Many States Switching to Uniform MLO Test

In 2013, three New England states will no longer require the state-specific test component for licensing mortgage loan originators (MLOs) due to the implementation of the new National SAFE MLO Test with a uniform state component. Massachusetts and New Hampshire will switch to the new National Test, along with eighteen other states effective April 1, 2013. Vermont and three other states will similarly no longer require that MLOs take the state-specific component as of July 1, 2013. The announcement was made on January 16, 2013 by the Conference of State Bank Supervisors.

Click here to visit the NMLS website for more information on the implementation of the National Test.

Topics:  Licenses, Mortgage Loan Originators, Mortgages, SAFE

Published In: Finance & Banking 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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