, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington.
We’ve submitted courses for Iowa, New Hampshire, Massachusetts, and Kentucky and we’re waiting on NMLS-approvals.
What’s in an NMLS course? In each 20-hour course, ProSchools includes state-specific hours for those states requiring state laws. Most states do not require state-specific hours as part of the education. In those states, ProSchools has opted to add state material to the course in order to help people pass the state portion of the NMLS exam. All 20-hour courses include the mandatory 3 hours of Federal Law, 3 hours of Ethics, and 2 hours of Non-traditional Mortgage Products.
Remember: exam prep is built into the course. This is designed to help originators pass the required NMLS exam. Online reviews, quizzes, and practice finals serve as the base for exam prep. We anticipate people completing their course first, then reviewing and preparing for their exam. They can complete the education and exam in any order, but my recommendation has always been to take the course first.
Our main goal has always been to help loan originators pass the NMLS exam and meet education requirements. But I believe another important responsibility is to serve as a resource to mortgage companies. All this NMLS stuff is complicated! Our phones are busy ringing with lots of questions. We need to help companies understand the smartest and easiest way to get their loan originators in compliance with NMLS requirements. Add to the mix when originators are licensed in multiple states…really complicated!
ProSchools projects to have 20-hour courses developed for all 50 states by February 2010. In addition, we will offer smaller NMLS-approved state-specific courses, plus let’s not forget the mandatory NMLS continuing education! Keeping it all straight is a full-time job! Stay tuned.