Stay Licensed With a Mortgage Loan Originator Course From Austin Institute

Date Added: March 31, 2010 02:22:02 AM

On June 19th, 2009, the Texas House enacted a law to bring the mortgage licensing laws of Texas in line with the federal Secure and Fair Enforcement for Mortgage Lending Act of 2008 (SAFE). To comply with the new law, all individuals acting as residential mortgage originators must adhere to the following steps. First, they must do a MU4 filing with the Department of Savings and Mortgage Lending (“Texas SML”). Next, for individuals acting as a residential mortgage loan originator, they must have filed or file a Form MU42 through NMLS with the Texas SML. The filing dates differ depending on the type of license required. You can check our web site at http://www.austininstitute.com/mortgage-safe-education for reference. The SAFE act also requires certain national standards for all mortgage licensing laws. Because of this act, all mortgage loan originators in Texas are required to pass the SAFE Mortgage Loan Originator Test. The test is made up of two components: a National Component and a State Component. Mortgage Loan Originators must pass each component with a score of 75 percent or higher. In addition to individuals seeking a license for the first time, the National Component must also be completed for loan originators who were licensed by Texas SML on or before July 31, 2009, prior to the renewal of their license through the National Mortgage Licensing System (NMLS) for calendar year 2011. The Texas Savings and Mortgage Lending (SML) State Component has not yet released yet, though it is expected to be available mid-May 2010. Until that time, the current Texas SML Pre-licensing Mortgage Broker/Loan Officer Examination, offer will be acceptable for filling the requirement. In addition to the passing the tests, residential mortgage loan originators must complete a minimum of 20 hours of pre-licensure education. The Austin Institute of Real Estate offers online courses as well as a cram course that meet SAFE requirements. The NMLS-approved instructor-led courses are flexible and convenient, allowing you to move easily through the lessons, activities, and practice exams. Instructors are approachable and interaction is encouraged between students. Each course has a specific start and end date, and your instructor will make sure you are on track to complete the course, though since there are no scheduled activities, you can participate when it is convenient for you. In addition to mortgage loan originator classes, the Austin Institute of Real Estate provides online real estate classes, EcoBroker training, and live real estate classes for credit towards a Texas real estate license. Not just a licensing school, AIRE is home to the 3 Step Success System which teaches professional business, marketing and investing education to people of all experience levels in real estate. AIRE also provides MCE and Salesperson Annual Education renewal courses as well as the education required for real estate brokers. You can be on your way to becoming an Austin real estate loan officer in one easy step. Register for a course online or call the Austin Institute of Real Estate toll free at (800) 487-1757. Brian Reed. Austin real estate loan officer If you are interested in becoming a Austin real estate loan officer, consider the Austin Institute of Real Estate for your high-quality education.

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