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Virginia 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 Virginia 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
Virginia Mortgage Loan Originator Requirements
New legislation requires all mortgage loan originators, unless exempt, to complete new licensing requirements by July 1, 2010. Anyone wanting a license on or after July 1, 2010 must complete the licensing requirements prior to acting as a mortgage loan originator. To be licensed as a mortgage loan originator on or after July 1, 2010, mortgage loan originators must:
- Complete 20 hours of NMLS-approved education. The education must include a minimum of 3 hours of federal law and regulations, 3 hours of ethics, and 2 hours related to lending standards for nontraditional mortgage product marketplace.
- All licensees must submit fingerprints through NMLS for a criminal background check.
- All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.
- Demonstrate financial responsibility, character and general fitness, including a satisfactory credit report.
- 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).
It is recommended that individuals complete the 20 hours of NMLS-approved education and pass the National and Virginia components of the SAFE Mortgage Loan Originator Test by March 1, 2010 in order to ensure adequate time for processing of the MMLO application.
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%)
- Virginia component (60 questions with 50 scored and 10 unscored): The exam will cover: 1) Virginia Bureau of Financial Institutions (5%); 2) State Law and Regulation Definitions (15%); 3) License Law and Regulation (20%); 4) Compliance (50%); 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 21-day course fulfills the 20 hours of prelicense education required under the SAFE Act. ProSchools' 21-day session is our most popular option. A new session begins every Tuesday and allows you a full 21 days to complete your coursework. A list of available sessions appears when you click Buy Now. Course includes all mandatory hours for federal law, ethics, and non-traditional mortgage products. Exam prep is included to help prepare you to pass the National and Virginia SAFE MLO Tests. A $30 mandatory NMLS-Banking fee will be added at checkout, the fee covers NMLS administration of your records.
