The Conference of State Bank Supervisors (CSBS) on Aug. 8 announced that all states and U.S. territories will now use a single, common examination to assess mortgage loan originators (MLOs), streamlining the licensing process for MLOs and supervision of the mortgage industry.
The Uniform State Test is one of several initiatives, collectively known as Vision 2020, that state regulators have devised to improve the state licensing process for all nonbank financial services.
Previously, a mortgage license candidate would need to take multiple tests – a national exam an exam for each state license. A license applicant who passes the national test will not need to take any additional state tests to hold a license within any state or U.S. territory.