NMLS Approved Mortgage Loan Training Institution

Article Written By: David Wain

To be compliant, the Secure And Fair Enforcement (SAFE) Mortgage Licensing Act mandates any MLO working for a non-depository institution attend loan officer training education. Referred to as Pre-licensing Education (PE), this loan officer education must be satisfied to comply with SAFE Act requirements and keep your loan officer career on track. All MLO applicants for state licensure must pass a national and state exam in addition to the loan officer education.

To begin the loan officer licensing process, all applicants must first register with the Nationwide Mortgage Licensing System and Registry (NMLSandR) and obtain a Unique Identifier (UI). This Unique Identifier (UI) will serve as the Mortgage Loan Originator s (MLO s) PIN and be used to track the MLO s loan officer education, exams and other activities nationwide. The Nationwide Mortgage licensing System and registry, referred to as the NMLS, is maintained by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

Once a MLO candidate has registered, the next step is to select an education course, referred to as Pre-License Education or PE. The SAFE Act requires a minimum of 20 hours of mortgage loan training PE. This PE is available only through NMLS approved education providers, which can be accessed through the NMLS website. In addition to PE, every candidate must pass both a state and national test component with a minimum score of 75% on these loan officer exams.

It is recommended before taking the mortgage exams that the MLO select a PE course designed to help prepare them to pass the loan officer tests. The PE course may be taken in one of the following three PE formats, a traditional live classroom event, instructor led online, or a live-equivalent online course. Many MLO s are choosing the live-equivalent format because it provides the powerful impact of a live event and all the convenience of an online course.

This popular live-equivalent education platform allows for direct, real-time interaction with the instructor. The key concept here is that you choose a NMLS approved training institution. The national and state tests are challenging and the main fear is not receiving the targeted mortgage loan training content necessary for passing the tests by the required 75% score.

Save time and your hard earned money by registering directly online, attend your training, pass the test and get your mortgage career moving forward.

About the Author

For more information about mortgage loan training Please visit www.abacusmortgagetraining.com

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This Article Has Been Published on Sat, 6 Nov 2010 and Read 318 Times

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