Washington, D.C. – (RealEstateRama) — The Conference of State Bank Supervisors (CSBS) announced today that the West Virginia Division of Financial Institutions 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 58.
The test combines both the national and state testing requirements of the SAFE Act. Previously, West Virginia 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.
Commissioner Dawn E. Holstein said, “The West Virginia Division of Financial Institutions is committed to commonsense regulation of the financial services industry and protecting West Virginians from financial crime. Professionals can become licensed as loan originators efficiently and affordably through this new streamlined process. We are pleased to offer this path to licensure in West Virginia.”
Louisiana Commissioner and State Regulatory Registry Chair John Ducrest said, “West Virginia’s adoption of the Uniform Standard Test is yet another critical step toward a single national testing standard for mortgage loan originators. State agencies that have adopted the test have witnessed a significant increase in mortgage license applications. This reflects the efficiency the uniform test brings to the licensing process and the expanded opportunity for conducting multi-state business.”
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.
The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.