“The development and adoption of the new National SAFE MLO Test with a uniform state test component streamlines the license process for MLOs seeking licenses in multiple states,” according to North Dakota financial institutions commissioner Bob Entringer.
The states of Delaware, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Hampshire, North Carolina, North Dakota, Pennsylvania, South Dakota, Texas, Utah, Virginia, Washington and Wisconsin have adopted the uniform state test that goes into effect on April 1.
Alaska, Kansas, Nebraska and Vermont will remove their requirement for a state-specific test on July 1.
Other state agencies will continue to require state-specific tests.
Going forward, CSBS expects more states will adopt the new National SAFE MLO Test with a uniform state component.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 established education, testing and state licensing requirements for nonbank loan originators.