The West Virginia Division of Financial Institutions signed on to use the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content.
With the addition of the West Virginia Division of Financial Institutions, there are now 58 state agencies that use the test, according to the Conference of State Bank Supervisors (CSBS).
The test combines both the national and state testing requirements of the SAFE Mortgage Licensing Act of 2008. The SAFE Act requires all MLOs to be registered or state-licensed through the Nationwide Multistate Licensing System and Registry (NMLS).
Before signing on to use the MLO test, West Virginia licensees had to take two tests — a national and a state test. Now, 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.
“The West Virginia Division of Financial Institutions is committed to commonsense regulation of the financial services industry and protecting West Virginians from financial crime. Professionals can become licensed as loan originators efficiently and affordably through this new streamlined process. We are pleased to offer this path to licensure in West Virginia,” Commissioner Dawn Holstein said.
Louisiana Commissioner and State Regulatory Registry Chair John Ducrest said West Virginia’s adoption is another critical step toward a single national testing standard for mortgage loan originators.
“State agencies that have adopted the test have witnessed a significant increase in mortgage license applications. This reflects the efficiency the uniform test brings to the licensing process and the expanded opportunity for conducting multi-state business,” Ducrest said.