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UST Adopted; No Additional Continuing Education

 

The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Banking today announced that it will adopt the new SAFE Mortgage Loan Originator (MLO) National Test Component with Uniform State Content on June 1, 2016.  IDFPR is one of 52 state agencies that have adopted the test. Additional states are eventually expected to adopt the new SAFE MLO National Test Component with Uniform State Content.

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act) requires MLOs to pass the SAFE MLO test before they can be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS).  The new National Test Component with Uniform State Content replaces two test components – the National and a State Component – which applicants had been required to pass.  This new test will allow MLOs seeking a license with IDFPR to take a single test component and satisfy the SAFE Act and Illinois testing requirements.   

“With our adoption of the new SAFE MLO test, MLOs seeking to hold licenses in multiple states will no longer be required to pass the state-specific component for each state in which they wish to do business”, said Kerri A. Doll, Division of Banking Director.  “This change makes the license process more efficient for MLOs seeking a license in the state of Illinois”. 

 

Under the new National Test Component with Uniform State Content, a license applicant who passes the test will not need to take any additional state-specific tests to seek a license with the 52 state agencies that have adopted the test.  IDFPR has withdrawn the proposed rule to require pre-licensure and continuing education.  MLOs are still required to comply with Illinois state law.  

 

“This is just one more way IDFPR is seeking to streamline supervisory processes, while continuing to ensure the safety and soundness of entities operating within our state and protecting our citizens”, said Bryan A. Schneider. “By providing a more effective regulatory experience, we foster the creation of a regulatory environment conducive to strong economic growth and opportunity.”

 

More information on the National SAFE MLO Test with Uniform State Content is available here.

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Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

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