Readers ask: How Often Does A Mortgage Loan Originator Have To Take Continuing Ed?

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires that state-licensed mortgage loan originators (MLOs) complete 8 hours of NMLS approved continuing education (CE) annually.
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How many hours of continuing education must an MLO take yearly?

The SAFE Act mandates that state-licensed mortgage loan originators complete 8 hours of continuing education annually.

How many hours of continuing education are required for renewal of a mortgage loan originator in South Carolina?

This mortgage continuing education course is NMLS-approved for seven hours of continuing education required for mortgage loan originators to renew their mortgage licenses.

How many hours of continuing education on ethics must a loan originator licensee complete each year New Mexico?

Mortgage loan originators in New Mexico can satisfy their full 8 hours of required continuing education for annual license renewal with this package. This package includes core and elective credit and will address these topics: Federal lending laws such as the SAFE Act.

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How many total hours of ethics are required to satisfy annual continuing education requirements?

All Commercial and Non-NMLS mortgage loan originators are required to complete a total of 5 hours of CE for annual renewal. This education must include: 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues.

Which of the following is the least expensive type of reverse mortgage?

Single-purpose reverse mortgages are the least expensive option. They’re offered by some state and local government agencies, as well as non-profit organizations, but they’re not available everywhere. These loans may be used for only one purpose, which the lender specifies.

How long is the 20 hour NMLS course good for?

Answer: The 20-hour course once completed successfully does not expire. The National test, however, does expire.

What is Reg Z in lending?

Regulation Z prohibits certain practices relating to payments made to compensate mortgage brokers and other loan originators. The goal of the amendments is to protect consumers in the mortgage market from unfair practices involving compensation paid to loan originators.

Who is responsible for enforcing the Home loan Protection Act?

The Dodd-Frank Act granted authority to the Consumer Financial Protection Bureau to supervise and enforce compliance with HPA for entities within its jurisdiction, including credit unions with assets over $10 billion. PMI is insurance that protects lenders from the risk of default and foreclosure.

What are the continuing education topics under the SAFE Act?

The SAFE Act requires that licensed mortgage loan originators (or MLOs) complete 8 hours of NMLS approved education which includes the following: 3 hours of Federal law and regulations. 2 hours of ethics (which must include instruction on fraud, consumer protection, and fair lending issues)

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What is least likely to be an example of illegal flipping?

Which is LEAST LIKELY to be an example of illegal flipping? Explanation: Purchasing and remodeling a house and then selling it for a quick profit is the good side of flipping, which is perfectly legal.

Which is a requirement under the SAFE Act?

The SAFE Act requires state-licensed MLOs to pass a written qualified test, to complete pre-licensure education courses, and to take annual continuing education courses.

What is the maximum amount of Ce you can complete in one year?

The maximum amount of CE credit awarded for any single course is four (4) hours. Licensees must attend 90% of a CE course and comply with student participating standards in order to receive credit for the course.

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