There have been a lot of questions about, WHAT DO I NEED TO DO TO MEET THE NMLS SAFE ACT LICENSING REQUIREMENTS in Nevada?

This is what is required in Nevada.  Keep in mind that Nevada may vary from other states, so if you are licensed in multiple states, this information may be different for that state.

Nevada MLD is scheduled to join the NMLS system 10-1-2010.  Things will be different if you license or renew after this date.  MLD is suggesting everyone get what they can done before this date.

New licensees or those that let their license lapse for over 6 months:

                Complete 30 hours Nevada approved pre-licensing course

                                If Qualified Employee this must include a 4 hour management course in the 10 hours of elective hours

                Successfully pass the PSI exam (75% or better)

                Complete all the necessary paperwork and submit to MLD for licensing approval

Newer licensees with less than two years:

                Will need to complete at least TWO year renewals (10 hours of required education each)

Over two years licensees:

                Will need two years of renewals classes (10 hours each of required education)

What more do we need to do?

                You need to get your Unique Identifier number from the NMLS system.   Complete the MU4 form.  If you are a company there will be more forms to complete.

                MLD will guide us on CERTIFICATION of existing completion of education as stated above education must be complete.  Cost is estimated at $20.

                MLD will guide us on CERTIFICATION of existing State PSI test completion IF YOU HAVE COMPLETED.  Cost is estimated at $5.  If you have not taken this test in your past, you will need to complete the PSI test before October 1^st or on or after October 1^st, you will take the NMLS Nevada State Test.  One of these tests must be completed and submitted before December 31^st 2010.  You risk possible suspension of your license if you do not complete, which means NO PAY! 

Note:  Under the NMLS system, any license not renewed for more than 60 days will require the licensee to start over from the beginning as a new licensee.  That means 30 hours of education, background check, tests, etc…  So be mindful of your licensing dates.

                Successfully pass the National Test given by Prometric or Pearson Vue.  Cost is $92 per attempt and there is a 30 day wait to retake if you do not pass.  Make sure you study for this one, application test, not just right and wrong answer.

                Submit finger print cards, and other paperwork required by NMLS.  Keep in mind the background check is required for National licensing, but the review is done on a state level by MLD.  Make sure to explain any credit issues.  A foreclosure or bankruptcy does not immediately disqualify you, but will be viewed to determine if you are ‘Financially Responsible’ to become a licensee.

What should I do about license renewal?

This is a bit of a trick based on when you renew.  All NMLS licensee renew December 31^st. 

                If you renew between November 1^st and end of the year, you’ll be in the best position.  In 2010, you will take a SAFE Act approved course and you will then be fine to meet renewal requirements (of course pay your fees and paperwork as well), until next year.

                If you renew at any other time, you will renew twice next year.  Example, renew 9-15-2010.  You will complete your renewal with MLD approved courses in 2010 (because we have not joined the system yet on this date).  Then in 2011, you renew 9-15-2011 and renew again between 11-1 and 12-31-2011.  If you take SAFE Act courses, you’ll be able to use them for both education renewal requirements, but you will have to pay dual renewal fees and paperwork.  Then in 2012 and on going, you’ll renew between November 1^st and December 31^st.    

What happens October 1^st?

                You will be a member of the NMLS system once you complete all the requirements by December 31^st, 2010. 

                Your Unique Identifier Number must be on all loan files you work on, and will be tracked through the system.  Any complaints on your files from clients or agency investors will be passed through to you for explaination and comment.  Unacceptable files could cause you the loss of your license if fraud or misrepresentation is found.  The fact that it was the borrower that lied, may not be a defense to keep your license.   Not to mention legal actions may also be taken.

                MLD will need to guide us on the remaining requirements as they are just finishing their Nevada requirements.  There will be more changes next year after the legislative session.  Watch the legislative calendar.

We’ll post more as we find out more!  Stay in the club, and stay informed.

This entry was posted on Wednesday, July 14th, 2010 at 1:41 pm and is filed under ANNOUNCEMENTS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.