We have been getting lots of phone calls about the course and exam for loan originator licensing. Here’s the latest…The Arizona Department of Financial Institutions is trying to reconcile the differences between Arizona loan originator licensing statutes and the federal loan originator licensing law under the S.A.F.E. Act. What we know now is:

The required course will be 20 hours of classroom instruction.

The Nationwide Mortgage Licensing System (NMLS) is not yet accepting applications for course provider (school) approval or course approval. We at Hogan School are monitoring the NMLS web site daily and will seek approval as soon as the process is opened.

We have our course written and ready to go. The reason Hogan has not yet scheduled a course is that we want to be absolutely sure the course is approved by and meets all the criteria established by both the state and the NMLS. Some courses have been advertised by others as “approved” but since the NMLS has not even begun the provider approval process we are somewhat skeptical of those “approvals.”

We hope to offer the courses beginning in August and will let you know as soon as we have definite dates.

The first examinations for loan originator licensing through NMLS are tentatively scheduled for late July. The 20 hour course is not a prerequisite for the examination. We will be offering an Exam Prep program beginning in August with the dates to be announced.

Important Note: Mortgage Brokers must transition their licenses on to the NMLS system by June 30, 2009. If you haven’t done this you have 20 days to comply. DO IT NOW! Go to: http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Arizona

Please call me with any questions at 520-327-6849

Jim Hogan