Does a currently licensed mortgage loan originator still have to take the NMLS-approved test?
Yes. The federal S.A.F.E. Act has no grandfather provisions to exempt any currently licensed mortgage loan originator from the pre-license test requirements. Currently licensed mortgage loan originators who have not taken the NMLS-approved national and Massachusetts tests will have until October 31, 2010 to fulfill their testing requirements. However, all currently licensed mortgage loan originators are encouraged to take the test as soon as possible since there is a mandatory 30 day waiting period to retake a test if they have failed the test. After the fourth time failing any portion of a test (either the national or Massachusetts) there is a mandatory 180 waiting period.
Related Questions
- I am currently working as a mortgage loan originator, but not yet licensed under the NMLS. Should I still comply with the old continuing education requirement for my state?
- If a mortgage loan originator took the national portion of the NMLS-approved test, do they have to take it again to obtain a license in Massachusetts?
- How does a mortgage loan originator working for a licensed mortgage lender or mortgage broker meet the requirement to be covered by a surety bond?
