|For Immediate Release:||15 December 2008|
|PR Contact:||Adam Gaber
Pearson VUE is Awarded Contract to Develop, Implement, and Maintain Iowa’s New Mortgage Loan Originator Licensure Program
BLOOMINGTON, Minn., December 15, 2008 — Pearson VUE, the industry leader in licensure for regulatory and certification boards, has been awarded a contract by the Iowa Division of Banking (“Division”) for the development and administration of licensing exams for its new mortgage loan originator program. The contract was signed in December following a competitive bidding process in October.
The Iowa law mandating licensure exams for mortgage loan originators requires testing to begin on January 1, 2009. The licensure law was passed to ensure that mortgage loan originators in Iowa meet the minimal competencies laid out by industry standards. The exams help to protect consumers from unfair lending practices and even mortgage fraud. As an added element of security, the law also stipulates that mortgage loan originators be screened and fingerprinted prior to receiving their license.
Iowa joins the growing trend of states requiring an exam for the mortgage profession, becoming the thirteenth state to do so. Currently, Pearson VUE is contracted to deliver the exams in nine of these states, making it the leading provider of exams for mortgage lenders, brokers, and loan originators.
“We are very pleased to be given the opportunity to serve the Division,” said Art Valentine, vice president of professional services and general manager of regulatory services at Pearson VUE. “Together, Pearson VUE and the Division of Banking will strive to validate the minimum competency level of licensed loan originators and improve the public’s faith in the mortgage lending industry.”
Robert Whelan, president of Pearson VUE, added, “Our dedication to high quality exam development and delivery aligns us with the State’s desire to protect the consumer. More importantly, we share the Iowa Division of Banking’s vision for quality, security, technology, and value.”
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.