Mortgage loan originators and principal managers in Indiana must pass exam by July 1 or risk losing license; only 41 percent have passed to date

(Indianapolis) – Indiana Secretary of State Todd Rokita is alerting Hoosier mortgage professionals of an impending deadline requiring all mortgage loan originators and principal managers to pass the National Component SAFE Test by July 1, 2010.

“It is critical that all mortgage professionals in the state be aware of the July 1 deadline,” said Secretary Rokita. “My office is reaching out to all mortgage loan originators and principal managers to let them know they must take action in order to maintain their license.”

By July 1, 2010, all mortgage loan originators and principal managers must pass the National Component SAFE Test. The test is mandatory based on the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The SAFE Act does not allow for any waiver of the test. There is a 30 day waiting period after each unsuccessful attempt at taking the test.

Secretary Rokita’s Indiana Securities Division began sending communications to licensed mortgage loan originators and principal managers in February to alert them of the upcoming deadline. Indiana has 1,086 licensed mortgage loan originators and principal managers. As of May 18, 2010, only 41 percent have passed the SAFE Test.

If a mortgage loan originator or principal manager fails to pass the SAFE Test by July 1, his or her license will be revoked. In accordance with Indiana law, if a license is revoked the Indiana Securities Commissioner must deny all future license applications by that individual.

Mortgage loan originators and principal managers also have the option of surrendering their licenses with the Securities Division prior to July 1, 2010, in order to avoid revocation of the license for failure to pass the exam.

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