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I Want to Get Licensed to Originate Mortgages in More States through (NMLS)…How do I do that?

Recent NMLS changes allow great flexibility for mortgage loan originators that want to get licensed in multiple states. 46 state mortgage agencies have agreed that passing the NMLS National Test with Uniform State Content (USC) meets their state test requirement (meaning no individual test is given in those states). At the same time, many states added either state specific courses for Pre-licensing (PE), Continuing Education (CE), or both.

Is this good news?

Absolutely! Removing the one-time test that was specific to each state is a good thing for licensees. Replacing the state specific test with PE courses that allow MLOs to learn the state laws initially and get CE training on updates and how those rules are applied is more useful than just a “one time test”. No one votes for more work, but it makes sense for MLOs to stay current on laws and regulations. State regulators know this and have taken action through their state legislatures.

What are the steps to get licensed in additional states?

Step 1: Determine if the state(s) you want to get licensed in are USC states.

The states/nation-states/state regulatory authorities that allow the NMLS National Test Component with Uniform State Content are:

AlabamaKansasNew JerseyTennessee
AlaskaKentuckyNew MexicoTexas OCCC
ConnecticutLouisianaNew YorkTexas SML
DelawareMaineNorth CarolinaUtah DFI
District of ColumbiaMarylandNorth DakotaVermont
GeorgiaMassachusettsOhioVirgin Islands
Guam*MichiganOklahomaVirginia
HawaiiMississippiOregonWashington
IdahoMontanaPennsylvaniaWisconsin
Indiana DFINebraskaPuerto RicoWyoming
Indiana SOSNevadaRhode Island
IowaNew HampshireSouth Dakota

 

The states/state regulatory authorities that have yet to allow the NMLS National Test Component with Uniform State Content to serve as their state test are:

ArizonaMinnesota
ArkansasMissouri
California BRESouth Carolina BFI
California DBOSouth Carolina DCA
ColoradoUtah DRE
FloridaWest Virginia
Illinois

 

Note: State regulators have the ability to choose whether they adopt the USC or not. States that are adopting the USC are announced and posted on the NMLS website every quarter.

California, Colorado and Florida may become USC states by the end of this year (2015).

Step 2: Determine what actions need to be taken in order to get licensed in additional states that have adopted the USC.

The good news is if you already took the National Test with USC or the Standalone UST you don’t need to do anything. You are all set!

If you didn’t, you can still take (and of course, pass) the current test and meet the testing requirements in all of the states that have adopted the USC as well as any states that change to USC states in the future.

What do you need to know about the National Test with USC?

The test has 125 questions of which 115 are graded and 10 that are being tested for possible included on future tests. The required passing score is a 75% overall (or 87 correct answers).

This test covers:
• Federal mortgage related laws
• General mortgage knowledge
• Mortgage loan origination activities
• Ethics
• Uniform State Content

More good news…. You don’t have to take the 20 hour course! You certainly could, and if it has been while since you became very deeply connected to these topics at a high level, then it might be an efficient use of your time.

Diehl and Associates offers various NMLS approved 20 hour PE course formats including live interactive webinars or online instructor-led classes. We have a bundle package with recorded course sessions, a test prep tool that helps assess test readiness and identify areas you may need more time review, and a live test prep study session. Regardless of what format you choose, preparing for this test is essential. It does covers all the material you will be expected to know on the test, and information that even very experienced loan originators may not use on a daily basis.

What is needed beyond the test?

1. Your company must be licensed in the state(s) that you want to be licensed in.
2. You need to meet any other state requirements and do any education required by each specific state you want to be licensed in.

Here are some helpful links:

State Licensing Requirements
http://mortgage.nationwidelicensingsystem.org/slr/Pages/default.aspx

Education required for every state (Pre-licensing and Continuing Education)
http://mortgage.nationwidelicensingsystem.org/courseprovider/Course%20Provider%20Resources/State%20Specific%20Education%20Requirements.pdf

Wrapping it all up…..

We hope this information was helpful in order to get licensed in multiple states. More information about courses can be found on our website at www.diehl1.com. Feel free to give us a call (317-272-7600) or email (scott@diehl1.com) if you have any questions.

Best for a great career in a great industry!

Scott

Other Useful Links:

Map showing which states are USC states:
http://mortgage.nationwidelicensingsystem.org/profreq/testing/Documents/UST%20Adoption%20Table%20and%20Map.pdf

Sample scenarios:
http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/CandidateEnrollmentScenarios.aspx

State Test Content Outlines:
http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/TestContentOutline.aspx

April 20, 2015 In: Blog Comments (None)
20 Hour Pre-licensing NML Approved Course

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