|
Wisconsin 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 Wisconsin 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
Wisconsin Mortgage Loan Originator Requirements
To permit an orderly transition to the new Wisconsin loan originator licensing requirements the deadlines to complete the license requirements are:
New Applicants Applying After December 11, 2009 Must:
- Complete 20 hours of NMLS-approved education prior to being licensed. Existing licensees that have already satisfied 20 hours of NMLS-approved education in any state, or have had their education certified by another state, are not required to complete the prelicense education.
- Pass the National Component of the SAFE Mortgage Loan Originator Test prior to being licensed.
- Pass the Wisconsin State Component of the SAFE Mortgage Loan Originator Test by December 31, 2010. The Wisconsin State Component of the test will not be available until August 16, 2010.
- All licensees must submit fingerprints through NMLS for a federal background check.
- All licensees will be required to authorize a credit report through NMLS between October 2010 and December 31, 2010.
- Register with the Nationwide Mortgage Licensing Registry (NMLS).
Existing Licensees Who Held a License Prior to December 31, 2009 Must:
- Existing licensees that were initially licensed between July 1, 2005 and December 31, 2009 and have completed at least 20 hours of Wisconsin DFI-approved continuing education between July 1, 2005 and June 30, 2010 will be certified as having fulfilled the 20 hours of prelicense education as long as the licensee has transitioned their information onto the NMLS by March 31, 2010.
- Pass the National Component of the SAFE Mortgage Loan Originator Test by December 31, 2010.
- Existing licensees that were initially licensed between July 1, 2005 and December 31, 2009 do not have to take the Wisconsin State Component as long the licensee has transitioned their information onto the NMLS by March 31, 2010.
- Licensees that were initially licensed prior to July 1, 2005 must pass the Wisconsin State Component by December 31, 2010 unless the licensee has passed the Wisconsin Continuing Education Test-Out Exam and transitioned their information onto the NMLS by March 31, 2010.
- All licensees must submit fingerprints through NMLS for a federal background check by December 31, 2010.
- All licensees will be required to authorize a credit report through NMLS between October 2010 and December 31, 2010.
- Register with the Nationwide Mortgage Licensing Registry (NMLS) by March 31, 2010. Existing licensees that have not transitioned their information onto the NMLS by March 31, 2010 will not be eligible to have their education or Wisconsin State Component of the SAFE Mortgage Loan Originator Test certified.
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 Wisconsin component is available as of August 6, 2010.
- 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%)
- Wisconsin state component (55 question with 45 scored and 10 unscored): The exam will cover: 1) Wisconsin Department of Financial Institutions (5%); 2) Wisconsin law and regulation definitions (15%); 3) Wisconsin license law and regulation (20%); 4) Compliance (45%); 5) Disciplinary action (15%)
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.
|
This NMLS-approved 10-day course fulfills the 20 hours of prelicense education required under the SAFE Act. A 10-day session is only recommended if you need to get your education completed very quickly. A new session starts every Monday and ends the following Wednesday. 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 Component of the SAFE MLO Test. A $30 mandatory NMLS-Banking fee will be added at checkout, the fee covers NMLS administration of your records.