The SAFE Act requires state-licensed mortgage loan originators complete 8 hours of continuing education each year. Some states have additional education requirements (see the
State-Specific Education Requirements Chart).
According to NMLS, "So far in 2011, MLOs have completed 270,471 hours of continuing education (CE). Roughly 40% of the estimated 85,000 MLOs who are required to complete CE are now compliant."
MLOs need to complete their CE in order to renew their mortgage license for 2012. NMLS encourages loan originators not to wait until the last minute. ProSchools offers an online course that focuses on the mortgage lending landscape as a result of the Dodd-Frank Act, including amendments made to Truth-in-Lending Act. In addition, ProSchools offers all state law courses, for those states that require state-specific hours.
If you have questions about your renewal or if you are licensed in multiple states, give us a call: 800-452-4879.