On Friday, August 23, the Nationwide Mortgage Licensing System & Registry (NMLS-R) sent a reminder to all state-licensed mortgage loan originators (MLOs) who have not completed continuing education in 2013. Individual MLOs must complete eight hours of NMLS-approved CE annually. The SAFE Act requires three hours of federal law, two hours of ethics, two hours of non-traditional mortgage lending and one hour of elective credit. Some states also have state-specific education requirements that must be met. See the NMLS 2013 State-Specific Education Requirements Chart for details.
NMLS also reminds MLOs that:
- You may not complete the same CE course as last year.
- Pre-license education courses do not count toward CE. However, MLOs do not need to take continuing education in the same calendar year in which they took an NMLS-approved 20-hour pre-license course.
- Most state regulators will prevent you from submitting an application for license renewal if you have not completed CE.
In 2014, new rules will go into effect and will impact every MLO. Real Estate Institute’s all-new 2013 CE courses will prepare MLOs to understand these changes and remain compliant.