The deadline is quickly approaching for many to be able to opt out of their testing and education requirements. Some states have struck a deal with the NMLS that enables many of their licensees to opt out of testing and education requirements. While many state requirement deadlines and requirements are different, the process is relatively similar across the nation.
If you are eligible for exemption from any testing & educational requirements, you must transition all of your information to the NMLS system and submit an MU-4 Form. After transitioning over, you must certify that you meet the requirements (basically an excuse for NMLS to charge you a frivolous charge). If the state(s) that you are registered in concur that you are eligible for the exemption, you will be able to register as a mortgage licensee.
The problem is that the window is rapidly closing. NMLS has, in it's infinite wisdom, set up several dates that make meeting the requirements for opting out very difficult. If, for example in the State of Utah, you do not transition over to the NMLS system by the end of May, you are no longer eligible for certifying. It goes without saying that this date has been changed several times and many licensees across the nation are very confused. Please do not miss out on this opportunity. Please contact Praedo Institute or your local state government to determine whether or not you are eligible for the exemption.
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