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.
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