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MEMORANDUM

ALL LICENSED MORTGAGE LOAN ORIGINATORS AND APPLICANTS

 

DATE:            January 22, 2010

SUBJECT:   Mortgage Loan Originator Testing Requirements under SAFE

 

On June 23, 2009, Governor Bredesen signed into law Public Chapter 499 amending the Tennessee Residential Lending, Brokerage and Servicing Act (“Act”). The amendments to the Act incorporate the requirements under the Secure & Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE.”). One such requirement is that mortgage loan originators comply with national testing standards. All individuals acting as mortgage loan originators must pass the SAFE Mortgage Loan Originator Test, which is comprised of two components: a National Component and a State Component.

The National Test Component is currently available to be taken, and the Tennessee State Component will open for enrollment and scheduling on January 22nd with the first appointments beginning on February 22nd.

The Tennessee State Component Test is based upon pertinent Tennessee laws which may be accessed at the following links:

Tenn. Code Ann. Title 45, Chapter 5

Tenn. Code Ann. Title 45, Chapter 13

Tenn. Code Ann. Title 45, Chapter 20

Tenn. Code Ann. Title 47, Chapter 14

Tenn. Code Ann. Title 47, Chapter 15

Tenn. Code Ann. Title 47, Chapter 30

For SAFE Mortgage Loan Originator Test enrollment and scheduling, please go to the Testing Page of the NMLS Resource Center web site for additional information: http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/default.aspx

We encourage all candidates to download the MLO Testing Handbook at http://mortgage.nationwidelicensingsystem.org/profreq/testing/Documents/MLO%20Handbook.pdf

Reminder: Pursuant to TCA § 45-13-308, failure to complete either or both the required twenty (20) hours of NMLS approved pre-licensing education and the national and state test components by July 30, 2010 will cause the license to expire.  No new license will be issued after July 30, 2010 until these requirements are met. 

If you have any questions regarding the Tennessee Specific Test, e-mail askmortgage.licensing@tn.gov.