Las Vegas, NV -
November 01, 2013
The Nevada Mortgage Lending
Division is announcing plans to adopt the new SAFE MLO National Test Component
with Uniform State Content effective January 1, 2014.
The SAFE MLO National Test with
Uniform State Content creates a single test that can meet both the national and
state testing requirements of the SAFE Act of 2008. In Nevada, mortgage
loan originators (MLOs) seeking licensure with the Division after January 1 will
no longer be required to take a second, state-specific test
component. Candidates testing prior to January 1 will be required to pass
the state-specific test component.
The new test replaces
the state-specific test components for the states that adopt it. Therefore, by passing the National Test with Uniform State Content or the
Stand-alone UST, a candidate can satisfy the testing requirements for licensure
in those adopting states, and any states that adopt in the future.
“The adoption of the new SAFE MLO
test makes the license process much more efficient for MLOs seeking a license
in Nevada,” said Jim Westrin, commissioner of the Nevada Division of Mortgage
Lending. “This is just one more way the
Division is seeking to streamline supervisory oversight of Nevada’s mortgage
service providers while ensuring that they meet standards required by federal
and state mortgage laws.”
As of October 1, 35 states have
adopted the Uniform State Test (UST) with Nevada and New Mexico adopting the
test in January. The remaining states may elect to adopt the UST at a future
date, but are not required to do so.
More information on the new National
SAFE MLO Test with a uniform state component is available on the NMLS Resource
Center website: http://mortgage.nationwidelicensingsystem.org
About the
Mortgage Lending Division
The Division is authorized to enforce the
statutes and regulations pertaining to Mortgage Bankers, Mortgage Brokers,
Mortgage Agents, Escrow Agencies, Escrow Agents and Loan Modification
Consultants, Foreclosure Consultants and other persons who provide similar
services. The mission of the Division of
Mortgage Lending (MLD) is to promote professionalism, education and ethics in
the mortgage lending, escrow, loan modification and foreclosure consultant
industries through fair regulation and coordination with industry and consumer
groups in addition to providing consumers with a fair and balanced complaint
resolution process.