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NMLSby Paul Donohue At Abacus Mortgage Training, we provide in-depth information about NMLS registration, education, testing and licensure. The Secure and Fair Enforcement (SAFE) Mortgage Licensing Act has changed the residential mortgage industry. If you don't stay on top of the most recent changes, you could risk losing your license. The SAFE Act requires all depository and non-depository mortgage loan originators register with the Nationwide Mortgage Licensing System and Registry, or NMLS. The SAFE Act, which was passed in 2008, required the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators to establish and maintain a NMLS. The registry was designed to enhance consumer protection and reduce fraud. The Safe Act also required states to establish minimum standards for state-licensed mortgage loan originators, MLO. An MLO is anyone “who takes, or offers to take a mortgage loan application and negotiates or offers to negotiate the terms of that loan for compensation or in the expectation of compensation.” Many states have expanded this definition of an MLO, so check your state's law to see if it applies to you. What are the SAFE Act requirements? All mortgage loan originators, depository and non-depository, must be registered in the NMLS. After registration, a unique identifying (or individual ID) number will be assigned to each MLO. This number is used to track an MLO's progress through the examination and education credit reporting process. Every state requires a minimum of 20 hours for pre-licensing Education for aspiring MLOs. Current MLOs must take a minimum of 8 hours of continuing education each year to maintain their license. Some states may require more than the federally mandated minimum requirements. If an MLO wants to do business throughout the country, they must take a 100-question national test. To do business in a specific state, an MLO must pass that state's requirements. The state test often consists of 45 to 65 questions. Where can I satisfy SAFE Act requirements and register for the NMLS? You can call Abacus at 888-341-7767 to register for courses and test study materials. You can also register on our site by clicking on pre-licensing education or continuing education. Pre-licensing education: our pre-licensing education is a 20-hour course spanning two days. During the course you will review course materials and take an intense Exam Cram to prepare you for the SAFE Act testing requirements and the state and national level. Continuing Education: During this 8-hour course, mortgage professionals will review course materials and take an Exam Cram to prepare for tests to fulfill their CE requirements. Abacus has been educating professionals in the residential mortgage industry since 2002. We've also helped mortgage professional satisfy the SAFE Act requirements and register for the NMLS since the law was passed in 2008.
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