Is everyone sick of jumping through hoops trying to get their SAFE Act requirements yet? You are not alone. A lot of MLOs just want to know what they need to do and when they need to do it by. So to refresh these are some of the steps in staisfying your Mortgage Licensing requirements:
1. Register with NMLS (Nationwide Mortage Licensing System). If you haven't done this already you need to asap. They will give you a NMLS ID#. REMEMBER this number, it is what identifies you as a Loan Officer in the nation.
2. Complete your MU4 application. This is an online application on NMLS site and YES there is a fee :)
3. Take your 20 hours of Prelicensing Education. Each Loan Officer is required to have 20 hours of education including 3 hours on federal lending laws, 3 hours on ethics, and 2 hours on nontraditional mortgage products.
*if you are governed by CA DRE, you can use your continued education to cover the 20 hours however you must have all of your requirements completed BEFORE AUGUST 31, 2010, or they will not count your hours and you will have to take the 20 hour SAFE Act course.
4. Submit to a background check. (Done on NMLS site) Which includes fingerprinting, credit report, and criminal check, also your first born chid (kidding, kidding)
5. Sign up to take your National and State exams. You MUST take both and pass both with a 75% in order to originate loans in the US! The national exam covers: Federal mortgage-related laws 35%, general mortgage knowledge 25%, mortage loan origination activities 25%, and ethics 15%.
If you have any further questions about what your requirements check out our site http://www.thehughesschool.com or for educational materials and study guides click here
Good Luck Everyone!
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