With the mortgage industry in the midst of massive change, licensing rules and regulations have been changing as well. Anyone originating mortgages is now required to get required training and be listed in a national system known as the NMLS.
National Mortgage Licensing System - NMLS
NMLS stands for National Mortgage Licensing System. The goal of the Nationwide Mortgage Licensing System is to improve mortgage industry supervision, heighten communication across states, increase consistency in licensing requirements, and automate processes to the greatest degree possible.
NMLS is a secured, web-based system that will allow state licensees, companies, branches and loan originators, to apply for, amend, update, or renew licenses online.
Each licensed company will have a single record in the NMLS, regardless of the number of licenses they hold or the number of states in which they operate.
What The SAFE Act Does
Essentially, SAFE requires states to establish minimum rules and standards for the licensing and registration of mortgage loan originators. This allows easy access to a Loan Officer and Mortgage Broker's credentials and allows the public to know what kind of mortgage history these providers have.
The National Mortgage Licensing System (NMLS) is the governing body associated with SAFE. Under the SAFE Act, Loan Officers and Mortgage Brokers are required to take the SAFE course.
SAFE standards and mandates are required in all states by the end of 2010. NMLS training satisfies the requirements needed to originate mortgage loans.
Find NMLS Licensing & NMLS Training Courses
As of this writing, some states require mortgage professionals to comply by the end of 2009, while the SAFE licensing requirements for other states are yet to be set, but must occur before December 31, 2010.
The Mortgage Training Center offers both online and in-person NMLS licensing and NMLS training courses for many states, and will add additional courses as states set their requirements and dates.
To search for the required testing you need to comply with NMLS, you can choose one of our recommended courses listed below, or you can choose "NMLS" and your resident state from the "Licensing" section of the search box below.
The National Component of the SAFE Mortgage Loan Originator Test consists of a total of 100 test questions: The test time will be 150 minutes with an additional 30 minutes for completing a tutorial and an optional candidate survey.
Each state-specific component of the SAFE Mortgage Loan Originator Test consists of additional test questions, with the exact number of test questions for each state test listed in that state's test content outline.