 This was a tremendously informative presentation by the SML Commissioner, Doug Foster. He presented such facts that we will have to take TWO license tests within the next year, those of us licensed prior to the examination. This was startling news for everyone present. There is a state exam to take and a federal exam to pass. In addition the fees to become a mortgage broker are increasing 60% and will cost $300 per year. The registration process was explained and the requirements include fingerprinting and background check and there is a federal fee each year to maintain your license. You must learn to navigate the website and update your information each year. The continuing education requirement has changed to eight hours (8) per calendar year and the courses have to be federally approved.
Additionally facts were explained regarding how many states have adopted this federal program and how many licensees are on the system currently. Suffice it to say, with the shrinkage of mortgage professionals in the industry their numbers are 50% lower than expected.
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