The industry is changing rapidly...and we're here to help you

 

I don't need to tell any of you how fast our business is changing, but I do want you to know MTI will be there to help you navigate these changes.  When President Bush signed the Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act of 2008, he changed this industry forever.  As a mortgage professional you will be required to maintain a license or registration in a national database. 

 

You will also be required to maintain an education level and complete a nation exam.  Everything will begin this August and you will have a limited amount of time to comply.  But rest assured you won't be there alone. 

 

MTI has been providing the highest quality mortgage industry training since 1997.  We have also been the industry's leading innovator of online training systems, such as LearMoreU and the Extended Classroom.  MTI became a national education provider in 2004 and continues to dominate in many markets around the country.  We will act no differently when it comes to the S.A.F.E Act.  You can count on us to inform you of any updates and to provide you classes and exam prep courses when they become available.  You will not have to negotiate these changes alone. 

 

Thank you for being part of the MTI family and let's meet these changes together.

 

Jon Exley

President

 

 

The S.A.F.E. Act  establishes the Nationwide Mortgage Licensing and Registration System and sets federal minimum standards for mortgage pre-licensing and continuing education. The Act also enforces a national exam that all mortgage loan officers must pass prior to becoming licensed. Pearson Vue has been selected to implement the testing and education requirements. 

It is expected the national test will become available by July 30, 2009. The national test will include, but is not limited to the following content areas:
 

• Ethics
• Federal law and regulations pertaining to mortgage origination
• Federal law and regulation, including: instruction on fraud, consumer protection, non-traditional mortgage marketplace and fair lending issues

 

State portions of the national exam will be conducted separately from the national exam and will either be a uniform state test or a unique state test, depending on individual states. State exams will test on a variety of state issue's including; knowledge of state law and regulation pertaining to mortgage origination including fraud, consumer protection, the non-traditional mortgage marketplace and fair lending issues.

 

Pearson Vue will provide over 500 testing facilities nationwide. Test content will be developed by subject matter experts.  Currently, mortgage pre-licensing and continuing education courses are being reviewed and approved by state entities. The expectation is that the Pearson Vue Education Management System (PULSE) will be used to manage course submission and approval.

 

• Pre-Licensing Courses: Beginning July 30, 2009 the state-by-state phase-in schedule will begin and will last no later than December 31, 2010
• Continuing Education Courses: The state-by-state phase-in schedule will begin in 2009, and will continue through 2010 and 2011.

 

The timeline for S.A.F.E. Act education requirements is expected to be:

• Begin initial approval process of course providers by - July 1, 2009
• Begin operations education classes by October 1, 2009

Pearson Vue
The Financial Industry Regulatory Authority, Inc. (FINRA) and its subcontractor Pearson VUE will implement the following federal changes.

• Test Development
• Test Administration
• Education Management
• Applicant and Licensee Testing and Education 

For more information on the vendors selected, please visit the CSBS website, www.csbs.org.

Keep Updated
If you would like to stay you up-to-date with all S.A.F.E. Act announcements complete the following short form. We will notify you of any developments and when the MTI S.A.F.E. Act courses become available.