Mortgage lenders to get unified test
The Nevada Mortgage Lending Division will launch a new test in January that allows mortgage-loan originators in the state to be tested simultaneously for national and state requirements.
The new mechanism known as the SAFE MLO National Test with Uniform State Content creates a single test that can meet both the national and state testing requirements of the 2008’s federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
In Nevada, mortgage loan originators seeking licensing after Jan. 1 will no longer be required to take a second, state-specific test component. The new test replaces the state-specific test components for the states that adopt it.
A total of 35 states already have adopted the Uniform State Test, with Nevada and New Mexico adopting the test in January.
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