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 Education Background

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires that state-licensed mortgage loan originators (MLOs) complete pre-licensure and annual continuing education. In order to meet pre-licensure continuing education requirements state-licensed MLOs must complete 20 hours of NMLS approved education which include the following:

   a. 3 hours of Federal law and regulations;
   b. 3 hours of ethics, this shall include instruction on fraud, consumer protection, and fair lending issues;
   c. 2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and
   d. 12 hours of undefined instruction on mortgage origination.

For annual continuing education, the SAFE Act requires state-licensed MLOs to complete:

   a. 3 hours of Federal law and regulations;
   b. 2 hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;
   c. 2 hours of training related to lending standards for the nontraditional mortgage product market; and
   d. 1 hour of undefined instruction on mortgage origination.

While the SAFE Act requires NMLS to approve pre-licensure and continuing education courses, it is individual state law that compels mortgage loan originators to take the pre-licensure and continuing education as a requirement for state licensure. NMLS provides information concerning education requirements and administers the process for completing it, but state-licensed MLO's should refer to their state agencies regarding the specific details associated with meeting the education requirements.

 

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