I have been in real estate a long time. How long? My California license number is 257862 (issued
December 9, 1961). In all that time I have never seen anything as confusing as the new NMLS procedures concerning loan origination. What have I learned since my last email about this confusing topic? Lots.
1. If you make only seller-carry back loans, you don’t need the endorsement.
2. Step number one for California DRE licensees (to be completed by January 31, 2010 or 30 days
after your first loan.) complete Form 866 at www.dre.ca.gov. This really is simple so do it now.
3. D.O.C. licenses must have the NMLS endorsement by July 31, 2010 and D.R.E. licenses by
December 31, 2010. Why? I have no idea.
4. Next step to do now. Go to the red Safe Act logo on the D.R.E. website. Click on it and then click
on the highlighted item #1: Register on the Nationwide Mortgage Licensing System and follow the instructions to create an individual account.
5. Read everything on that website to learn about requirements, testing, etc.
6. Remember D.R.E. is trying to get a waiver from NMLS so that D.R.E. licensees will not need to
take the 20 hours of pre-endorsement education so wait until you hear from them. Don’t take these courses now or you could be very sorry and out of a lot of money. Patience is a virtue so become virtuous in this matter for a short time. Could be many changes by December.
7. You will have to pass a National component test of 100 questions in 150 minutes and a State component test of 45-55 questions that is not available at this time. By the way, up to 12/31/2009
32% were failing the National test and 25% were failing the tests from other States so start studying. We will have a National Prep course available ASAP so keep in touch. Send us an email
and we will keep you posted.
8. If you fail the National test, you have to wait 30 days to test again. After four fails, you have to wait
180 days. You need 20 hours of education but you will also need a prep course to pass the exams. Okay, I know you have been a broker for decades, but these tests are not simple.
9. You can take the tests before you complete the 20 hours of required education. Some of the
courses now available cost as much at $499 plus. We hope to have online courses instructor-led at
a lower cost soon. Keep in touch.
1 response so far ↓
1 Cindy Mims // Feb 9, 2010 at 11:41 am
So, if Icurrently have my CA Real Estate Lic… have they decided whether or not I have to have a CA STATE LOAN OFFICER LIC as well as register and pass the NMLS test?
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