New Mexico Adopts the New National SAFE MLO Test with Uniform State Component

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New Mexico is the latest state to announce that it will be adopting the new National SAFE Mortgage Loan Originator (MLO) Test with a Uniform State Test (UST). The New Mexico Financial Institutions Division will adopt the test effective January 1, 2014. The National SAFE MLO Test with a UST first became available on April 1, 2013. With this announcement, a total of 37 state mortgage agencies will have adopted the UST by the start of 2014. Remaining state agencies will continue to require new MLOs to take state-specific test components, although they may adopt the UST at a future date.

NMLS Adds Minnesota Money Transmitter License

The Minnesota Department of Commerce will begin accepting new applications and transition filings for Money Transmitter Licenses through NMLS starting October 1, 2013. Persons engaged in the business of selling or issuing payment instruments or engaging in the business of receiving money for transmission or transmitting money must obtain a license. A licensee may conduct business in Minnesota at one or more locations, or through one or more authorized delegates, or both, under a single license.

Topics:  Licenses, Money Transfer, Mortgage Loan Originators, Mortgages

Published In: General Business Updates, Finance & Banking 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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