Arizona joins states using Uniform Mortgage Test
The Conference of State Bank Supervisors (CSBS) has announced that the Arizona Department of Financial Institutions (the Department) began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content on July 15, bringing the total number of state agencies that use the test to 47.
The Department regulates non-bank mortgage lending in Arizona, and is responsible for licensing individual MLOs employed by lenders and mortgage brokers who take loan applications or negotiate terms of residential mortgage loans with prospective homeowners.
Twenty state agencies initially adopted the National SAFE MLO test in April 2013. An additional 26 state agencies adopted the test between July 2013 and January 2015.
The test, which was first made available on April 1, 2013, combines both the national and state testing requirements of the SAFE Act and streamlines the license application process for MLOs seeking licenses in multiple states. For these adopting states, the new test replaces the separate, state-specific tests. 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.
Since its release on April 1, 2013, more than 58,000 MLOs have taken the National SAFE MLO test with Uniform State Content.