Maine Adopts New National SAFE MLO Test with Uniform Condition Component
Maine may be the latest condition to announce that it’ll be following a new National SAFE Home Loan Inventor (MLO) Test using the Uniform Condition Test (UST) component. The Maine Bureau of Credit Protection (the Bureau) will adopt the exam effective This summer 1, 2014. Once we formerly reported, Maine lawmakers passed legislation that led the way for that Bureau to consider the UST recently.
The Nation’s SAFE MLO Test using the UST component first grew to become on April 1, 2013. With this particular announcement, as many as 40 condition agencies now utilize the UST. Remaining condition agencies continuously require new MLOs to consider condition-specific test components, even though they may adopt the UST later on.
Guam Now Accepting Applications through NMLS
The Guam Department of Revenue and Taxation has announced that it’s accepting new applications and transition demands through NMLS. Effective April 28, 2014, Guam started accepting applications for an additional licenses:
- Mortgage Servicer License
- Residential Mortgage Loan provider Servicer License
- Residential Mortgage Loan provider License
- Mortgage Servicer Branch License
- Residential Mortgage Loan provider and Servicer Branch License
- Home Loan Inventor License
Additionally, Guam adopted the nation’s SAFE MLO Test using the UST component on April 28, 2014.
New You are able to Offers To Shorten Mortgage Licensing Process
The Brand New You are able to Department of monetary Services (DFS) intends to considerably lessen the time that it takes to obtain a mortgage license within the condition. In remarks towards the Mortgage Bankers Association 2014 National Secondary Market Conference on May 20, Superintendent Benjamin Lawsky stated the DFS intends to revise the applying process by removing layers of review for brand new mortgage banker licenses and branch locations. The company also anticipates publishing policy guidebooks that will assist like a source of licensees seeking or maintaining licensure.
Mr. Lawsky mentioned the DFS will cut the present “four-month” license approval process for lenders in two. “After I heard that people were among the slowest in the united states, my reaction ended up being to perform a whole reform process making us the quickest,Inch he stated. “I wish to be Number 1.Inch
We applaud any efforts taken through the condition to help make the process faster and much more efficient.