ProSchools, an NMLS-approved provider, is quickly developing and submitting mortgage courses to meet the new 20-hour S.A.F.E. Act requirements as regulated by the NMLS. To date, ProSchools has received approval for the 20-hour course in Arizona, Idaho, Louisiana, Michigan, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington.
ProSchools also submitted courses for NMLS approval in Iowa, New Hampshire, Massachusetts, and Kentucky with approvals pending.
Most states have passed their own version of the S.A.F.E. Act. Under the new law, every mortgage broker and lender must license their originators in each state they originate loans. License requirements include meeting minimum education standards as well as passing the NMLS exam. Severe penalties will result from failure to obtain a license.
Each ProSchools 20-hour course includes state-specific hours for those states requiring state laws. In states that don’t mandate state-specific hours, ProSchools has added state material to the course in order to help people pass the state portion of the NMLS exam. All 20-hour courses include the mandatory 3 hours of Federal Law, 3 hours of Ethics, and 2 hours of Non-traditional Mortgage Products.
Courses also have a comprehensive exam prep built in. This is designed to help prepare originators to pass the required NMLS exam. Online reviews, quizzes, and practice finals serve as the base for exam prep.
“Courses are NMLS-approved and serve double duty,” says Deanne Gillock, Regulatory Director for ProSchools. “Mortgage originators are required to complete the hours of study, but they can also use their coursework as a study tool to help them prepare for the NMLS exam. Students can study the material at length, testing themselves to discover areas of weakness.”
Pearson VUE or Prometric will administer the NMLS exam. The test is a two-part test, consisting of a State and National component. Some states already require originators pass a state exam under current license laws. In those states, loan originators may have the state portion waived and will be required to pass only the national portion. All loan originators must pass the National NMLS exam.
“Our primary goal is to help loan originators pass the NMLS exam and meet education requirements,” continues Gillock. “But another equally important objective is we want to serve as a resource to mortgage companies. It’s complicated! ProSchools wants to help companies understand the most efficient way to help their loan originators meet NMLS requirements.”
ProSchools projects to have 20-hour courses developed for all 50 states by February 2010. In addition to the 20-hour courses, ProSchools will offer smaller NMLS-approved state-specific courses plus mandatory NMLS continuing education.
Contacts:
ProSchools
Deanne Gillock, 1-800-452-4879