Comments on: Deadlines for Licensing, Testing, and Education Under the SAFE Act http://mortgagefiduciaries.com/2009/07/deadlines-for-licensing-testing-and-education-under-the-safe-act/ Thu, 09 Sep 2010 10:44:01 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: KELVIN http://mortgagefiduciaries.com/2009/07/deadlines-for-licensing-testing-and-education-under-the-safe-act/comment-page-1/#comment-1602 KELVIN Thu, 08 Oct 2009 14:35:38 +0000 http://mortgagefiduciaries.com/?p=96#comment-1602 Thank you for your response. What does NMLS (the appreviations) direct and do I obtain the forms to register? Thanks, Kelvin Thank you for your response. What does NMLS (the appreviations) direct and do I obtain the forms to register?

Thanks,

Kelvin

]]> By: Jillayne Schlicke http://mortgagefiduciaries.com/2009/07/deadlines-for-licensing-testing-and-education-under-the-safe-act/comment-page-1/#comment-1601 Jillayne Schlicke Thu, 08 Oct 2009 03:52:00 +0000 http://mortgagefiduciaries.com/?p=96#comment-1601 Hi Kelvin, It depends on how your company is licensed. From the SAFE Act: "An employee of: a depository institution; a subsidiary that is: owned and controlled by a depository institution AND regulated by a federal banking agency OR An institution regulated by the Farm Credit Admin" Is your company a depository institution that is also regulated by a federal banking agency? A subsidiary owned and controlled by a depository institution that is also regulated by a federal banking agency? If yes then you are exempt from licensing (no test, no mandatory education) however, you are not exempt from registering with the NMLS plus fingerprints and a background check. All LOs will either be licensed or registered no matter where you work. If the answer to the above is no, then you will need to be licensed. For more details, contact the NMLS direct. They are great folks to work with! Hi Kelvin,

It depends on how your company is licensed. From the SAFE Act:

“An employee of:
a depository institution;
a subsidiary that is:
owned and controlled by a depository institution AND
regulated by a federal banking agency OR
An institution regulated by the Farm Credit Admin”

Is your company a depository institution that is also regulated by a federal banking agency?

A subsidiary owned and controlled by a depository institution that is also regulated by a federal banking agency?

If yes then you are exempt from licensing (no test, no mandatory education) however, you are not exempt from registering with the NMLS plus fingerprints and a background check. All LOs will either be licensed or registered no matter where you work.

If the answer to the above is no, then you will need to be licensed. For more details, contact the NMLS direct. They are great folks to work with!

]]> By: KELVIN http://mortgagefiduciaries.com/2009/07/deadlines-for-licensing-testing-and-education-under-the-safe-act/comment-page-1/#comment-1600 KELVIN Thu, 08 Oct 2009 03:34:18 +0000 http://mortgagefiduciaries.com/?p=96#comment-1600 DOES THE SAFE ACT AFFECT LOAN OFFICERS THAT WORK FOR AN AFFILIATION OF A SAVINGS AND LOAN WHICH CURRENTLY UNDER THE EXEMPTION FOR NO LICENSING IN 1322.02 REVISED CODE SECTION a IN THE STATE OF OHIO? I WAS TOLD THAT AS OF JANUARY 1, 2010 THE SAFE ACT OR UNDER THE HOUSE BILL THAT ALL LOAN OFFCERS WILL BE REQUIRED TO OBTAIN A LOAN OFFICERS LICENSE. THANKS, KELVIN DOES THE SAFE ACT AFFECT LOAN OFFICERS THAT WORK FOR AN AFFILIATION OF A SAVINGS AND LOAN WHICH CURRENTLY UNDER THE EXEMPTION FOR NO LICENSING IN 1322.02 REVISED CODE SECTION a IN THE STATE OF OHIO? I WAS TOLD THAT AS OF JANUARY 1, 2010 THE SAFE ACT OR UNDER THE HOUSE BILL THAT ALL LOAN OFFCERS WILL BE REQUIRED TO OBTAIN A LOAN OFFICERS LICENSE.

THANKS,

KELVIN

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