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
The NMLS has approved TrainingPro’s 8 hour North Carolina continuing education course. Individuals can now complete the entire North Carolina continuing education coursework in one course! The course contains the SAFE mandated 3 hours of federal laws and regulations, two hours of consumer protection, fair lending, and ethics, 2 hours of training on the nontraditional [...]
TrainingPro has recently received approval for four continuing education state law courses from the NMLS. The following courses have been approved in the classroom, classroom equivalent and the online self-paced formats:
1 Hour Methods of Mortgage Practice in the District of Columbia
1 Hour Methods of Mortgage Practice in Idaho
2 Hour Methods of Mortgage Practice in Mississippi
3 [...]
On October 1, 2010 Florida will begin participation in the NMLS system. All licensed mortgage brokers, mortgage brokerage businesses and lenders must reapply for licensure under the new requirements. Because of the volume of individuals and businesses required to be licensed in the NMLS system, the state is encouraging all persons and businesses affected to [...]
All MLO applicants working for a company may also submit Form MU4 through the NMLS beginning October 5, 2010, but should coordinate with their sponsoring company about submission dates. MLO applicants must meet the additional requirements listed below in order to become eligible for a license:
Pre-licensure education
A passing score of both the National and Hawaii [...]
TrainingPro has received approval for its 1 hour West Virginia CE course: 1 Hour_Methods of Mortgage Practice in West Virginia. The course has been approved in the classroom, classroom equivalent, and the online self-paced formats. Courses can be purchased through TrainingPro by calling 877-878-3600 or visiting us at www.trainingpro.com.
Effective June 12, WV has increased the pre-licensing education requirement for MLO’s from the previous 20 hours to 22 hours (2 hours of which must be related to West Virginia mortgage and consumer laws or issues). The CE requirement of 8 hours (including 1 hour of state law) remains unaltered. All new Loan Originators as [...]
The State of Arizona requires all new Mortgage Loan Originators to complete the pre-licensing education, pass both the National and State Components of the SAFE Test, and submit fingerprints through the NMLS for a criminal background check in order to be issued a license by 7/1/2010. In order to sign up for an Arizona course or for more information, please [...]
All Mortgage Loan Originators previously exempt from licensure under Washington’s Consumer Loan Act must be licensed by the Washington Department of Financial Insititutions by July 1st. Aplicants must complete the following in order to be licensed:
NMLS Pre-licensing Education (2 of the 20 hours must be in Washington Law)
Pass Both the National and State Tests Components [...]
TrainingPro is pleased to announce that its 1 Hour Methods of Mortgage Practice in Washington has been approved by the NMLS in the classroom, classroom equivalent and the online self-paced formats. In order to meet the full continuing education requirement for the State of Washington, this course must be used along side our 8 hour [...]
TrainingPro has recently received approval from the NMLS to begin offering: 1 Hour: Methods of Mortgage Practice in Massachusetts. The course is approved in three formats: classroom, classroom equivalent and online self-paced. This course is to be used in conjunction with our “core” course: 7 or 8 Hour: Input Knowledge, Output Success. If you would like [...]
