Mortgage Industry Update

We are very excited to share that Hondros College is an approved NMLS (National Mortgage Licensing System) Provider.

As part of the national initiative to bring greater uniformity and transparency to the mortgage industry, the NMLS was designed as required by Title V of the SAFE Act (the Secure and Fair Enforcement for Mortgage Licensing Act of 2008) to improve the supervision of the mortgage industry, streamline the licensing process for mortgage companies and professionals, and enhance consumer protection. The SAFE Act requires that ALL Mortgage Loan Originators (MLO) be registered and licensed in NMLS and pass the new national SAFE MLO exam. Under the SAFE Act, all state-licensed MLOs must complete a minimum of 20 hours of NMLS approved pre-licensure education and a minimum of eight hours of NMLS approved continuing education annually. Individual state law determines deadlines for completion of pre-licensure and continuing education, required background checks and the new national SAFE Act MLO exam. Please contact your state regulatory agency for information.

Refer to the NMLS Resource Center Page at http://www.stateregulatoryregistry.org/NMLS for tools and guides to create your individual account, review jurisdiction-specific requirements, review the MLO Test Preparation Handbook and request test enrollment.

The new requirements of the SAFE Act state that if you are currently a MLO and:

• You work for an insured depository institution regulated by FDIC, OTC,OTS, NCUA or the Farm Credit Administration, you are required to be registered in the NMLS.
• You DO NOT work for an insured depository institution, you are required to be registered in the NMLS and pass a new national SAFE Act MLO exam. Individuals not already licensed will also be required to complete the minimum of 20 hours of approved education and pass a state exam. Refer to the state regulatory agency of the state in which you conduct loan origination activity for guidelines.

The requirements of the SAFE Act for new MLOs seeking licensure:

As of January 1, 2010

• Complete the NMLS approved 20 hour SAFE Act Pre-licensing education and any additional NMLS approved pre-licensing education required by the state where you seek licensure.
• Complete the national SAFE Act MLO exam and SAFE Act MLO state specific exam for the state(s) where you seek licensure.

If you are currently licensed as a MLO in Ohio, you are required to have passed the new national SAFE Act MLO exam by April 30, 2010 to be compliant.

Hondros College has added the MLO Refresher exam prep course to our class schedule.

If you took your licensing exam in Ohio prior to January 1, 2004 you are required to have passed the national SAFE Act MLO exam and the state exam for Ohio by April 30, 2010 to be compliant.

Please contact the Ohio Division of Financial Institutions at 614-728-8400 with any questions regarding your license.

Hondros College is working to stay on top of these changes and will keep our website updated with information that will be helpful to you. There is much more information to come so please check back frequently.

Don't risk non-compliance!

Hondros College wants to work with you and support the mortgage industry.