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The National Mortgage
Licensing System now requires all states to comply with a minimum educational
and testing standard. The state of Nevada requires 30 hours of pre
licensing education to meet all state and national licensing
requirements. The 30 hour requirement is broken into two
sections. The 20 Hour SAFE Act course is designed to meet
and satisfy the national side of the pre licensing
education. The 10 Hour State specific section is designed to
satisfy the state side of the NMLS pre licensing requirement
for Nevada. Students
may elect to take these components separate or in one
sitting but both components are required to meet the
educational requirement of the NMLS relative to Nevada
licensing.
The 20 hour
National Mortgage Licensing course - (The National Side)
Key Realty School offers a 20 hour course
designed to meet the SAFE Act standards and prepare a student for the federal
portion of the National Mortgage Licensing Exam in the process. Due to
the practical nature of the course, Key Realty School recommends all
education designed to meet the NMLS requirement be taken in class and
any additional state specific requirement be completed online.
The 20 hour course is
classroom only. It is designed to provide the most practical
information possible. Students completing the course will satisfy all
NMLS requirements and be prepared for the Federal portion of the NMLS
licensing exam. Students completing this course will obtain practical
mortgage education through LIVE classroom instruction and will obtain
the fundamental skills to successfully practice mortgage lending.
20 Hour National
Mortgage Licensing approved course tuition:
$299
(Course tuition includes all required course
textbooks. Use the link below to enroll in the 20 hour SAFE NMLS course
or scroll down to enroll in the 30 hour state and national combination
pack)
Use
this enrollment button to enroll in the 20 hour SAFE Act
course:
The
10 hour Nevada specific side of the NMLS Nevada licensing
requirement - (The State Side)
Key Realty School offers a
10 hour course
designed to meet the standards of Nevada Law and prepare a student for the
state portion of the National Mortgage Licensing Exam in the process. Due to
the practical nature of the course, Key Realty School recommends all
education designed to meet the NMLS requirement be taken in class.
The 10 hour course is
classroom only. The
official title of the 10 Hour state specific section is: Nevada SAFE:
Mortgage Fraud and Nevada Law. Students completing this section of the
course will be prepared to take the state portion of the National
Mortgage Licensing exam. Students can elect to take this section of the
requirement with the aforementioned 20 Hour SAFE Act course or
independent.
10
Hour Nevada Specific side of the NMLS course tuition: $99 (Course tuition includes all required course
textbooks. Use the link below to enroll in the 10 hour State Specific
NMLS course or scroll down to enroll in the 30 hour state and national
combination pack)
Use
this enrollment button to enroll in the 10 hour state
specific:
Students
can enroll in the 30 hour National and Nevada Specific NMLS
approved course for the tuition of $349
*The
30 Hour Package is designed to meet all NMLS and Nevada
specific pre licensing requirements.
Use
this enrollment button to enroll in the 30 hour state and
national comprehensive Nevada Pre Licensing course:
Online Enrollment
for the 30 Hour Mortgage Lending Course - National NMLS and State
Specific
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National
NMLS
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Nevada
NMLS
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Held
at Key Realty School
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Testing
Scheduled with PSI Testing or the National Mortgage Licensing
System
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February
20th through February 23rd 2012
(Schedule
2)
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February 27th and
February 28th 2012 (Schedule
2)
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April
2nd through April 5th 2012
(Schedule
2)
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April
9th and 10th 2012
(Schedule
2)
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May
21 through May 24 2012
(Schedule
2)
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May 29th and 30th 2012 (Schedule 2)
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June 4 through June 7 2012 (Schedule 2)
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June 11th and 12th 2012 (Schedule 2)
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August 6 through August 9 2012 (Schedule 2)
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August 13th and
14th 2012 (Schedule 2)
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September 24 through September 27 2012 (Schedule 2)
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October
1st and 2nd 2012 (Schedule 2)
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December 3 through December 6 2012 (Schedule
2)
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December 10th and 11th 2012 (Schedule 2)
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Hours
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Schedule
1
9AM to 730PM (1/2 Hour Lunch Break at 1PM) (Sat / Sun)
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*Times
are specific to courses held in Las
Vegas NV
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Students
must attend both morning and afternoon
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See Calendar
for exact dates and times
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Schedule
2
5PM to 10PM (Monday through Thursday)
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*Times
are specific to courses held in Las
Vegas NV
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Students
must attend all sessions
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See Calendar for
exact dates and times
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Click Here to view
the NMLS approved course calendars
The Nevada Mortgage Lending Division has
supplied the following information to aid prospective and existing
licensees in current licensing requirements and the change to the
National Mortgage Licensing System:
"As you were previously
notified, pursuant to the requirements of the Secure and Fair
Enforcement for Mortgage Licensing Act of 2008 (SAFE), Nevada is set to
join the Nationwide Mortgage Licensing System and Registry (NMLS) on
October 1, 2010.SAFE requires all loan originators (agents) to complete
testing which must include both a state and a federal component. Agents
must pass both tests by December 31, 2010 to be compliant with SAFE. SAFE
also requires an agent to complete at least 20 hours of education in
order to register with NMLS.
