Education & Career
ProSchools Receives NMLS Provider Approval and Launches Exam Prep in 12 States

NMLS Testing for Loan Originators Available July 31 for Fast-track States

With the passage of the S.A.F.E. Act, ProSchools has launched a comprehensive exam prep in 12 states. These states, referred to by the Nationwide Mortgage Licensing System & Registry (NMLS) as Fast-track States, are the first in the country to require loan originators to meet NMLS education and testing requirements.

Under the S.A.F.E. Act, loan originators must pass a state and national exam, complete prelicense education, as well as annual continuing education. Pearson VUE or Prometric will administer the NMLS exam. Beginning July 30, mortgage originators in Arizona, Idaho, Iowa, Pennsylvania, Vermont, Washington, Rhode Island, Massachusetts, North Carolina, Louisiana, and New Hampshire can begin taking the exam. It is expected that the NMLS will have the exam available in more states by late 2009.

The NMLS exam is a two-part test, consisting of a state and national component. Certain states already require originators to pass a state exam under current license laws. In these states, loan originators may have the state portion waived and will only need to pass the national component.

ProSchools, an NMLS approved provider, has developed a comprehensive exam prep geared towards helping loan originators pass the NMLS exam. "Our goal is not only to help loan originators pass the NMLS exam and meet education requirements, but also serve as a resource to mortgage companies,” says Deanne Gillock, ProSchools’ Regulatory Director. “Each state must meet minimum standards and there are lots of moving pieces. We want to help companies understand the most efficient way to help their loan originators meet NMLS requirements."

Currently mortgage loan originators must complete 20 hours of pre-licensure education by January 1, 2011 or an earlier date if determined by their state. Non-licensed/registered MLO’s must have their pre-licensure education completed by a deadline determined by the regulator of the state in which they plan to be licensed, but no later than July 30, 2010.

ProSchools has submitted courses to the NMLS for approval in the Fast-track states. “One thing to remember is that the education requirement is separate from passing the exam. Loan originators can complete the requirements in any order. ProSchools is closely following each state’s transition plan and strategizing how to best help originators meet the new law in their state,” adds Gillock.

Exam prep from ProSchools includes lesson material, interactive exercises, chapter reviews, quizzes and practice finals. Students can study the material at length, testing themselves to see weak areas which they can further study.

ProSchools offers online mortgage education, real estate education, and insurance education. All courses are written and developed according to state regulations and include a comprehensive exam prep when a state exam is required.

With over 50 years experience developing real estate, insurance, and mortgage courses, ProSchools provides mortgage education in Oregon, Washington, Nevada, Idaho, Iowa, Illinois, Georgia, Maine, Indiana, Pennsylvania, Minnesota, Florida, Texas, Colorado, Utah, South Carolina, Wisconsin, Montana, Massachusetts, and Wisconsin.

More information can be found at the ProSchools website at www.proschools.com or by calling ProSchools at 1-800-452-4879.