State Regulators Nationwide Adopt Single Exam for Mortgage Licensing
Washington, D.C. – The Conference of State Bank Supervisors (CSBS) announced today that all states and U.S. territories now use a single, common exam to assess mortgage loan originators (MLOs), simplifying the licensing process for MLOs and streamlining supervision of the mortgage industry.
The Uniform State Test is one of several initiatives being taken by state regulators, collectively known as Vision 2020, to improve the state licensing process for all nonbank financial services.
John Ducrest, chairman of State Regulatory Registry (CSBS’ subsidiary that develops and operates the National Test): “The National Test is yet another way that state regulators have made obtaining an MLO license more robust, streamlined and efficient. Mortgage professionals who pass their licensing exam can now choose to become licensed in every state without additional testing. This will allow them to access consumers nationwide, and consumers can now choose from a wider selection of mortgage loan originators in their state.”