NAMB PERSPECTIVE Do You Want to Take the National Test Again? By Rocke Andrews, CMC, CRMS That is a possibility if you want to get licensed in a different state. Beginning April 1, 2013, the NMLS adopted a uniform state test portion to the national loan officer licensing exam. As of Dec. 15, 35 states had adopted it, with Nevada and New Mexico coming on Jan. 1, 2014. What this means is if you want to get licensed in these states going forward, you must take the national exam with the Uniform State
Test (UST) component. For a short period, until March 31, 2014, existing licensees may take a 25question test and if the score added to your previous national exam score is 75 percent, you will have been deemed to have met the testing requirement for licensing in these 37 states. After March 31, 2014, if you want to get licensed in any of these states, you must take the entire 125-question national exam and pass with a score of 75 percent or better. So, if there is a possibility you may ever want or need to be licensed in another state, it makes sense to take the
UST Standalone Exam. It is basically a mini insurance policy costing $33. The exam is given at the same testing sites and you register on the NMLS Web site just as you did before. Information is available on www.NMLS.org in the resource center. Click on “UST Info” at the top of the popular links on the right-hand side. There is a map of the states adopting the UST, there is information on registering for the exam, and guidance on the content tested for on the test. The material is primarily questions on licensing and the SAFE Act. The test is not that difficult, but requires brushing up on the material before going in. There are several prep classes out there, including on the mortgageeducators.com site for $59. Now, once you pass the UST standalone exam, it takes a few days for the
NMLS to process your combined score and send you a confirmation e-mail. Once this is done, then you must click on licensing requirements for whichever state you want to get licensed in. You must still apply to each state and send in the forms and required fees to make sure you meet all the other requirements for licensing in that state. But, the good news is you will have met the testing requirement for the majority of states and do not have to take that dreaded 125-question national exam again. Rocke Andrews, CMC, CRMS of Lending Arizona LLC in Tucson, Ariz. is vice president of NAMB—The Association of Mortgage Professionals and NAMB Education Committee Chair. He may be reached by phone at (520) 886-7283 or email randrews@lendingarizona.net.
2014 NAMB Legislative & Regulatory Conference Sunday-Tuesday, March 2-4 Hilton Garden Inn Capitol • 1225 First Street NE • Washington, D.C. The 2014 NAMB Legislative & Regulatory Conference will be held Saturday-Tuesday, March 2-4 in Washington, D.C. This is a “must-attend” event for all mortgage professionals. Last year, more than 10,000 real estate agents attended NAR’s Lobby Day. This year, NAMB would love to get 1,000 mortgage professionals to D.C. to help NAMB lobby on Capitol Hill. Join NAMB as the association rallies to fight for consumers, small business and mortgage professionals everywhere.
Program of events
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(Subject to change) Main sponsor is Provident again! 11:00 a.m.-1:00 p.m.....NAMB Board of Directors Meeting
8:30 a.m.-8:45 a.m. ....Opening Remarks The day begins with opening remarks from Donald J. Frommeyer, CRMS, NAMB President and Herman Churchwell of Provident Funding.
Noon-6:00 p.m. ..........Registration
2:00 p.m. ..................Compliance Symposium: Policies and Procedures The “Policies and Procedures” portion of the Compliance Symposium will address what policies are required for your office; the challenges of implementation; regular reviews and updates; and wrap up with a question and answer session. 3:15 p.m. ..................Compliance Symposium: Regulator’s Examination The “Regulator’s Examination” section of the Compliance Symposium will address compliance examinations, their scope and purpose; how to prepare for a visit from your regulator; and wrap up with a question and answer session.
10:30 a.m.-11:45 a.m. NAMB’s QM Policy Discussion Topics covered will include lender-paid broker company compensation strategy, FHA and GSE issues. Noon-1:00 p.m. ..........Break for Lunch 1:30 p.m.-2:30 p.m.......Keynote Address: Richard Cordray, Director of the Consumer Financial Protection Bureau (Invited) 2:45 p.m.-3:45 p.m. ....2014: The Comeback Year for Mortgage Brokers Special session presented by Raj Date of Fenway Summer 4:00 p.m.-5:00 p.m. ....Advocacy Day Preparation 6:30 p.m.-8:00 p.m. ....PAC Fundraising Reception
4:30 p.m. ..................Compliance Symposium: Making Compliance Part of Your Business Model This portion of the Compliance Symposium will address: Managing the daily compliance needs of your office; on-site or off-site compliance; third-party compliance services; and conclude with a question and answer session. 6:00 p.m.-7:30 p.m. ....NAMB Delegate Council Meeting
Monday, March 3
Tuesday March 4 7:00 a.m.-9:00 a.m. ....Lobby Day Registration 9:30 a.m.-5:30 p.m. ....Lobby Day Visits to Capitol Hill 6:00 p.m. ..................Open Discussion on Your Visits Meet with the NAMB Board in the Hotel reception area and review your visits with your legislators.
7:00 a.m.-6:00 p.m. ....Registration 7:30 a.m.-8:30 a.m. ....Breakfast
For more information on the 2014 NAMB Legislative & Regulatory Conference, call (972) 758-1151, e-mail membership@namb.org or visit www.namb.org.
n California Mortgage Professional Magazine n JANUARY 2014
2:00 p.m.-5:45 p.m. ....Compliance Symposium Presented by Jonathan Foxx, Managing Director of Lenders Compliance Group; Alan Cicchetti, Director of Brokers Compliance Group; Michael Barone, Director of Lenders Compliance Group; and Joyce Pollison, Director of Lenders Compliance Group
8:45 a.m.-10:15 a.m. ..The Industry Gets Its QM On: MBA, NAR and NAHB Panel Discussion
NationalMortgageProfessional.com
Sunday March 2