| Q. |
What is a mortgage loan originator? |
| A. |
A Mortgage Loan Originator (MLO) is someone who takes a residential mortgage loan application, offers or negotiates terms of a residential mortgage loan, or assists a consumer in obtaining or applying to obtain a residential mortgage loan.
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| Q. |
What is the requirements as issued through safe? |
| A. |
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) established requirements for the licensing and registration of all Mortgage Loan Originators (MLOs). MLOs who work for an insured depository or its owned or controlled subsidiary that is regulated by a federal banking agency or an institution regulated by the Farm Credit Administration are exempt from the education and testing requirements. All other MLOs need to be licensed by the state, complete the education requirements, and pass the state and national SAFE exams.
Learn more: NMLS Website
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| Q. |
What are my state's requirements?
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| A. |
NMLS Website - State Licensing Requirements
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| Q. |
What is the process to meet the requirements?
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| A. |
See our SAFE Act page for information.
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| Q. |
Do I Need a Background Check In Order To Become Licensed?
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| A. |
The NMLS requires a federal criminal background check (CBC) through the Federal Bureau of Investigation. The background check is initiated through fingerprinting. Please follow the link below for the NMLS mandated process.
Criminal Background Check Process
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| Q. |
Will I need to maintain my license? |
| A. |
Continuing Education is not required in 2009 because MLO's are initially required to complete their pre-licensure education (PE) requirement, and PE satisfies the education requirement for the year in which it was completed.
Thus, unless there is a state-specific requirement for an MLO to have CE completed this year, the SAFE PE requirement that is satisfied either through completion of a course or as being certified as being completed by the State Commissioner will have satisfied an individual's education requirement for 2009. In 2010, and depending on each State's SAFE implementation plan, there will be a mix of people who will be required to satisfy either the PE or CE requirement.
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| Q. |
Do I need to apply with the NMLS in order to begin my course? |
| A. |
You will not need an NMLS number in order to begin your Kaplan course, however please ensure you create your individual account through the NMLS Web site and report the NMLS number to Kaplan prior to the completion of your course. This must be completed for Kaplan to successfully report your required course completion.
Create your NMLS account
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| Q. |
Is There an Orientation For My Licensing Course? |
| A. |
The NMLS requires education providers to provide an orientation and system check for the SAFE Comprehensive course, and it must be completed at least 30 minutes prior to the course start time. You may log in to your cart using the following link to access the orientation: (link to the orientation once it's available)
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| Q. |
How is my course completion reported to the NMLS? |
| A. |
Once you have successfully completed your course, Kaplan Real Estate Education will report your completion to the NMLS within 7 days of your final class. You must ensure we have your NMLS number on file for us to report your completion.
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| Q. |
Will I receive any course materials? |
| A. |
All course books will be available via PDF. Kaplan will also ship you a SAFE Comprehensive workbook for you to keep. If you enroll in the National Exam Prep course, we will ship you an additional workbook.
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| Q. |
What is a bio-data question? |
| A. |
A bio-data question requires the user to answer a question related to personal information collected either at the time of enrollment or before the course begins. The NMLS requires such questions to be issued in order to ensure the user is indeed the individual who initially enrolled in the course.
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| Q. |
What happens if I miss class time? |
| A. |
The NMLS has very strict attendance guidelines. It is imperative that you complete the course as scheduled. If you miss any class time, you must start the course over from the beginning. Please contact Kaplan Real Estate Education Customer Service (877-792-4473) for assistance.
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| Q. |
Do I need to pass an exam to complete my course? |
| A. |
You must complete a final examination upon completion of the course. There is no minimum score requirement for the Kaplan course exam; however, you must complete the final exam and submit your course completion affidavit by 11:59 PM ET Friday (the week of your course) to successfully complete the education requirements. If you do not fulfill this requirement, you must contact Kaplan Real Estate Education Customer Service (877-792-4473) to re-enroll in the course.
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| Q. |
Is there an exam requirement through SAFE? |
| A. |
The SAFE Mortgage Licensing Act also requires all loan originator applicants to take a state and national exam prior to licensure. Exam participants must pass with a 75% or higher. The tests are written by the Nationwide Mortgage Licensing System and Registry and administered by an approved test provider. An individual may retake a test three consecutive times with each consecutive taking occurring at least 30 days after the preceding test. After failing three consecutive tests, an individual must wait at least six months before taking the test again.
Reserve your SAFE exam date with an NMLS exam provider.
»Prometric
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| Q. |
Does Kaplan have a course to help me pass the SAFE exam? |
| A. |
Kaplan strongly suggests you enroll in our SAFE exam prep courses. These OnDemand SAFE exam prep courses are recorded virtual classroom programs that you can study anytime, anywhere. Industry expert instructors, dozens of interactive activities, and full practice exams prepare you for exam day. You do not need to complete an exam prep course in order to satisfy the NMLS education requirements.
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