AllRegs, an information provider for the mortgage lending industry, has announced that AllRegs’ 20-Hour Mortgage Loan Originator SAFE Comprehensive course (#1013) has been approved by the Nationwide Mortgage Licensing System & Registry (NMLS). The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires that pre-licensing and continuing education courses for state-licensed mortgage loan originators be approved by the NMLS.
Currently, 20-hour pre-licensing and eight-hour continuing education courses are set as the minimum requirements in every state under the SAFE Act. In order to meet these SAFE Act requirements, courses must be approved by the NMLS. AllRegs’ 20-Hour Mortgage Loan Originator SAFE Comprehensive coursework fulfills the entire 20-hour pre-licensing requirement.
“We are happy to announce that AllRegs’ 20-Hour Mortgage Originator SAFE Comprehensive course has been granted ‘NMLS Approved’ status,” said Dan Thoms, senior vice president of AllRegs. “Now, Loan Originators will be able to fulfill their 20-hour pre-licensing requirement with this single, all-inclusive course. Additionally, lenders are already calling us now to provide a comprehensive training solution at their location. They are looking for this approved course, the practice assessment questions developed by AllRegs, and access to our State Compliance product to provide a best-in-class solution for meeting SAFE Act requirements and preparation.”
The NMLS must “apply reasonable standards in the review and approval of courses” in order to approve a course to fulfill SAFE Act requirements. The NMLS has established six criteria that a course must satisfy to gain approval. These criteria include:
► Possess learning objectives
► Course must have sufficient material
► Sufficient difficulty
► Be of sufficient length
► Be delivered in an environment conducive to learning
► Have a defined start and end time
AllRegs’ 20-Hour Mortgage Loan Originator SAFE Comprehensive course has successfully met all of the listed criteria.
“This approval brings AllRegs one step closer to achieving our goal of being the premier source for SAFE Act education and helping industry professionals meet their licensing requirements,” Thoms added.
State-licensed mortgage loan originators currently are required to have the 20 hours of pre-licensing education completed by Jan. 1, 2011 or an earlier date set by each state. Non-licensed mortgage loan originators must have their pre-licensure education completed by July 30, 2010 or a deadline determined by the regulator of the state in which they do business.
For more information, visit www.allregs.com.