State outlines new mortgage loan officer licensing system

The New York State banking department has released details of the
mortgage loan officer licensing process is beginning, as stipulated by
a state law passed last year. The system, which will require candidates
to attend 18 hours of classes, is expected to process about 40,000
license applicants within the next two years. Licensees will have their
names put on the National Mortgage Licensing Systems, along with the
names of licensed mortgage loan officers in 40 other participating
states. Applications from current loan officers are expected to be
approved or rejected by January 2010.