ProSchools gets quite a few calls from California real estate licensees wanting to get their MLO License Endorsement. Since they already took a broker or salesperson exam in order to get their real estate license, they wonder if they have to take another test to obtain the MLO License Endorsement.The answer is yes. Under the SAFE Act (a
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There has been some confusion over how long a loan originator must wait to retake one of the SAFE Tests – National or State Component. Bottom line: you must wait 30 days after each of your first 3 attempts. If you fail it a 4th time, you have to wait a mandatory 6 months before you can start the cycle again. It pays to study and be prep
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Always looking for something new to pass on. The NMLS has put together an Industry Renewals Handbook that is really helpful. In the Handbook are best practices related to the submission of renewals through the NMLS, plus the steps necessary for users to request renewal of their licenses.Another thing the NMLS has added in the last severa
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The majority of time, ProSchools deals with SAFE education and test prep, but lately a lot of loan originators ask us questions about how to schedule their SAFE Test. Recently the NMLS put together a really helpful “3 Easy Steps” instruction guide for providers to give their mortgage originator students.
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ProSchools continues to receive calls about mortgage continuing education. It’s a bit complicated, but in studying the NMLS SAFE Requirements Compliance Chart (updated weekly), I see three categories that states fall into, as to when continuing education is required for loan originators:
States requiring all loan ori
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In 2009, the Florida Legislature passed Senate Bill 2226 to bring Florida mortgage professionals in compliance with mandates of the SAFE Act. The changes made effective in Chapter 494 do several things:
Redefine and reclassify license types to be consistent with NMLS standards. For example, a mortgage broker license will becom
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The short answer is yes. Whether you are licensed with California DRE and have a MLO License Endorsement or you’re licensed through the California DOC, continuing education is required. But there are variables that determine if you need CE in 2010. Here is a summary of what I found on the DRE and DOC licensing websites:DRE Licensees: MLO
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