Three states have upcoming mortgage education deadlines - Virginia, Nevada and Montana.
Virginia’s deadline is May 1 to complete the required 18 hours of initial mortgage education. This training can be completed in online or home study formats.
Nevada mortgage agents and brokers must complete 30 hours of initial education OR pass a state exam prior to [...]
According to the State S.A.F.E. Act Legislative Tracking document available on the website of the Conference of State Bank Supervisors (CSBS), 21 states have adopted the federal legislation in the S.A.F.E. Mortgage Licensing Act, which implements licensing and education requirements for the country’s mortgage professionals.
The version of the document dated April 23, 2009, reveals four [...]
To ensure compliance with the federal S.A.F.E. Act and facilitate the shift to the Nationwide Mortgage Licensing System (NMLS), Maryland’s Department of Labor, Licensing and Regulation has modified its mortgage licensee regulations. It is moving both licensing renewals and education deadlines to an annual cycle as opposed to their previous biennial cycle.
The new renewal cycle [...]
The Conference of State Bank Supervisors (CSBS) recently released the National State Content Outline and a State Component Content Outline for the written mortgage loan originator tests required by the S.A.F.E. Act.
The content outlines were finalized and approved by more than 90 subject matter experts across the country. The national test is scheduled to be launched [...]
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.
