The brand new SAFE MLO test makes it easier for branch operators to open a mortgage branch in many states. If an operator has two or three locations in different states, loan officers who have passed the new National Test with Uniform State Content can sell mortgages in either of these states. This streamlined multi-state loan officer licensing test coupled with the sponsorship of a nationwide lender makes it easier than ever to open a mortgage branch in many states.
The new National SAFE MLO with uniform state content, UST, automatically licenses loan officers in all states that have adopted this test. This means that loan officers that want to sell mortgages in more than one state, are not required to take state specific modules in order to do so. Better yet, loan officers who got their licensing through the previous National Test can take the Stand-alone UST and become licensed in multiple states.
Before, loan officers who wanted to be licensed in more than one state were required to take a state-specific module for each state. For example, loan officers who wanted to be licensed in Maryland, Virginia, and North Carolina, had to take an additional module test per each of these states. With the new test, loan officers only take the Uniform State Content component and licensing in these states is automatic.
The test became available on April 1st, and 20 states are scheduled to adopt the test during 2013. All the other states have not adopted, and are not scheduled to adopt, the new test. However, once a state adopts the UST, all loan officers who passed this test become automatically licensed in that state. Follow this link to view adoption schedule for all states: http://mortgage.nationwidelicensingsystem.org/profreq/testing/Documents/UST%20Adoption%20Table.pdf The Stand-alone UST module will be available for already licensed officers from April 1st through March 31, 2014. This module contains 25 questions, lasts 75 minutes, and costs $33 dollars.
I think this is a great opportunity for branch operators who want to grow their market. If a branch operator is working with a lender who is licensed in multiple states, its loan officers need only take the UST to become licensed in 20 states at once. Under the lenders umbrella, the branch operator can cheaply and quickly open a mortgage branch in many states.
We are licensed in 43 states, and we want to partner with seasoned mortgage professionals who are looking for a mortgage branch opportunities. We also want to work branch operators who want to grow their market. If you are looking for a nationwide lender consider us for your sponsorship needs.
As the Mortgage Branch Leader we want to partner with seasoned mortgage professionals who want to open a mortgage branch. Out mortgage branch opportunities are a better alternative to the net branch opportunities out there. As a branch partner, and contrary to a mortgage net branch, working with a direct agent, full eagle lender, you’ll get competitive pricing, full product portfolio, and other benefits. Best of all, we are team oriented company that recognizes that your success is a requirement for the sustainability of our business. Please visit our website to learn more