Pass the SAFE Mortgage Loan Originator Test with ProSchools' Exam Prep
Prepare for your SAFE Mortgage Loan Originator Test with ProSchools' powerful national and South Carolina test prep programs. Included are important lessons with multi-media reviews, knowledge-building exercises, and hundreds of practice questions (complete with explanations) that test you on the SAFE Mortgage Loan Originator Test topics. Plus, track your progress and exam readiness with our mortgage exam score monitor. You'll learn how to overcome test-taking anxieties too! Enroll now and pass with confidence.

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What you get with ProSchools' SAFE Mortgage Loan Originator Test Prep

1. Hundreds of online practice questions with explanations and score tracking
2. Lessons on NMLS exam topics in easy-to-read and printable formats
3. Multi-media chapter reviews
4. Knowledge building exercises for the loan originator exam
5. Exam prep tips and strategies

South Carolina Mortgage Loan Originator Requirements
The SAFE Act requires loan originators to be licensed. The minimum requirements under the SAFE Act are:

1. Complete 20 hours of approved prelicense education. Licensees who have completed a minimum of 20 hours of state-approved continuing education may be able to have their hours certified. State-approved education will be accepted if completed by March 31, 2010. As of April 1, 2010, only NMLS-approved education is accepted.
2. All licensees must submit fingerprints through NMLS for a criminal background check.
3. All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.
4. 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.
5. Register with the Nationwide Mortgage Licensing Registry (NMLS).

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

Licensees under the Board of Financial Institutions Must:

1. Complete the education and pass the National and South Carolina components of the SAFE MLO Test by July 30, 2010.

Licensees under the Department of Consumer Affairs Must:

1. Loan Originators registered prior to July 31, 2009 must complete the 20 hours of state or NMLS-approved education* and pass the exam by December 31, 2010.
2. Loan Originators who apply on or after July 31, 2009 must complete 20 hours of state or NMLS-approved education* and pass the exams by July 30, 2010.
3. Loan Originators who apply on or after July 31, 2010 must complete 20 hours of NMLS-approved education and pass the exams prior to being licensed.

* Licensees who have completed a minimum of 20 hours of state-approved continuing education may be able to have their hours certified. State-approved education will be accepted if completed by March 31, 2010. As of April 1, 2010, only NMLS-approved education is accepted.

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. South Carolina State Component (60 questions with 50 scored and 10 unscored): The exam will cover: 1) South Carolina Department of Consumer Affairs/South Carolina State Board of Financial Institutions (5%); 2) South Carolina law and regulation definitions (15%); 3) South Carolina license law and regulation (25%); Compliance (45%); Disciplinary action (10%)

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.