Education

Instruction Required to Become a Mortgage Loan Broker

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Posted By Clare Louise

Want to get anything out of your continuing education course than merely checking that box?  Yes, we know this to be true. Because of this, our mortgage CE courses are developed and delivered by industry experts and include current topics, industry developments, and relevant legislation. All Donaldson students get knowledge that will be useful to them over the next year. The SAFE Act was passed into law by the US Congress in 2008, and it established minimum requirements that mortgage loan originators must meet in order to get and maintain their licences. Here are a word or two about the florida mlo continuing education.

Understanding the Safe Act in MLO

The SAFE Act legally required this action to be taken. One of the requirements was completion of the necessary pre-licensing coursework and post-licensing CE hours. In order to get a LO licence, applicants were needed to complete 20 hours of Pre-License Education, and holders of LO licences were required to complete 8 hours of Continuing Education each year. Each state implemented legislation during the next couple of years to meet this federal education need, and regulators worked together with the Nationwide Mortgage Licencing System (NMLS) to implement this mandate.

State by State Mortgage Licencing Requirements with Respect to Education

Several states have gone above and above the federal requirement of 20 hours of Pre-License Education and 8 hours of Continuing Education per year by passing legislation to meet this federal SAFE Act Education requirement. Twenty hours of Pre-License Education plus eight hours of Continuing Education each year make up the government minimum requirement. In certain areas, getting a driver’s licence calls for not just an annual Continuing Education requirement of 1-3 hours, but also anything from 1-15 hours of in-state, state-specific training.

Methods of Education Resulting in a Mortgage Licence

When working with states to implement the LO Licencing education criteria, the National Mortgage Licencing System (NMLS) developed three methods to meet the education requirements for mortgage loan originators. Live in-person classes, as well as webinars and self-paced online courses, are offered. Scheduling the mortgage education course and establishing communication between the instructor and mortgage loan originator is required by the National Mortgage Licencing System and Registry (NMLS). To meet these NMLS standards, these three products were developed. The Live and Webinar versions of the course easily fulfil this requirement

However, the NMLS and the states established a requirement that the Online Instructor-Led Course include questions and answers between the instructor and the Mortgage Loan Originator in order to fulfil this requirement while still allowing the LO to work at his or her own pace. This condition is obviously met by both the Live and Webinar versions of the course. The live course is often reserved for large organisations with several LOs who must complete their mortgage licencing CE requirements at the same time. While webinars are offered by the vast majority of mortgage education providers, LOs can only finish the course by attending each session in its entirety at once.

Conclusion

MLOs often choose for the Online Instructor-Led Mortgage Licencing Education Course. You may choose your own pace and have a lot of freedom to make decisions. Discounted mortgage licencing education because it is a major component of the criteria to get and maintain a mortgage loan originator licence in each state.

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