AllRegs announced that reverse mortgage lender James B. Nutter & Company has successfully completed its 20 Hour Mortgage Loan Originator SAFE Comprehensive Course.
The course was approved by the Nationwide Mortgage Licensing System & Registry in August and fulfills the entire 20-hour pre-licensing requirement for originators.
Like many other mortgage lending companies, James B. Nutter & Company was well aware of the new regulations established by the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), which mandates pre-licensing and continuing education courses for state-licensed mortgage loan originators.
"We began looking at several vendors that offered SAFE Act training courses. The
quality of service we received from AllRegs was really beyond the others that we
considered," said Al Pitzner, Assistant Vice President of Compliance for the Kansas City, Missouri-based company. "Every company is different in size. We were able to bring in the AllRegs [training] staff and still continue our day-to-day processes. No one else could have done it but AllRegs."
State-licensed mortgage loan originators are required to have the 20 hours of pre-licensing education completed by January 1, 2011 or an earlier date set by each state. Non-licensed mortgage loan originators must have their pre-licensure education completed by July 30, 2010 or a deadline determined by the regulator of the state in which they do business.