Mortgage loan originators in all states can now apply for a license in one or more states and only be responsible for passing a single national test.
Previously, an applicant for a mortgage license would need to take multiple tests. This included a national exam and an exam for each state the originator sought a license in.
Beginning in 2013, some individual state regulators began rolling out a uniform state test. Since that time, the average states licensed per originator has risen from 2.5 to 3.6.
In addition, state agencies that adopted the national test saw a 56 percent rise in applications, while the cost of licensure was cut by $69 — collectively saving the 33,000 loan officers who were “first-time test takers” in excess of $2 million.
On Wednesday, the Conference of State Supervisors announced that all states and U.S. territories now use the National SAFE MLO Test with Uniform State Content. A license applicant who passes the national test will no longer be required to take a separate state test.
The move streamlines supervision of the mortgage industry and reduces the burden on states.
“The national test has contributed to a robust mortgage industry that allows qualified MLO candidates to quickly and efficiently attain their licenses,” the statement said.
