The Conference of State Bank Supervisors (CSBS)
has announced that the Minnesota Department of Commerce began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content, bringing the total number of state agencies that use the test to 59.
The test combines both the national and state testing requirements of the SAFE Act. Previously, Minnesota licensees had to take two tests: one national and one state. The new test replaces the separate, state-specific tests. A license applicant who passes the National SAFE MLO Test with Uniform State Content will not need to take any additional state-specific tests to hold a license within participating states.
“The Minnesota Department of Commerce is committed to ensuring a strong, competitive and fair licensing program for the financial services industry,” said Minnesota Commerce Commissioner Jessica Looman. “Under the uniform test, Minnesota professionals can become licensed as loan originators efficiently and affordably, obtaining licenses nationwide by taking a single exam.”
The SAFE Mortgage Licensing Act of 2008 requires all MLOs to be registered or state-licensed through the Nationwide Multistate Licensing System and Registry (NMLS).