Friday, November 6, 2009

Kansas becomes part of NMLS Mortgage Broker Licensing


Kansas adopted rules amending the Mortgage Business Act. Under the rules, mortgage loan originators are required to complete 20 hours of education and pass a written test prior to licensure. The rules also amend surety bond requirements, increase licensing fees for branch offices and establish additional record retention requirements for mortgage companies.

Kansas also adopted rules amending the Uniform Consumer Credit Code. Under the rules, mortgage loan originators are required to complete 20 hours of education and pass a written test prior to licensure. The rules also require mortgage loan originators to annually complete at least 8 hours of continuing education. In addition, the rules amend surety bond requirements and establish additional record retention requirements for supervised lenders.

The rules become effective October 2, 2009; however loan originators are not required to take a written test prior to licensure until on or after July 31, 2010.