DRE licensees who are RESPA loan brokers or agents are off the hook for the 20 hour Nationwide Mortgage Licensing System and Registry (NMLS) pre-license education requirement. Instead, any licensee making, arranging or servicing consumer loans secured by one-to-four unit residential property must only file NMLS application Forms MU 1-MU 4 by August 31, 2010 and pay the NMLS $360 system fee.
first tuesday take: No education required for endorsement or registration. For more information on Senate Bill 36 and the Safe Act, see the continually updated first tuesday article, Registration and Regulation: Updates for RESPA Mortgage Brokers
Re: “SAFE ACT – Mortgage Loan Originator (MLO) License Endorsement Requirements” from the California DRE
