Many mortgage loan originators (MLOs) across the country are faced with S.A.F.E. Act requirements that must be completed by December 31, only a few short weeks away.
The S.A.F.E. Act requires all MLOs to be registered on the NMLS and compliant with the licensing requirements before December 31 or else they will have to stop originating loans. Licensing requirements include completing a minimum of 20 hours of NMLS-approved mortgage pre-education and passing a national test. Several states published earlier deadlines to be fully licensed, but many states are following the December 31 deadline set forth in the S.A.F.E. Act.
There are three simple steps to becoming licensed. First, MLOs should obtain their NMLS eligibility number. This is the unique identifier that will be used to track the completion of requirements and overall compliance. Next, complete the 20-hour pre-education requirement, which can be done through TrainingPro in a live, webinar or online format. TrainingPro’s course is designed to prepare students for the national test as well as prepare them for a career in the mortgage industry. Finally, register and pass the national and any required state S.A.F.E. exams. Exams can be scheduled through www.prometric.com/nmls. It is important to register for your test soon because seats can and will fill up and if you fail, you must wait 30 days before retaking the test.
If you are already successfully licensed with the NMLS, you might be required to complete at least eight hours of continuing education prior to December 31. TrainingPro also has NMLS-approved continuing education programs online for your convenience.
With the looming deadline only weeks away, TrainingPro is your resource for S.A.F.E. mortgage education. For more information about TrainingPro’s services, visit our website at www.trainingpro.com, or call us toll-free at 1-877-878-3600.