Mortgage Loan Originators must take training courses every year to stay licensed
All MLOs must get recertified every year. No matter how long you have been an MLO.
In 2008, the Secure and Fair Enforcement Act (SAFE Act), was established as the standard for MLOs. This included mandatory NMLS-approved education and testing to stay licensed.
The Nationwide Multistate Licensing System (NMLS) is the system of record for non-depository, financial services licensing or registration in participating state agencies, including the District of Columbia and U.S. Territories of Puerto Rico, the U.S. Virgin Islands, and Guam. In these jurisdictions, NMLS is the official system for companies and individuals seeking to apply for, amend, renew and surrender license authorities managed through NMLS.
So what does Continuing Education cover?
MLOs are required to take 8 hours of Continuing Education (CE) training each year for recertification by NMLS.
CE training must include 3 hours of Federal law, 2 hours of ethics, and 2 hours of non-traditional mortgage lending. MLOs then choose an elective to complete their 8 hours to satisfy the NMLS requirements. Some states require additional topics. Check your state requirements with the NMLS.
MLOs are also required to take Compliance Training
Regulations are always changing. New laws are passed. Old mandates are tweaked. MLOs must stay current on compliance training, or they are a risk for their company.
Compliance training covers a lot of topics. Anywhere from old tried and true topics like Cybersecurity to Customer Information Security Awareness. New hot topics include Diversity and Inclusion, and Human Trafficking Awareness.
It does not matter if you are a new MLO or a seasoned veteran. Every MLO is required to take Continuing Education and Compliance Training each year.
No one said you can’t do two things at once
Trainings can be time consuming. Don’t waste time by taking them separate. CE can be completed any time up until the renewal date, meaning MLOs can start working on them as early as January 1st. MLOs save valuable time by checking off compliance training when they complete their 2022 continuing education with us.
Our CE courses include pre- and post-tests, discussion scenarios, game-like learning and more. All CE and Late CE courses are available in formats approved by the NMLS, including online self-paced, webinar, live classes and video.