|For Immediate Release:||7 November 2008|
|Pearson PR Contact:||Adam Gaber
Pearson VUE Selected to Build New Mortgage Loan Officer Examination Program for the State of Michigan
BLOOMINGTON, Minn., November 7, 2008 — Pearson VUE, the industry leader in computer-based testing, has announced the successful rapid launch of the Michigan Office of Financial and Insurance Regulation’s (OFIR) examination program for mortgage loan officers. The contract, which was awarded in September following a competitive bidding process, provides OFIR with three years of service with up to two one-year renewal options. In addition to the development and administration of mortgage loan officer exams, Pearson VUE will collect and retain loan officers’ pre-registration education certificates of completion, manage education provider and course approvals, manage continuing education reporting, and bank continuing education credits.
The recently passed law mandating examinations for mortgage loan officers was designed to help protect Michigan consumers from mortgage fraud and unfair lending practices. It requires all of the estimated 10,000 Michigan mortgage loan officers who wish to originate mortgage loans to register with OFIR and pass the examination by January 1, 2009. Since October 22nd — the first day the exams were offered — over 700 candidates have registered or taken the exam. Pearson VUE estimates that 1,500-2,000 exams will be administered in November alone.
Michigan joins the growing trend of states requiring an exam for the mortgage profession, becoming the eleventh state to do so. Currently, Pearson VUE administers exams for seven of these states, making it the leading provider of exams for mortgage lenders, brokers, and loan originators.
Art Valentine, vice president of professional services and general manager of regulatory services at Pearson VUE said, “With over 700 loan officer candidates scheduling exams in the first two weeks, the success of the program is already evident, but our dedication to serving OFIR and its candidates will continue for years to come.”
Robert Whelan, president of Pearson VUE said, “Pearson VUE is honored to be entrusted with the very important task of developing and administering these loan officer exams for the Michigan Office of Financial and Insurance Regulation. We’re steadily building a collaborative relationship with the Office so we can offer the best possible services to meet their unique needs and maximize consumer protection.”
About Pearson VUE
Pearson VUE (www.pearsonvue.com) is the global leader in computer-based testing for information technology, academic, government and professional testing programs around the world. Pearson VUE provides a full suite of services from test development to data management, and delivers exams through the world’s largest and most secure network of test centers in 162 countries. Pearson VUE is a business of Pearson (NYSE: PSO; LSE: PSON), the international media company, whose businesses include the Financial Times Group, Pearson Education and the Penguin Group.