Efforts by Louisiana Office of Financial Institutions and
regulators to reduce the amount of time for transition from a registered
mortgage loan originator to a licensed mortgage loan originator.
Louisiana Office of Financial
Institutions adopted the Uniform state test.
To date 21 states have adopted the Uniform
state component addition to the national loan originator licensing
Nine additional state regulators have
committed to adopt the test by year end 2013.
The uniform state tests
provides one state component test with content based upon general
knowledge, minimum licensing standards,
and practices from the SAFE Act which are common to
This single test meets the prelicensing
testing requirement for all states which have adopted it.
For example a registered loan officers seeking
licensing in multiple states would meet the testing requirements of
all adopting states with passing a single test.
Before the uniform state test adoption, they
would have been required to take a separate test for each state
jurisdiction in which they desired to become licensed.
OFI staff with other
regulators from around the country supported the sequestration of
Testing and Education records of registered loan officers.
This was implemented by the NMLS in 2012.
Individuals that wish to obtain a license can
complete education and testing requirements prior to leaving
employment with a depository institution without their employing
financial institution being notified.
The financial institution may be made aware
that you are seeking a license at the time you submit your
application if you are still registered with them.
Louisiana is also one of 24
states which allow a loan originator applicant to obtain a mortgage
loan originator license before becoming employed by a sponsoring
mortgage broker or lender (known as a de novo-inactive license.)