On July 30th, 2008, the President signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law to stabilize the housing market and help alleviate the financial crisis. Title V of the Act, the Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act of 2008, is specific to the registration and education of mortgage loan originators across the country to aid with consumer protection and fraud reduction.
The S.A.F.E. Mortgage Licensing Act mandates that all loan originators be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS) and establishes uniform minimum national standards for testing and both pre-licensing and continuing education.
23Mar2009 | admin | 0 comments | Continued
TrainingPro has received approval from both the states of New York and New Jersey for the required state law portions of mortgage professionals’ training. We now offer a 3-Hour Overview of New York Mortgage Laws as well as a 4-Hour Review of New Jersey Mortgage Laws. Both courses are offered in a live classroom setting, [...]
Effective January 4, 2010, the Nationwide Mortgage Licensing System began receiving new applications and transition filings for the following states: California, Colorado, Illinois, Kansas, Montana, New Jersey, Ohio, Oregon, South Carolina, Utah, West Virginia and Winsconsin. Licensees and applicants are now able to submit records to these states via the NMLS.
TrainingPro acquires NMLS approval for its 20-hour and 8-hour mortgage pre-licensing courses. Classes available now!
The Conference of State Bank Supervisors (CSBS) recently released on its web site the document, “States Move Aggressively to Implement SAFE Act and Improve Mortgage Supervision.”
This overview of SAFE Act developments includes a legislative update outlining the states who have adopted and are in the process of adopting the SAFE Act. It also reviews the [...]
TrainingPro, the national leader in mortgage education, is proud to announce its approval as a mortgage education course provider through the Nationwide Mortgage Licensing System & Registry (NMLS). TrainingPro is now authorized by the NMLS to provide the federally mandated mortgage pre-licensing and mortgage continuing education outlined in the 2008 Secure and Fair Enforcement for [...]
South Dakota’s Governor signed House Bill 1060 into law on March 16, 2009, giving the Director of Banking the authority to promulgate rules that will bring the state into compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act.
Among the topics that must be discussed in the upcoming months are pre-licensing education [...]
Effective July 31, 2009, all mortgage loan originators, as well as a qualified manager for each mortgage loan company, must obtain a license in order to participate in the business of a mortgage loan originator with respect to any dwelling located in New Mexico.
Each mortgage loan company must assign at least one qualified manager [...]
The National Mortgage Loan Originator exam, required to be passed by each MLO with a 75% pass rate, is scheduled to be available on or around July 30.
The NMLS has selected Pearson VUE to administer the exam. Exams can be taken at nearly 500 locations operated by Pearson VUE or Prometric. For test scheduling information, candidates [...]
Governor Mark Parkinson signed Senate Bill 240 into law on March 27, 2009. The bill makes changes to both the Uniform Consumer Credit Code (UCCC) and the Kansas Mortgage Business Act (KMBA) in order to establish standards for the regulation of mortgage loan originators in the state of Kansas.
The new law gives the Consumer Credit [...]
On May 21, 2009, Governor Jodi Rell signed Senate Bill 948 into law, making sweeping changes to the Connecticut mortgage licensing law.
The bill implements the 2008 federal Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) by imposing conditions on licensing for mortgage professionals, including education and testing. It changes definitions, confidentiality and surety [...]
