Portland, OR (PRWEB) March 5, 2010
New legislation by the California Department of Corporations requires employees of licensees under the California Finance Lenders Law and the California Residential Mortgage Lending Act to be licensed.
To be licensed as a loan originator under California Department of Corporations, loan originators must complete 20 hours of NMLS-approved prelicense education, pass a national background check, authorize a credit report, pass a SAFE MLO Test, and register with the NMLS by May 28, 2010.
ProSchools SAFE Comprehensive course is NMLS-approved. ProSchools has also developed a separate test prep tool to help California loan originators pass the California Component of the SAFE MLO Test.
The SAFE MLO Test is a two-part test that all California mortgage license applicants must pass. “Courses developed by ProSchools meet California’s education requirements, plus we include California exam prep at no extra cost to help loan originators prepare for the SAFE Test,” says Deanne Gillock, Regulatory Director for ProSchools.
California’s new legislation also requires licensees under the California Real Estate Law to obtain an endorsement to be a loan originator by December 31, 2010. Requirements to obtain an endorsement are similar to California Department of Corporations laws, except existing real estate licensees will not need the 20 hours of NMLS-approved education if all other requirements are met by December 31, 2010. New applicants on or after January 2, 2011 will need to take the 20 hours of NMLS-approved education.
“We know California has a lot of loan originators so we are encouraging companies to have their originators take the training now and not wait until May to get started,” adds Gillock. “We are committed to helping mortgage companies get their loan originators licensed quickly in order to fulfill new SAFE Act standards and keep their licensees in compliance.”
ProSchools (http://www.proschools.com) currently offers a 20 hour NMLS-approved National course, plus 20 hour NMLS-approved courses (containing state-specific laws) for Arizona, Idaho, Louisiana, Kentucky, Massachusetts, New Hampshire, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, Iowa, Maryland, New Jersey, DC, New York, New Mexico, Michigan, and Georgia. In addition, ProSchools has state-specific law courses approved in Arizona, Maryland, Massachusetts, Idaho, Pennsylvania, Rhode Island, New York, New Jersey DC, and Washington, plus National courses approved in ethics and nontraditional mortgage products.
ProSchools has just added 5 continuing education courses to their catalog. These NMLS-approved courses approved for National CE are:
- 7 Hour SAFE Core
- 8 Hour SAFE Core
- 3 Hour Federal Mortgage Laws CE
- 2 Hour Lending Ethics CE
- 2 Hour Nontraditional Mortgage Products CE.
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