Monthly Archives: August 2011

Update to State-Licensed Mortgage Entities Posted


NMLS has updated its Nationwide View on State-Licensed Mortgage Entities to include data from the second quarter of 2011.  The report provides aggregated information at a national and state level for companies, branches and individuals licensed or registered by state agencies for the first two quarters of 2011.  The report may be accessed from the NMLS Resource Center at: http://mortgage.nationwidelicensingsystem.org/about/Documents/Quarter-2-2011-Licensing-Data.pdf

Highlights from the report:

  • The mortgage industry at the state level is growing, and remains very localized;
  • There were 16,153 state-licensed mortgage companies with 30,945 licenses in NMLS at the end of Q2, up from 14,980 state-licensed mortgage companies with 28,415 licenses in Q1;
  • There were 106,881 state-licensed mortgage loan originators with 201,469 licenses in NMLS at the end of Q2, up from 100,098 state-licensed mortgage loan originators with 182,880 licenses in Q1;
  • Business activities for state-licensed companies is primarily broker-related: 89% conduct first mortgage loan brokering activities, while only 22% conduct first mortgage lending activities.

Invitation for Course Providers Take the Late CE Course Survey


Several providers have recently asked about submitting Late CE courses for 2012.  We are currently working on reviewing how the process for Late CE course went this year and have some ideas for how to make the process easier going into next year.  However, before we finalize our plans we would like to hear from the course provider community.  If you have a few minutes and would like to help us out, please feel free to take the short survey available below.

As a reminder, Late CE courses are those courses that an MLO is required to complete to make-up a CE requirement during the 60 day reinstatement period following the annual renewal period which end on December 31.   Late CE courses are also those courses which must be taken used to fulfill a CE requirement in the event an MLO has left the industry and returns. The new catalog of Late CE courses will be made available January 1, 2012.

The survey will remain open until August 26. The survey should take approximately 5 minutes to complete, and we thank you in advance for your participation.  To take the survey, click the following link: https://www.surveymonkey.com/s/R76FQ5F

State-Specific Education Charts Updated


In preparation of the annual renewal and continuing education season, NMLS has posted revised and updated state-specific education charts.  In an attempt to communicate as clearly as possible about every agency’s specific education requirements, new charts have been produced that detail the specific number of hours and topics that must be taken for both pre-licensure and continuing education.  The new charts also incorporate a link to the reference list for the state-component of the SAFE MLO test, and provide the agency’s deadline for when annual CE must be completed.   Additionally, every chart includes a decision matrix to assist MLOs to determine when annual CE is required.  Because some states have different CE requirements, these new charts will become a valuable resource to assist MLOs to understand when annual CE needs to be completed.   The new charts have been posted on the education page of the NMLS Resource Center at: http://mortgage.nationwidelicensingsystem.org/profreq/education/Pages/default.aspx

New Approved Course Logos Distributed


Production and distribution of the new approved course logos has been completed.  As mentioned in previous postings, the old approved course and provider logos are no longer authorized for use and are required to be removed from web sites and marketing materials.  The new logo, which incorporates an individual course number, is the only NMLS logo authorized for use.  If you did not receive your course logo(s) or don’t know where to find them, please contact Alan at aridenour@csbs.org.

Mortgage Fraud Increases in 2010, According to FBI Report


The Federal Bureau of Investigation’s (FBI) has released its 2010 Mortgage Fraud Report and the numbers are not good.  According to the report, mortgage fraud continued to rise in 2010, consistent with 2009 levels. Key finding show mortgage fraud schemes are particularly resilient, and they readily adapt to economic changes and modifications in lending practices. Offenders of mortgage fraud include: licensed/registered and non-licensed/registered mortgage brokers, lenders, appraisers, underwriters, accountants, and real estate agents, among others. Total dollars lost directly attributed to mortgage fraud are unknown. Top states for mortgage fraud activity during 2010 were CA, FL, NY, IL, NV, AZ, MI, TX, GA, MD and NJ.  The comprehensive FBI report is a good source of information for providing instruction on the subject of mortgage fraud.  The full report may be accessed here: http://www.fbi.gov/stats-services/publications/mortgage-fraud-2010/2010-mortgage-fraud-report.

Bi-Lingual Version of PR Test Content Outline and Reference List Posted


An English/Spanish version of the test content outline for Puerto Rico has been posted on the testing page of the NMLS Resource Center.  In addition to the content outline, the reference list has also been published in both English and Spanish.  Course providers offering PE courses are encouraged to make mention of the content outlines to their students as they are an excellent resource to assist MLOs to prepare for a specific test component.  The outlines for Puerto Rico, the National component and other state components are available at: http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/TestContentOutline.aspx

Enrollment for the Puerto Rico test component is open effective August 15th and test appointments may be scheduled starting September 14.  Please note that candidates in Puerto Rico can currently enroll and take the National component of the SAFE MLO test.

July Test Pass Rates Posted


July performance data for the SAFE MLO test has been posted in the NMLS Resource Center web site.  The first-first time pass rate for the National Component of the test was 68%; the aggregate state test component pass rate was 83%.  Additional details by attempt can be found at: http://mortgage.nationwidelicensingsystem.org/profreq/testing/Documents/SAFE%20MLO%20Test%20Pass%20Rate%20Announcement.pdf