You Need Continuing Education Hours, Don’t You?

Most mortgage loan originators will need to take eight (8) hours of continuing education before the end of the year. Actually, you should take your continuing education courses before November 1, 2011, when the ability to renew your license opens up on the NMLS. Some states have specific dates by when you must take your continuing education and other states simply will not let you submit your renewal license application unless your continuing education provider has uploaded the courses you have taken to the NMLS.

Each state has its own requirements as to whether you need to take continuing education this year and whether you need to take state-specific courses. For example, in Connecticut, unless you took your twenty (20) hours of pre-licensing education in 2011 and were approved for your license in 2011, you need to take continuing education in 2011. Exactly what is required? The SAFE Act requires the following education courses: 3 hours of Federal law and regulations, 2 hours of ethics that include instruction on fraud, consumer protection, and fair lending issues, 2 hours of training related to lending standards for the nontraditional mortgage product market, and 1 hour of undefined instruction on mortgage origination. Some states require specific courses on their state’s laws. For example, Georgia requires 1 hour of Georgia law that would count as your 1 hour of undefined instruction on mortgage origination. Georgia also has a deadline of October 31, 2011 for completing continuing education.

The NMLS has a state-by-state that details whether you need to take continuing education in 2011, what kind of courses you need to take, and when your deadline is: http://mortgage.nationwidelicensingsystem.org/courseprovider/Course%20Provider%20Resources/Education%20Hours.pdf

If you are licensed in multiple states, the requirement that you take courses in state-specific law may mean that you are taking more than eight (8) hours of continuing education.

Also be aware that if you took continuing education in 2010, you may not take the same courses again in 2011.

Even if your state does not have a deadline before December 31, 2011, please remember that if you wait until the last minute to do your continuing education and license renewal, there is a good chance that your renewal will not be completed until sometime in January, 2012. Late renewals lead to major hassles with investors who want confirmation that you have a 2012 license to originate mortgages.