Minnesota Begins Using the Uniform Mortgage Test

Minnesota Begins Using the Uniform Mortgage Test

Washington, D.C. – (RealEstateRama) — The Conference of State Bank Supervisors (CSBS) announced that the Minnesota Department of Commerce began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content starting today, bringing the total number of state agencies that use the test to 59.

CSBS

The test combines both the national and state testing requirements of the SAFE Act. Previously, Minnesota licensees had to take two tests: one national and one state. The new test replaces the separate, state-specific tests. A license applicant who passes the National SAFE MLO Test with Uniform State Content will not need to take any additional state-specific tests to hold a license within participating states.

Minnesota Commerce Commissioner Jessica Looman said, “The Minnesota Department of Commerce is committed to ensuring a strong, competitive and fair licensing program for the financial services industry. Under the uniform test, Minnesota professionals can become licensed as loan originators efficiently and affordably, obtaining licenses nationwide by taking a single exam.”

The SAFE Mortgage Licensing Act of 2008 requires all MLOs to be registered or state-licensed through the Nationwide Multistate Licensing System and Registry (NMLS).

More information on the National SAFE MLO test with Uniform State Content is available here.

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CSBS

The Conference of State Bank Supervisors (CSBS) is the nationwide organization for state banking, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands, and approximately 6,200 state-chartered financial institutions.

The Conference is responsible for defending state authority to determine banking structure and the products and services state-chartered institutions can offer and for improving the quality of state bank supervision by providing department performance evaluation and accreditation programs and supervisory education/training programs for state banking department personnel.
 
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Phone: 202.296.2840
Fax: 202.296.1928

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