NMLS will allow the Division to certify that agents
have completed the 20 hour SAFE education requirement if they have met
Nevada’s 30 hour pre-licensing education requirement or have
completed at least 20 hours of continuing education. Individuals who
have met either of these requirements by October 1, 2010, do not need
to take additional education to register with the NMLS.
NMLS will also allow the Division to certify that
agents have completed the state component of the testing requirement if
they pass the test offered by Nevada’s contracted vendor PSI. The
Division strongly suggests that every agent who has not taken and
passed the PSI test do so immediately. The PSI Candidate Information Bulletin located on the Division’s
website contains PSI testing information. The NMLS Nevada law test will
not be offered through NMLS until October 1, 2010, so the PSI test is
the only option available at this time to complete this requirement.
Additionally, PSI assesses a $50 fee, while the NMLS Nevada test, once
developed, will cost $69. More information related to the certification
process may be found on NMLS’s website through the follow link:
http://nmlssafeact.wordpress.com/.
As stated above, agents must take the
federal test offered by NMLS. If an agent fails the test, they must
wait 30 days before retaking the test. If the test is failed 4 times,
an agent must wait 6 months before retaking the test. The current
passage rate for other states has been 65%. NMLS assesses a $92 fee for
the federal test. To ensure agents allow adequate time to complete this
requirement, the Division strongly encourages agents who have not
passed the NMLS federal test, to take the test as soon as possible. To
register for the NMLS federal test, agents must first set up a base
record in NMLS to generate a NMLS unique identifier number. Attached
are detailed instructions on how to create the base record on NMLS, as
well as how to register for the NMLS federal test. Users can call the
NMLS Call Center at (240) 386-4444 if experiencing any difficulties.
There is no fee associated with the creation of a
base record. Nevada agents will not be able to create a full record on
NMLS until after Nevada goes live in October. Once an agent creates
a unique identifier number, it is the responsibility of theassociated company to ensure the
Division is provided with the agent’s NMLS unique ID number so it may be
entered into the Division’s records.
The Division will require the NMLS unique ID
number, as well as agent’s name, as it appears on the NMLS, and
the agent’s Nevada license number, to be sent to the e-mail
address marcc@mld.nv.gov
as soon as it is
created. Failure to provide this information will adversely impact the
Division’s ability to certify that an agent has completed
education and testing. Without the certification, agents will be
required to retake education and testing and delays may impact their
ability to continue to operate after transition onto NMLS.
Please note, if an agent has
completed the 20 hours of SAFE required training to register for
another state, and are now attempting to satisfy the Nevada 30 hour
pre-licensing requirement, the 20 SAFE hours may be applied towards the
30 hour Nevada requirement. However, Nevada requires in-state agents to
complete at least 15 hours of live instruction, so some agents may not
be able to apply all SAFE hours. Agents should discuss with education
providers which subject matters may still be needed to comply with
Nevada requirements. Providers may be found on the Division’s
website under the Education link.
Click here to view the transition
summary page in addition to the matrix supplied below for information
about Nevada's transition to NMLS
F FREQUENTLY ASKED
QUESTIONS:
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Nevada Requirements
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Compliance With The SAFE Act
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I completed 30
hours of pre-licensing education, but I did not pass the PSI test. What
do I need to do in order to comply with the SAFE Act?
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Either (1) pass the
PSI test before October 1, 2010, and pass the federal law portion of
the NMLS test; or (2) pass both components (state law and federal
law) of the NMLS test.
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I passed the PSI
test, but I did not complete pre-licensing education. What do I need
to do in order to comply with the SAFE Act?
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(1) Pass the
federal law portion of the NMLS test; and (2) complete 20 hours of
NMLS-approved pre-licensing education.
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I completed 30 hours of pre-licensing education and I passed
the PSI test. What do I need to do in order to comply with the SAFE
Act?
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Pass the federal
law portion of the NMLS test. You may be eligible to have your
pre-licensing education certified by the Division.
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I did not complete
pre-licensing education and I did not pass the PSI or NMLS federal
test. What do I need to do in order to comply with the SAFE Act?
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(1) pass the PSI
test before October 1, 2010, and pass the federal law portion of the
NMLS test; or (2) pass both components of the NMLS test, state &
federal law (NMLS state test will be available on 10-1-10, federal is
available now). You may be eligible to have your pre-licensing
education certified by the Division if you have completed 20 hours of
continuing education in 2 consecutive years.
