ProSchools Develops Mandated Mortgage Courses in Preparation for Washington’s Implementation of S.A.F.E. Act
ProSchools Prepares for Implementation of the S.A.F.E. Act

ProSchools, a national provider of mortgage education, has announced the development of four interactive online courses, designed to meet future education requirements set forth in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).

According to John Vogler, Vice President of Sales for ProSchools (www.proschools.com), with the passage of the S.A.F.E. Act, there is a lot of interest in how Washington mortgage loan originators will stay in compliance with these new requirements.

“Washington has required mortgage originators to complete continuing education and pass a state exam for several years,” says Vogler. “Washington is one of the first states to implement the S.A.F.E. Act and people are calling, wanting to know what they have to do to stay licensed. ProSchools has a team of regulators monitoring the changes daily.”

Under S.A.F.E., all loan originators will need to complete 20 hours of prelicense education and pass a written exam. Once licensed under S.A.F.E., they will need to complete eight hours of annual continuing education. Loan originators who have successfully taken at least 20 hours of education satisfying a state education requirement, will not have to take the S.A.F.E. 20-hour prelicense education.

S.A.F.E. Prelicense education must include:

• 3 hours federal laws and regulations
• 3 hours ethics, including fraud, consumer protection, and fair lending issues
• 2 hours training related to lending standards for the nontraditional mortgage products
• 12 hours elective

"ProSchools new courses are designed to meet the S.A.F.E Act educational requirements and help people pass the NMLS exam," says Stephanie Packineau, Marketing Manager for ProSchools. "More and more states like Washington are preparing for the NMLS transition. ProSchools is committed to helping all mortgage originators meet the new regulation requirements.” ProSchools expects to be one of the first education providers to get courses approved through the NMLS.

ProSchools has developed the full 20-hour online prelicense course to satisfy S.A.F.E. requirements, as well as individual courses: Federal Laws and Rules for Loan Originators (3 hrs), Ethics: Fraud, Consumer Protection, and Fair Lending (3 hrs), and Lending Standards for Non-traditional Mortgage Products (2 hrs).

According to the S.A.F.E. implementation plan, Washington is one of 12 states referred to as “Fast-Track” states. It is anticipated that Washington along with the other 11 states will begin offering the NMLS exam by this summer.

ProSchools offers online real estate education, insurance education, mortgage education, and property appraisal.

With over 50 years experience developing real estate, insurance, and mortgage lending courses. ProSchools offers state-approved prelicense and continuing education courses in Oregon, Washington, Idaho, Iowa, Illinois, Georgia, Maine, Maryland, Montana, South Carolina, Colorado, Massachusetts, Tennessee, Hawaii, Arizona, Pennsylvania, Minnesota, Nevada, Florida, Texas, Virginia, Utah, Wyoming, and Wisconsin.

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