INDIANAPOLIS | Mortgage loan administrators and principal managers who don't pass a required national test by the end of June will permanently lose their state license.
A rewrite of the nation's mortgage laws in 2008 established the testing requirement, known as the SAFE Test. Any mortgage professional who has not passed the SAFE test by July 1 will have their license revoked, said Indiana Securities Commissioner Chris Naylor.
Some 42 percent of Indiana mortgage licensees are in danger of losing their licenses, according to the Indiana Secretary of State's office.
Under Indiana law, any mortgage professional whose license is revoked is permanently barred from ever holding an Indiana license again.
Current licensees who do not expect to meet the deadline can voluntarily give up their license through the Nationwide Mortgage Licensing System to avoid revocation.
After passing the test, those who surrender a license can reapply for an Indiana license.
