More than 600 mortgage licensees in Indiana have still not passed the test required under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. An upcoming deadline could leave many of them facing the same fate as more than 300 Indiana brokers did two years ago.
In August 2008, 361 Indiana loan brokers failed to comply with new state licensing requirements and lost their licenses. In addition, another 143 didn’t bother trying to comply and voluntarily surrendered their licenses.
Today, Indiana Secretary of State Todd Rokita announced that mortgage loan originators face a July 1 deadline to pass the National Component SAFE Test. Principal managers face the same deadline.
If they fail, they have to wait 30 days to take it again.
Rokita said his office began reaching out to impacted licensees during February.
Out of Indiana’s 1,086 licensed mortgage loan originators and principal managers, only 41 percent had passed the SAFE test as of yesterday.
