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Illinois Mortgage Education Includes SAFE Loan Originator Test Prep
ProSchools' online instructor-led training is NMLS-approved. Courses contain easy-to-understand lessons, lots of
practice exams, easy access to your instructor, and flexible online learning allowing you to move through the course
quickly. Plus, you study when and where you want. Exchange ideas via discussion forums, blogs, and instructor
assignments. An optimal learning experience for busy Illinois Loan Originators! Prepare for your SAFE Loan Originator
exam while completing your NMLS course.
Choose the training session that best meets your schedule. Course sessions start and end weekly. If you need
longer to complete your course, call our helpful NMLS Account Specialists to discuss transferring to the next
available session. At the end of your session, upon course completion, ProSchools "banks" your completion
record to the NMLS. There is a $1.50 per hour mandatory NMLS-Banking fee that will be added at checkout.
 
What do ProSchools' NMLS-Approved Courses Include
- Courses are online and instructor-led
- Easy-to-read and printable lessons
- Multi-media chapter reviews
- Instructor assignments
- Knowledge building exercises
- Hundreds of online exam questions with explanations and score tracking (this prepares you for the SAFE Mortgage Loan Originator Tests)
- Helpful resources including a student discussion forum, instructor blog, and useful links to NMLS information and testing resources
- Easy access to your instructor via "live chat" office hours, email, or phone
Illinois Mortgage Loan Originator Requirements
The SAFE Act requires loan originators to be licensed. The minimum requirements under the SAFE Act are:
- Complete 20 hours of NMLS-approved prelicense education. The education must include a minimum of 3 hours of federal law, 3 hours of ethics, and 2 hours of non-traditional mortgage products.
- Submit fingerprints through NMLS for a criminal background check. Existing licensees approved before July 1, 2009 have until December 31, 2010 to submit fingerprints. New applicants as of July 1, 2009 have until June 30, 2010 to submit fingerprints.
- All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.
- Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is two exams, a national exam and a state exam, which may be taken separately.
- Register with the Nationwide Mortgage Licensing Registry (NMLS).
To permit an orderly transition to the new Illinois loan originator licensing requirements, the deadlines to meet the education requirement and pass the National and Illinois Components of the SAFE Mortgage Loan Originator Test are:
New Loan Originators Applying as of January 16, 2010:
- Complete 20 hours of NMLS-approved prelicense education prior to applying.
- Pass the National Component of the SAFE Mortgage Loan Originator Test prior to applying and pass the Illinois Component by May 15, 2010. The Illinois Component of the SAFE Mortgage Loan Originator Test will be available April 12, 2010.
Established Loan Originators (Licensed prior to July 31, 2009):
- Established loan originators who have completed 20 hours of state-approved education by December 31, 2009 must have their education certified by an Illinois approved certification source.
- Loan Originators who have not completed 20 hours of state-approved education by December 31, 2009 will have to complete 20 hours of NMLS-approved prelicense education by December 31, 2010.
- Established loan originators licensed prior to July 31, 2009 must pass both the National and Illinois Components of the SAFE Mortgage Loan Originator Test by December 31, 2010.
Established Loan Originators (Licensed after July 31, 2009):
- Established loan originators licensed after July 31, 2009 (including those who were required to restart) must complete 20 hours of NMLS-approved prelicense education by June 30, 2010.
- Established loan originators licensed after July 31, 2009 (including those who were required to restart) must pass both the National and Illinois Components of the SAFE Mortgage Loan Originator Test by June 30, 2010.
SAFE Mortgage Loan Originator Test Information
The SAFE Mortgage Loan Originator Test consists of two separate exams called "components":
- 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%)
- Illinois component (60 questions with 50 scored and 10 unscored): The exam will cover: 1) Illinois Department of Financial and Professional Regulation- Division of Banking (5%); 2) Illinois law and regulation definitions (15%); 3) License law and regulation (20%); 4) Compliance (50%); 5) Disciplinary action (10%);
To schedule and take an exam you must:
- Create an account in NMLS. Anyone seeking a license must have or create an account in NMLS prior to enrolling.
- 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.
- Study for the exam. Note: You are not required to complete your prelicense education prior to taking the exam!
- Schedule your exam through either Prometric or Pearson VUE. The test is administered at nearly 500 locations nationwide.
- Arrive at the test center 30 minutes prior to your appointment with current government-issued ID that contains a photo and signature.
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This NMLS-approved 21-day course fulfills the 20 hours of prelicense education required under the SAFE Act. ProSchools' 21-day session is our most popular option. A new session begins every Tuesday and allows you a full 21 days to complete your coursework. A list of available sessions appears when you click Buy Now. Course includes all mandatory hours for federal law, ethics, and non-traditional mortgage products. Plus, when you purchase the NMLS-approved course a separate test prep tool to help you pass the Illinois Component of the SAFE MLO Test is added for no charge. A $30 mandatory NMLS-Banking fee will be added at checkout, the fee covers NMLS administration of your records.