Connecticut and Oklahoma to Use Uniform Mortgage Test; 45 State Agencies Now Using the Test
This release was issued by the Conference of State Bank Supervisors.
October 27, 2014
Washington, D.C. — The Conference of State Bank Supervisors (CSBS) announced today that the Connecticut Department of Banking and the Oklahoma Department of Consumer Credit have begun using the National SAFE mortgage loan originator (MLO) test with Uniform State Content on the Nationwide Multi-State Licensing System & Registry (NMLS), bringing the total number of state agencies using the test to 45.
The Connecticut Department of Banking and the Oklahoma Department of Consumer Credit regulate bank and non-bank mortgage lending, and are responsible for licensing individual MLOs employed by lenders and mortgage brokers who take loan applications or negotiate terms of residential mortgage loans with prospective homeowners.
Twenty state agencies initially adopted the National SAFE MLO test in April 2013. An additional 10 state agencies adopted the test in July 2013, five more agencies adopted the test in October 2013, and an additional ten agencies have adopted the test in 2014.
The test, which was first made available on April 1, 2013, combines both the national and state testing requirements of the SAFE Act and streamlines the license application process for MLOs seeking licenses in multiple states. For these adopting states, the new test replaces the separate, state-specific tests.
Since its release on April 1, 2013, more than 40,000 MLO applicants have enrolled to take the National SAFE MLO test with Uniform State Content.
More information on the National SAFE MLO test with Uniform State Content is available here.