Mortgage Loan Officers Test unifies 27 state agencies
The nationwide mortgage loan officer test with a uniform state component went into effect on Tuesday, with 26 state agencies jumping on board to use the test this year, the Mortgage Bankers Association reported in Newslink.
The Conference of State Bank Supervisors oversees the new National SAFE Mortgage Loan Officer Test, which meets one of the provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
The act requires mortgage loan originators employed by state-regulated companies to pass a SAFE MLO test before they can be licensed with a state agency, MBA explains.
In addition to the 26 state agencies, the article says additional states are expected to adopt the new test.
The MBA articles cites Bob Entringer, commissioner of the North Dakota Department of Financial Institutions, saying, "The development and adoption of the new National SAFE MLO Test with uniform state test content streamlines the license process for MLOs seeking licenses in multiple states."