Washington, D.C. — The Conference of State Bank Supervisors (CSBS) announced today that the Florida Office of Financial Regulation and the Arkansas Securities Department began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content starting today, bringing the total number of state agencies that use the test to 54.
Commissioner Drew J. Breakspear said, “The Florida Office of Financial Regulation is committed to commonsense regulation of the financial services industry and protecting Floridians from financial crime. Professionals can become licensed as loan originators more efficiently and affordably through this new streamlined process, which maintains the integrity of the test. We are thrilled to offer this path to licensure in Florida.”
Passage of the SAFE Mortgage Licensing Act of 2008 requires all mortgage loan originators (MLOs) to be registered or state-licensed through the Nationwide Multistate Licensing System and Registry (NMLS).
The test, which was first made available on April 1, 2013, combines both the national and state testing requirements of the SAFE Act. Previously, Florida and Arkansas licensees had to take two tests: one national and one state. The new test replaces the separate, state-specific tests. A license applicant who passes the National SAFE MLO Test with Uniform State Content will not need to take any additional state-specific tests to hold a license within participating states.
Twenty state agencies initially adopted the National SAFE MLO test in April 2013. An additional 32 state agencies adopted the test between July 2013 and December 2016.
Since its release on April 1, 2013, more than 94,000 MLOs have taken the National SAFE MLO test with Uniform State Content.
More information on the National SAFE MLO test with Uniform State Content is available here.