Beginning this year, the mortgage industry will see several changes in licensing and education requirements, based on the enactment of the Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act.
Maine loan officers are soon approaching the 12/31/2010 deadline when all mortgage originators in Maine must be licensed with NMLS ( Nationwide Mortgage Licensing System).
Maine loan officers must have a cumulative total of 20 hours of education from the Maine approved courses prior to Oct. 1, 2010 to be compliant for purposes of obtaining their initial NMLS license.
The NMLS website provides step-by-step instructions on how to access the system, guides on how to complete the MU Forms, tutorials, current and future participating states, system alerts, system processing fees and general background information.
What can you expect when taking the test?
The test has 100 questions. Of the 100, only 90 will be graded. Each loan originator has a max of 3 hours to complete the test with a passing score of no less than 75. The test is made up of 1/3 mortgage origination, 1/3 ethics and 1/3 federal law. It’s been advised by many to take the questions for face value. It’s not a good idea to anticipate or look to deeply into the questions.