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The
State of Nevada went live on the
Nationwide Mortgage Licensing
System and Registry (NMLS) on October 1,
2010. Existing licensees were required to
transition their licenses onto NMLS by November 19,
2010. (Read the November 18, 2010 and the September
16, 2010 letters below for additional information).
Test
and Education Requirements and Certifications:
The
Secure and Fair Enforcement for Mortgage Licensing
Act of 2008 (SAFE Act) requires all mortgage agents
to complete pre-licensing education and successfully
pass both a national and state test component.
The deadline for completion of all components is
December 31, 2010. The Division will suspend the
license of any person who is not in compliance with
all requirements by the deadline. (Read the
November 1, 2010 letter below for additional
information).
Nevada
certified to NMLS mortgage agents who completed
their pre-licensing education and passed the PSI
test. NMLS assesses fees to complete the
certification process, which must be paid by
December 31, 2010, or the mortgage agent will
not receive credit and the person must repeat
the components at his/her own expense (Read the
December 9, 2010 letter below for additional
information).
Test
and Education Registration:
Mortgage
agents must register for the tests and education
through NMLS. Mortgage agents should visit the
NMLS Testing page
for additional information, including accessing the
Nevada test component outline.
The last page of the outline lists the areas in
Nevada law that will be included on the test. If a
test is failed, the mortgage agent may not
reregister for the test for 30 days. If failed 4
times, the mortgage agent must wait 6 months before
retaking the test. A new fee is assessed for each
registration.
New
Applications and Changes:
All new
mortgage broker, mortgage banker, exempt companies
and mortgage agents’ applications must be filed
through NMLS through submissions of MU filings.
Additionally, all amendments to licensees’ records
must be submitted through NMLS. The
Nevada State specific
requirement page on NMLS contains
descriptions of each license type and new
application, amendment and surrender instructions.
License renewals:
Nevada
will not be utilizing NMLS for license renewals
until December 2011. However, licensees must
continue to renew their licenses directly with the
Division by their current expiration date. Mortgage
agents must complete 10 hours of continuing
education as part of their renewal. (Visit
"Hot Topics" on the
Division’s home page for additional information on
education requirements) |
