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South Dakota 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 South Dakota 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.
Note: ProSchools is currently developing the South Dakota exam prep program. Loan originators are encouraged to begin the prelicense education and testing early and can take the national requirements separately from the South Dakota requirements. This web page will be updated immediately once the South Dakota exam prep is completed!
 
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
South Dakota Mortgage Loan Originator Requirements
In order to comply with new licensing requirements all individuals acting as Mortgage Loan Originators must do the following:
- Complete 20 hours of approved prelicense education.
- 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.
- Register with the Nationwide Mortgage Licensing Registry (NMLS).
To permit an orderly transition to the new South Dakota loan originator licensing requirements, the deadlines to complete the education and pass the national and South Dakota components of the SAFE Mortgage Loan Originator Tests are:
- Anyone who is currently licensed must demonstrate by 12/31/2009 they have completed a minimum of 20 hours of education. Licensees who have completed state-approved continuing education are able to have their hours certified. NMLS-approved education will also be accepted to meet the requirement. The deadline to pass the exams is not currently known but licensees are encouraged to pass the National exam as soon as possible. The state component of the exam is expected to be available in mid-December.
- Anyone who applies on or after January 1, 2010 must meet the license requirements prior to being licensed.
SAFE Mortgage Loan Originator Test Information
The SAFE Mortgage Loan Originator Test consists of two separate exams called "components": The National Component is available now and the South Dakota Component will be available for testing beginning December 10, 2009:
- 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%)
- South Dakota component (55 questions with 45 scored and 10 unscored): The exam will cover: 1) South Dakota Division of Banking (5%=2-3 questions); 2) Mortgage Lender Business Act Definitions (10%=4-5 questions); 3) South Dakota License Law and Regulation (25%=11-12 questions); 4) Compliance (45%=20-21 questions); 5) Disciplinary Action (15%=6-7 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.