States continue to adopt uniform tests for mortgage loan originators (MLOs), as four additional states and U.S. territory agencies have now brought the tally of National SAFE MLO test adopters to 39.
As of January 1, 2014, the four agencies that have adopted the uniform test include The Nevada Department of Business & Industry; The New Mexico Financial Institutions Division; The Puerto Rico Office of the Commissioner of Financial Institutions; and The U.S. Virgin Islands Division of Banking & Insurance.
The National SAFE MLO test has been gaining ground since its launch April 1, 2013, seeing an initial adoption among 20 states.
In July, 10 additional state agencies adopted the test. By October, five more agencies had joined, bringing the total to 35.
The test combines both the national state testing requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and streamlines the license application process for MLOs seeking licenses in multiple states.
Those who have adopted the test have seen significant increases in mortgage license applications, said Bob Entringer, commissioner of the North Dakota Department of Financial Institutions and chairman of the State Regulatory Registry LLC, in a statement.
“The Launch of the National SAFE MLO test has been a great success,” Entringer said. “Combined with the high number of MLOs that have enrolled to take the test, this tells us that the test is very well-received by the industry for the efficiencies it brings to the license process for those MLOs seeking to do business in multiple states.”
Since its release on April 1, 2013, more than 30,650 MLOs have enrolled to take the National SAFE MLO test. Additionally, approximately 21,100 MLOs have enrolled for the Stand-Alone UST to date—a short version of the uniform state test that is available for enrollment until March 31, 2014.
The Stand-Alone UST is available for existing licenses who may wish to seek licenses in additional states.
Written by Jason Oliva