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New York 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 New York 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
New York Mortgage Loan Originator Requirements
Legislation requires Mortgage Loan Originators to be licensed. The requirements to be licensed 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, 3 hours of New York law and 2 hour related to nontraditional mortgage products. Note: ProSchools is currently developing the New York state program. Loan originators are encouraged to begin the prelicense education and testing early and can take the national requirements separately from the New York requirements. This web page will be updated immediately once the New York course work is completed!
- Pass a national background and credit check.
- 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.
- Meet bonding requirements.
- Register with the Nationwide Mortgage Licensing Registry (NMLS).
Deadline to Meet Education, Testing and Bonding Requirements
To facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the deadlines to complete the education, testing and bonding requirements are:
- An individual who was engaged in MLO activities as of July 11, 2009, and filed an application prior to July 11, 2009, has until May 31, 2010 to meet the education, testing and bonding requirements.
- An individual who was engaged in MLO activities with respect to manufactured homes as of July 11, 2009 must file an application by with the Superintendent by December 31, 2009 and must meet the education, testing and bonding requirements by May 31, 2010.
- An individual who was authorized to act as an MLO as of July 11, 2009 has until August 31, 2010 to meet the education, testing and bonding requirements.
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%)
- New York component (65 questions with 55 scored and 5-10 unscored): The exam will cover: 1) New York State Banking Department (5%=2-3 questions); 2) New York State Law and Regulation Definitions (15%=8-9 questions); 3) New York License Law and Regulation (20%=11 questions); 4) Compliance (45%=24-25 questions); 5) Disciplinary Action (10%=5-6 questions); 6) Unique New York State Test Areas (5%=2-3 questions)
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 course fulfills the 20 hours of prelicense education required under the SAFE Act. Included are all mandatory hours for Federal Law, Ethics, and Non-traditional Mortgage Products. Complete at home or office; study when and where you want. Interact with your instructor via assignments and online forums or directly via live chat, phone, or email. Exam prep is included to help prepare you to pass the SAFE Mortgage Originator Test.