Arizona Using Uniform Mortgage Test; 47 State Agencies Now Using the Test

WASHINGTON, D.C. – July 29, 2015 – (RealEstateRama) — The Conference of State Bank Supervisors (CSBS) announced today that the Arizona Department of Financial Institutions (the Department) began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content on July 15, bringing the total number of state agencies that use the test to 47.

The Department regulates non-bank mortgage lending in Arizona, and is responsible for licensing individual MLOs employed by lenders and mortgage brokers who take loan applications or negotiate terms of residential mortgage loans with prospective homeowners.

Twenty state agencies initially adopted the National SAFE MLO test in April 2013. An additional 26 state agencies adopted the test between July 2013 and January 2015.

The test, which was first made available on April 1, 2013, combines both the national and state testing requirements of the SAFE Act and streamlines the license application process for MLOs seeking licenses in multiple states. For these adopting states, 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.

Since its release on April 1, 2013, more than 58,000 MLOs have taken the National SAFE MLO test with Uniform State Content.

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

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Media Contacts:
Catherine Woody, Vice President of Media and Industry Relations, cwoody (at) csbs (dot) org or 202.728.5733
Rockhelle Johnson, Senior Manager, Communications, rjohnson (at) csbs (dot) org or 202.407.7156
Matt Longacre, Manager, Communications, mlongacre (at) csbs (dot) org or 202.803.8091

The Conference of State Bank Supervisors (CSBS) is the nationwide organization of banking regulators from all 50 states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. State banking regulators supervise approximately 5,000 state‐chartered financial institutions. Further, most state banking departments also regulate a variety of non-bank financial services providers, including mortgage lenders. For more than a century, CSBS has given state supervisors a national forum to coordinate supervision of their regulated entities and to develop regulatory policy. CSBS also provides training to state banking and financial regulators and represents its members before Congress and the federal financial regulatory agencies.

The Nationwide Mortgage Licensing System & Registry is owned and operated by State Regulatory Registry LLC. CSBS in cooperation with the American Association of Residential Mortgage Regulators (AARMR) established the State Regulatory Registry LLC (SRR) on September 29, 2006. A limited-liability company, SRR is to develop and operate nationwide systems for state regulators in the financial services industry. Such systems are intended to enhance state’s ability to protect consumers; improve supervision and enforcement of licensed entities; and streamline licensing and other processes for state agencies and the industry through the use of modern technology and centralizing redundant state agency operations.

NMLS is a web-based system that allows state-licensed mortgage lenders, mortgage brokers, and loan officers to apply for, amend, update or renew a license online for all states using a single set of uniform applications. NMLS began operation on January 2, 2008. Further, passage of the SAFE Mortgage Licensing Act of 2008 requires all mortgage loan originators (MLOs) to be registered or state-licensed through NMLS. MLOs employed by insured depository institutions and subsidiaries are to be registered, and all other MLOs are to be licensed by state mortgage regulators. Federal depository regulators have indicated that MLOs could begin registering on NMLS in January 2011.

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