Wisconsin Originators


	Training Mortgage Professionals


	Information for Wisconsin Loan Originators

Wisconsin Originators must be in compliance with the requirements of the SAFE Act by December 31, 2010.

Wisconsin is in the process of changing from a registration system to a licensing system to be in compliance with the SAFE Act. We are going to part of the NMLS – National Mortgage Licensing System.

SCENERIO NUMBER 1

Attended at least 20 hours of Wisconsin approved Continuing Education classes between July 1, 2005 and June 30, 2010
TESTS THAT ARE REQUIRED

National test is required
State test is required UNLESS you got your license after July 1, 2005 or passed a test out exam versus attending a Continuing Education class.

EDUCATION THAT IS REQUIRED

You do not need any additional hours, but you do need to pass the National Test. The Prep course will assist you in passing the National Exam.
You do need to attend 8 hours of Wisconsin Approved Continuing Education no later than 12/31/2010. The Prep course will meet this requirement for you. Prep for the test and get your CE done all with one class!
If you have a license that expires in 2010, you will need to have 16 hours of Wisconsin approved education to renew your license.

SCENERIO NUMBER 2

Attended 1 Continuing Education class between July 1, 2005 and June 30, 2010

TESTS THAT ARE REQUIRED

National test is required
State test is required UNLESS you got your license after July 1, 2005 or passed a test out exam versus attending a Continuing Education class.

EDUCATION THAT IS REQUIRED

You need to attend at least 4 hours of Wisconsin Approved Continuing Education no later than June 30, 2010.
If you do not do this, you will have to attend 20 hours of NMLS approved education, the 16 hours your previously did will not count at all.
You also will have to take the State Test by 12/31/2010
If you have a license that expires in 2010, you will need to have 16 hours of Wisconsin approved education to renew your license.

SCENERIO NUMBER 3
Did a test out versus attending Continuing Education classes
TESTS THAT ARE REQUIRED

National test is required
State test is not required

EDUCATION THAT IS REQUIRED

You need to attend 20 hours of NMLS approved education, prior to 12/31/2010.

SCENERIO NUMBER 4

Licensed on or after February 2008 or

Licensed now as a Loan Solicitor

TESTS THAT ARE REQUIRED

National test is required
State test is required between 8/16/2010 and 12/31/2010

EDUCATION THAT IS REQUIRED

You need to attend 20 hours of NMLS approved education, prior to 12/31/2010.

NEW MORTGAGE LOAN OFFICERS
New Mortgage Loan Originators must complete a 20 hour NMLS approved class and pass the National test. They will be issued a conditional license once this is accomplished. From August 16, 2010 to December 31, 2010 new MLO's will have to pass the State test.

Once the State of Wiconsin is ready all Mortgage Loan Officers must provide fingerprints for the purpose of a background check. MLO's will also have to provide their social security number for a credit check.

Confusing?? You bet. Give me a call with any questions.

Go to www.MortgageTrainingToday.com for the class schedule.