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Vermont 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 Vermont 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
Vermont Mortgage Loan Originator License Requirements
In order to be licensed as mortgage loan originator in Vermont, you must do the following:
- Complete at least 20 hours of NMLS-approved prelicense education. The prelicense education must include at least (3) hours of federal laws and regulations; (2) hours of ethics, including instruction on fraud, consumer protection, and fair lending; and (2) hours related to lending standards for the nontraditional mortgage product marketplace.
- 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.
- Submit fingerprints to the NMLS. It is anticipated that you will be able to begin submitting fingerprints to the NMLS November 1, 2009.
- Meet bonding requirements. The bonding requirement is a graduated dollar amount based upon the amount of loans originated in Vermont.
- Demonstrate financial responsibility, experience, character and general fitness. You will be required to submit personal history and experience information to the NMLS. Credit reports and credit scores will also be reviewed.
Vermont Mortgage Loan Originator deadlines to the complete the education and pass the SAFE Mortgage Loan Originator Test
To ensure a smooth transition the following are the deadlines for current and new mortgage brokers, loan officers and loan originators:
- Current mortgage brokers and loan officers working before December 31, 2009, must complete all licensing requirements by July 1, 2010.
- Mortgage brokers and loan officers that enter the business on or after January 1, 2010 must complete all licensing requirements before acting as a loan originator.
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%)
- Vermont component (60 questions with 50 scored and 10 unscored): The exam will cover: 1) Vermont Department of Banking, Insurance, Securities, and Health Care Administration (5%); 2) State law and regulation definitions (10%); 3) License law and regulation (15%); 4) Compliance (60%); 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 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. Two hours
of Vermont law is included to prepare you for the state component of the SAFE exam. 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 National and Vermont SAFE Mortgage Originator Tests.