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What are the SAFE Act minimum requirements to be licensed as a loan originator?
The SAFE Act mandates minimum requirements to be a licensed loan originator. The minimum requirements under the SAFE Act include the following:
Submit fingerprints through NMLS for a criminal background check.
Authorize a credit report through the NMLS.
Pass the SAFE Mortgage Loan Originator Test .
Register with the Nationwide Mortgage Licensing Registry (NMLS).
Do I need state-specific hours to meet my pre-licensing education requirement?
Whether you need to complete state-specific education depends on the state in which you are seeking a loan originator license. Several states require state-specific hours, some of which require more than the SAFE Act-mandated 20-hour minimum. Visit the State Licensing Page of the NMLS website for state-specific licensing information.
Can the pre-licensing education be completed online?
Yes. The NMLS allows courses to be completed in online instructor-led, classroom, and classroom-equivalent formats. OnCourse Learning, formerly ProSchools offers courses in all three formats.
Does OnCourse Learning, formerly ProSchools have state-specific courses approved?
OnCourse Learning, formerly ProSchools has dozens of 20-hour state comprehensive courses approved, including all states that require state-specific hours. These courses are designed to prepare you for the SAFE Loan Originator Tests. In addition, OnCourse Learning, formerly ProSchools offers a state law course for all states requiring state-specific hours.
Will OnCourse Learning, formerly ProSchools' NMLS-approved pre-licensing courses help me to pass the SAFE Loan Originator Tests?
OnCourse Learning, formerly ProSchools’ pre-licensing courses are designed to prepare you to pass the National component of the SAFE Loan Originator Test. When you enroll in a OnCourse Learning, formerly ProSchools pre-licensing course, you will be preparing for the National component of the SAFE Loan Originator Test while you complete your mandatory education.
What is included in OnCourse Learning, formerly ProSchools' SAFE Loan Originator Test Prep courses?
All OnCourse Learning, formerly ProSchools SAFE Loan Originator Test Prep courses include lessons, reviews, and dozens of questions designed to simulate the SAFE MLO Test Components. OnCourse Learning, formerly ProSchools offers the National SAFE MLO Test Prep course and a SAFE MLO Test Prep course for virtually every state.
What is "credit banking" and how does it work?
The NMLS requires all completed hours to be "banked" with the NMLS. OnCourse Learning, formerly ProSchools, as your NMLS-approved course provider, will transmit your completion record to the NMLS within 7 days after you have finished your coursework and your session has ended. The NMLS charges $1.50 per credit hour to bank your credit hours.
What exactly is an NMLS "unique identifier"?
Each loan originator registered in the NMLS will be permanently assigned a number that will help electronically track them. A loan originator's unique identifier will not change as he or she moves from state to state. In fact, the process of becoming licensed in additional states is streamlined by just adding the new state's license to the current record.
Do I need an NMLS unique identifier to have my credits banked with the NMLS or to enroll for the SAFE Loan Originator Test?
Yes. To have your credits banked or to enroll for the SAFE Loan Originator Test, you must have a unique identifier. The NMLS Resource Center makes it easy to get registered and receive your unique identifier.
What is the purpose of the SAFE Mortgage Loan Originator Test?
As required by the SAFE Act, the SAFE Mortgage Loan Originator Test is designed to adequately measure an individual’s knowledge and comprehension in appropriate areas, including:
Will mortgage loan originators have to take a test for each state or jurisdiction in which they conduct loan origination activities?
Once mortgage loan originators have successfully passed the National Test with UST, they will have completed all necessary testing requirements for each state that has adopted the UST. Mortgage loan originators wishing to do business in states that have not adopted the UST must pass a state-specific test.
What are the fees for taking the SAFE Mortgage Loan Originator Test?
The fee for taking the National Test with UST is $110. State test components (when necessary) cost $69.
Is pre-licensing education required prior to taking the SAFE Mortgage Loan Originator Test?
No. It is recommended to take pre-licensing education prior to taking the SAFE Mortgage Loan Originator Test, but it is not required.
What is the SAFE Act?
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, or the SAFE Act, went into effect in July 2008. The Act is Title V of a 700-page piece of legislation entitled the Housing and Economic Recovery Act of 2008. The SAFE Act is designed to protect consumers by requiring states to use uniform standards for licensing individuals wanting to serve as loan originators. Uniform standards include registry in a national database of loan originators, education and testing requirements, demonstration of financial responsibility, and screening individuals with background checks for past felonies.
Who does the SAFE Act impact?
The SAFE Act applies to all loan originators. A loan originator is anyone who is compensated to take a residential mortgage loan application, or to offer or negotiate terms of a residential mortgage loan.
What is the NMLS, or NMLSR?
NMLS is the Nationwide Mortgage Licensing System and Registry. Each loan originator license applicant is required to submit certain information, including fingerprints, personal history, and experience. This information is stored in a national database of mortgage originators, developed and maintained by the Conference of State Bank Supervisors.
Who do I contact if I have questions about the NMLS?
For questions relating to the Nationwide Mortgage Licensing System, please contact the NMLS Call Center at (855) 665-7123.
Who do I contact if I have questions about my state’s requirements?
For questions relating to your state’s specific requirements, you may access a list of all state regulators' websites here.