Maine Adopts New National SAFE MLO Test with Uniform State Component

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Maine is the latest state to announce that it will be adopting the new National SAFE Mortgage Loan Originator (MLO) Test with the Uniform State Test (UST) component. The Maine Bureau of Consumer Credit Protection (the Bureau) will adopt the test effective July 1, 2014. As we previously reported, Maine lawmakers passed legislation that paved the way for the Bureau to adopt the UST last month.

The National SAFE MLO Test with the UST component first became available on April 1, 2013. With this announcement, a total of 40 state agencies have adopted the UST. Remaining state agencies will continue to require new MLOs to take state-specific test components, although they may adopt the UST in the future.

Guam Now Accepting Applications through NMLS

The Guam Department of Revenue and Taxation has announced that it is accepting new applications and transition requests through NMLS. Effective April 28, 2014, Guam began accepting applications for the following licenses:

  • Mortgage Servicer License
  • Residential Mortgage Lender Servicer License
  • Residential Mortgage Lender License
  • Mortgage Servicer Branch License
  • Residential Mortgage Lender and Servicer Branch License
  • Mortgage Loan Originator License

In addition, Guam adopted the National SAFE MLO Test with the UST component on April 28, 2014.

New York Promises To Shorten Mortgage Licensing Process

The New York Department of Financial Services (DFS) plans to significantly reduce the time it takes to get a mortgage license in the state. In remarks to the Mortgage Bankers Association 2014 National Secondary Market Conference on May 20, Superintendent Benjamin Lawsky said the DFS plans to revise the application process by removing layers of review for new mortgage banker licenses and branch locations. The agency also anticipates publishing policy guidebooks that will serve as a resource for licensees seeking or maintaining licensure.

Mr. Lawsky stated that the DFS will cut the current "four-month" license approval process for lenders in half. "When I heard that we were one of the slowest in the country, my reaction was to do a whole reform process and make us the fastest," he said. "I want to be Number One."

We applaud any efforts taken by the state to make the process faster and more efficient.

 

Topics:  Mortgage Loan Originators, Mortgages, New Legislation, SAFE

Published In: Consumer Protection Updates, Finance & Banking Updates, International Trade Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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