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California real estate agents and brokers who perform residential
mortgage loan originator (MLO)activities will now need to obtain an MLO license endorsement. Why?
The Housing and Economic Recovery Act of 2008 has set forth new regulations. And a section of Title V called the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E.) is of particular importance to individuals who perform MLO activities. And in the State of California, this act has set a precedent for how real estate agents and brokers who execute MLO activities will conduct business in the future.
Basically, the SAFE act is about greater accountability. Its main purpose is to increase consumer protection and decrease fraudulent activities.
According to the California Department of Real Estate (DRE), here's what you need to do to obtain your MLO license endorsement:
-Successfully pass the national and California components of the SAFE mortgage test
-Submit an MLO licensee endorsement application (after DRE joins NMLS&R in March 2010)
-Submit fingerprints to the NMLS&R
-Satisfy 20 hours of pre-licensing education
-Submit authorization for the NMLS&R to obtain a credit reportVisit
www.dre.ca.gov/lic_safe.html for complete details concerning California MLO license endoremsent requirements and due dates.
Are you a real estate agent or broker from another state and wondering if you also need to obtain an MLO license endorsement? Visit the NMLS Web site and check the
state licensing requirements page to learn more. Regulations and due dates vary by state. In fact, according to the NMLS, it is individual state law that determines when you must pass the SAFE mortgage test, complete education and/or continuing education courses and a background check.