The Mortgage Education Blog was created to serve as a resource to the many mortgage loan officers, mortgage brokers, and compliance officers across the country who will be affected by the significant legislative changes found in the S.A.F.E. Mortgage Licensing Act.
This blog is an informative news source providing updates on the implementation of the education and licensing portions of the S.A.F.E. Mortgage Licensing Act, state mortgage education and licensing news, and mortgage training resources. As mortgage professionals look to comply with a changing education and licensing landscape, the Mortgage Education Blog will provide a centralized area for valuable information as these changes are carried out by the federal and state governments.
The S.A.F.E. Mortgage Licensing Act (Title V of the Housing and Economic Recovery Act of 2008) recognizes and builds on individual states’ efforts to adequately train and license their mortgage professionals. The S.A.F.E. Act establishes federal minimum standards for these areas. All mortgage loan originators (regardless of the type of entity they are employed by) must be either state-licensed or federally registered through the Nationwide Mortgage Licensing System. All mortgage loan originators must also complete a minimum amount of approved mortgage training prior to licensure and on an annual basis. The minimum requirement for pre-licensing training is 20 hours and 8 hours for the annual continuing education requirement.
A national and state exam is also required to be passed with a 75% or higher to become licensed. The national exam will consist of 100 questions – 90 scored and 10 unscored questions. The recommended template available for state tests include 45-55 scored test questions and 5-10 unscored test questions. Exam topics include federal and state mortgage related laws, general mortgage knowledge, ethics and mortgage loan origination activities.
TrainingPro, the national leader in mortgage education, supports the Mortgage Education Blog through the diligent research and monitoring from its governmental affairs department. TrainingPro has been serving the mortgage industry for over a decade and values its role as a resource to the hundreds of thousands of mortgage professionals in the country. Especially through this time of transition to a more regulated mortgage environment, TrainingPro is committed to keeping the industry informed and compliant.
TrainingPro offers live, home study and online state-accredited mortgage pre-licensing and continuing courses. They pioneered the National Cross Certification Program many years ago to help mortgage professionals save time and money by eliminating repetitive course material required for multiple states. This program, created by TrainingPro, has become an industry standard for state-accredited mortgage education. TrainingPro serves large to small mortgage companies, individual mortgage professionals and has established solid partnerships with over 15 state mortgage associations. TrainingPro is also a member of the Mortgage Bankers Association.
TrainingPro can be reached at 1-877-878-3600 or online at www.TrainingPro.com.
