2009-09-15 19:11:20 - ProSchools to Launch More NMLS-Approved Courses for Loan Originators

ProSchools, a leading NMLS-Approved Provider, has developed and received NMLS course approval for 12 states, the latest states being Kentucky, New Hampshire, Massachusetts, Michigan, Rhode Island, Virginia, and Vermont. Each course fulfills mandatory education requirements for mortgage loan originators, as a result of the SAFE Act, passed by President Bush in July 2008.

Mortgage brokers and lenders are responsible for

licensing their loan originators in each state in which they originate loans. Strict penalties will result from not being licensed. All courses and providers must be NMLS-approved. In addition, mortgage loan originators must pass a S.A.F.E. Mortgage Loan Originator Test, both a National and State Component.

“ProSchools’ strategy is to create a 20-hour course for each state and include state-specific laws within the course,” says Deanne Gillock, Regulatory Director for ProSchools. “This serves two purposes. Loan originators in that state will fulfill the 20 hours of NMLS education, plus the course will help them prepare to pass the state component of the SAFE exam.”

Most states have passed their own version of the S.A.F.E. Act. It is up to each state to develop an implementation plan. In states that have already required approved education for mortgage loan originators, these states may “certify” previous coursework. Licensees may not be required to complete the 20-hour NMLS education.

ProSchools is awaiting approval of courses in additional states. All ProSchools 20-hour courses are designed to not only meet the 20-hour educational requirement, but to help loan originators pass the state and national exams.

For loan originators just seeking help in passing the exam, ProSchools offers complete exam prep for both the national and state components of the NMLS licensing exam. For details check out www.proschools.com/mortgage_lending.

With over 50 years experience developing real estate, insurance, and mortgage lending courses, ProSchools offers state-approved courses in Oregon, Washington, Idaho, Iowa, Illinois, Georgia, Louisiana, New Hampshire, Michigan, Vermont, Rhode Island, Kentucky, Maine, Maryland, Montana, South Carolina, Colorado, Massachusetts, Tennessee, Hawaii, Arizona, Pennsylvania, Minnesota, Nevada, Florida, Texas, Virginia, Utah, Wyoming, and Wisconsin.

More information can be found at the ProSchools website at www.proschools.com or by calling 800-452-4879.