Montana Loan Originator Continuing Education
Effective November 1, 2009, only NMLS-approved courses will be accepted to meet state education requirements in Montana. ProSchools, an NMLS-approved provider, has many NMLS-approved courses. The NMLS will not begin approving continuing education until late 2009. To be notified when continuing education courses are available you are encouraged to call 1-800-299-2207 or e-mail ProSchools' course consultants. 

Montana Mortgage Loan Originator Continuing Education Requirements
In order to renew a Montana license for 2011, all mortgage loan originators must complete 12 hours of NMLS-approved CE during calendar year 2010. The CE must include 3 hours of federal law; 2 hours of ethics including fraud, consumer protection and fair lending issues; 2 hours related to lending standards for nontraditional mortgage products and 5 hours of electives.

Montana Mortgage Loan Originator License Requirements
The new requirements to be licensed as an Montana loan originator are:

1. Complete 20 hours of approved prelicense education. Licensees who have completed a minimum of 20 hours of Montana-approved continuing education by November 1, 2009 will be eligible to have their hours certified and will not have to complete the prelicense education requirement. Individuals who are not eligible to have their education certified will need to complete 20 hours of NMLS-approved education.
2. Pass a national background and credit check.
3. Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is actually two exams, a national exam and a state exam, which may be taken separately.
4. Register with the Nationwide Mortgage Licensing Registry (NMLS).

To permit an orderly transition to the new Montana loan originator licensing requirements, the deadlines to complete the education and pass the national and Montana components of the SAFE Mortgage Loan Originator Tests are:

1. Mortgage loan originators whose licenses expire on June 30, 2010 must meet the new requirements by May 31, 2010.
2. Mortgage loan originators whose licenses expire on April 1, 2010 must meet the new requirements by March 1, 2010.

Note: The Montana component of the SAFE Mortgage Loan Originator Test is not expected to available until May or June 2010 so the deadline to pass that test will likely be the end of 2010.

SAFE Mortgage Loan Originator Test Information

The SAFE Mortgage Loan Originator Test consists of two separate exams called "components":

1. National component (100 questions with 90 scored and 10 unscored): The exam will cover: 1) Federal mortgage-related laws (35%); 2) General mortgage knowledge (25%); 3) Mortgage loan origination activities (25%); 4) Ethics (15%)
2. Montana component is in development. It is expected to be available in May or June 2010.

To schedule and take an exam you must:

1. Create an account in NMLS. Anyone seeking a license must have or create an account in NMLS prior to enrolling.
2. Enroll in the National and/or State-specific test. The fees for the exam will be paid at the time of enrollment through the NMLS.
3. Study for the exam. Note: You are not required to complete your prelicense education prior to taking the exam!
4. Schedule your exam through either Prometric or Pearson VUE. The test is administered at nearly 500 locations nationwide.
5. Arrive at the test center 30 minutes prior to your appointment with current government-issued ID that contains a photo and signature.