We’ve known since February that the Nationwide Mortgage Licensing System is working on a “Uniform State Test” (UST) which will allow mortgage loan originators to take one exam to make them eligible for licensure in multiple states (in conjunction with additional state-specific education requirements). We’re hearing through the digital equivalent of a grapevine that they’re getting close to formally announcing the roll-out date.
When it’s made available, any loan originator who passes the UST will be eligible for licensure in any state that subscribes to the UST methodology. Since the NMLS is planning on charging a fee to states that DON’T adopt the UST, we’re fairly sure that a good number of the financially-challenged states (which are some of the most populous) will sign-on.
Don’t go jumping for joy, though. Rather than being made available as a stand-alone exam, the UST would be incorporated into the existing National Component of the SAFE MLO Test. Loan originators who want to be licensed in additional states and thought their federal SAFE exam days were over may be mistaken.
We’ll be sure to provide more details as they become available.
Have a great weekend and happy originating!