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Oklahoma Continuing Education Requirements
There will be no renewal this year since you will need to transition your license onto the NMLS by December 1st. However, all mortgage loan originators, officers and owners who have not taken CE in the past will need to complete all 20 hours of NMLS-approved education. Anyone who has taken CE in the past will need to make sure they have taken at least 20 hours of education to meet the new requirement. As of August 1, 2009, state-approved courses will not be accepted to meet the requirements. Only NMLS-approved courses, such as ProSchools' NMLS-approved courses, will be accepted to meet the education requirement.
All licensees will need to take 8 hours of NMLS-approved education in 2010 to renew for 2011, unless the prelicense education was completed in 2010.
Oklahoma Mortgage Loan Originator Requirements
With the passing of Senate Bill No. 1062, the requirements to be a loan originator are:
- Complete 20 hours of NMLS-approved prelicense education. All mortgage loan originators, officers and owners who have not taken CE in the past will need to complete all 20 hours of NMLS-approved education. Anyone who has taken CE in the past will need to make sure they have taken at least 20 hours of education to meet the new requirement.
- Pass a national background and credit check.
- 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. The Oklahoma component will not be available until April 2010.
- Register with the Nationwide Mortgage Licensing Registry (NMLS).
To permit an orderly transition to the new Oklahoma loan originator licensing requirements, the deadlines to meet the new licensing requirement are:
- New applicants as of July 1, 2009 must complete the education, pass the SAFE Mortgage Loan Originator Tests and background and credit check must be completed by July 31, 2010.
- Existing licensees as of June 30, 2009 must complete the 20 hours of NMLS-approved education by July 31, 2010, unless the licensee completed at least 20 hours of state-approved education by August 1, 2009. The SAFE Mortgage Loan Originator Tests, background and credit check must be completed by July 31, 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%)
- Unique state component. (45-60 questions): The Oklahoma component will not be available until April 2010.
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.