Texas Loan Officer School Receives NMLSR Accreditation

Hosuton, TX, September 25, 2009 --(PR.com)-- Champions School of Real Estate is pleased to announce their receipt of accreditation from the Nationwide Mortgage Licensing System & Registry (NMLSR) and is preparing to offer the new mandatory national requirements established by the S.A.F.E. Act to become a Loan Originator.

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) has created national education standards for mortgage loan officers. Under the new rules all states and all loan officers will be part of a mandatory registration system to be established during the coming year.

“If a person is considering a career in the loan officer/mortgage broker field, now is the time to complete their education and state exam. Under the new requirements, those who currently hold an active loan officer/mortgage broker license are exempt from taking the state portion of the new exam and will only need to take the national portion,” stated Rita Santamaria, owner and president of Champions School of Real Estate.

All individuals who are paid for taking a residential loan application or negotiating home loan rates and terms will now have to be registered as loan originators with Nationwide Mortgage Licensing System & Registry (NMLSR).

• Every loan originator will have a “unique identifier” number, which will stay with you even if you move to another state
• Minimum 20-hours education requirement including 3-hours of federal mortgage laws and regulations, 3 hours of ethics and 2-hours of lending standards for the nontraditional mortgage product
• Pre-license exam consists of state and national portions. 100-question exam, administered through Pearson Vue. Currently licensed loan officers are exempt from the state portion only.
• There are no exemptions to the educational and exam requirement; no single person is grandfathered; mortgage bankers are not exempt and attorneys must be licensed as well. (FDIC Banks compliance has yet to be determined)
• Implementation begins April 2010. All mortgage loan originators will be on the Nationwide Mortgage Licensing System & Registry (NMLS) by January 1, 2011.

“If a person is considering a career in the loan officer/mortgage broker field, now is the time to complete their education and state exam. Under the new requirements, those who currently hold an active loan officer/mortgage broker license are exempt from taking the state portion of the new exam and will only need to take the national portion,” stated Rita Santamaria, owner and president of Champions School of Real Estate.

For additional information regarding the implementation of the S.A.F.E. Act and the transition to the Nationwide Mortgage Licensing System and Registry (NMLS) please visit http://www.sml.state.tx.us/tdsml_publications.html#presentations_SAFE_NMSLR

About ChampionsSchool.com:

Champions School of Real Estate® is owned by Rita Santamaria and has been providing the highest quality education for Texas Loan officer and mortgage brokers since 1983 with online courses and campuses in Dallas, Forth Worth, Houston, San Antonio and now Austin. Champions also provides Real Estate, Inspector and Appraiser Licensing and Continuing Education courses.

Champions School of Real Estate's® education courses are supported by quality instructors, award winning curriculum and a customer focused staff whose mission is to ensure you achieve and maintain success in your real estate career. As stated by the Owner and President, Rita Santamaria "Champions School of Real Estate® has a two-fold goal of helping students successfully pass the state exam and helping them have a jump start beginning in their new real estate career." "You can do it, We can help" has been the motto for Champions School of Real Estate® for over 25 years.

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