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How do I register
for the required NMLS Federal test?
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See the instruction
in the NMLS icon link on the Division’s website on how to
create a base record in NMLS and register for the Federal test. If
failed, an agent must wait 30 days to retake the test.
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How can I meet the
SAFE 20 hour pre-licensing education requirement?
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1.
For new agents, complete
Nevada’s required 30 hour of pre-licensing education;
2.
For persons licensed more than
two years, complete 10 hours of continuing education for two separate
year’s renewal of either a mortgage agent or mortgage broker
license renewal. (Example, 10 hours for 2009 and 10 hours for 2010);
or
3.
For persons licensed less than
two years, complete 10 hours of continuing education for the renewal
of either a mortgage agent or mortgage broker license for one year,
and take an additional 10 hours of education and submit to the
Division (NMLS approved courses taken for another state may be used.)
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How do I meet the
state test requirement?
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1.
Successfully pass the test
currently offered by PSI, which costs $50 and may be retaken
immediately if failed. (See the agent candidate bulletin on the
Division’s website for information on the test); or
2.
Wait for the development of the
NMLS Nevada state test, which will be available on October 1,
2010. This test will cost $69 and if failed the agent must wait
30 days to retake the test.
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I took 20 hours of
SAFE education for another state. Can I use these hours toward
the Nevada 30 hour pre-licensing education requirement?
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If an agent has
completed the 20 hours of SAFE required training to register for
another state, and are now attempting to satisfy the Nevada 30 hour
pre-licensing requirement, the 20 SAFE hours may be applied towards
the 30 hour Nevada requirement. The certificate should list the
subject matters and correlating hours of study. However, Nevada
requires in-state agents to complete at least 15 hours of live
instruction, so some agents may not be able to apply all SAFE hours.
Agents should discuss with education providers which subject matters
may still be needed to comply with Nevada requirements. Providers may
be found on the Division’s website under the Education link.
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I was grandfathered
from testing and education requirement because of my licensing date.
Am I exempted from any of the requirements?
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No. Even though former
Nevada law allowed grandfathering from some or all pre-licensing and
testing requirements, there are no
grandfathering provisions in the SAFE Act, and all
mortgage agents, without regard to how long they
have been licensed or conducted mortgage activity, must complete the
education requirement and pass both the state and federal test
components.
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I passed the NMLS
federal test for registration for another state. Do I need to
retake the test for Nevada?
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No. Passage of the
NMLS federal test can be used for all states in which an agent is
licensed.
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I took a state test
for another state in which I’m licensed. Do I need to
also take the Nevada test to be licensed in Nevada?
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Yes. An agent must pass
a separate state test for each state in which he is licensed.
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When do I need to
complete all of the requirements?
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Loan originators
must complete these requirements no later than December 31,
2010. However, the Division strongly encourages persons to
complete any needed education, take the PSI state test and sign up
for the NMLS federal test as soon as possible.”
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Important
Links for prospective licensees:
Nevada
Mortgage Lending Division Licensing Application
NMLS
Resource Center and Information
Click here to review additional information about
Nevada's transition to the National Mortgage Licensing System
These links are designed to assist students who need to complete
a specific task prior to the October 1 or December 31 2010 deadlines:
Federal
NMLS Testing - The national test
consists of 90 graded multiple choice questions. The test must be
completed within 150 minutes and the student must pass the exam with a
75% or greater score.
TEST CENTERS IN NEVADA
Las
Vegas
Prometric Testing Center
6625 S. Valley View Boulevard Suite 414
Las Vegas, NV 89118
702-889-4132
http://www.prometric.com/NMLS/default.htm
Pearson Professional Centers
101 Convention Center Drive Suite 330
Las Vegas, NV 89109
702-435-5883
http://www.pearsonvue.com/NMLS/
Or
Renaissance III
3230 E. Flamingo Rd., Ste. #1
Las Vegas, NV 89121
702-435-5883
http://www.pearsonvue.com/NMLS/
Reno
Prometric Testing Center
2295 S. Virginia Street Suite 16
Reno, NV 89502
775-284-8752
http://www.prometric.com/NMLS/default.htm
Pearson Professional Centers
5250 South Virginia St Suite 301
Reno, NV 89502
775-825-6611
http://www.pearsonvue.com/NMLS/
Testing and NMLS Background Check Fees:
Fingerprint & Background check $39.00
Credit Report $15.00
NMLS National Exam $92.00
NMLS State Exam $69.00 *Aforementioned
fees are subject to change. Applicants are
encouraged to visit the NMLS website for up to date
fees.
Please visit the National Mortgage
Licensing System website for additional details and up to date
information:
http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
Questions:
Contact Key Realty School
800 472 3893
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