The short answer is yes. Whether you are licensed with California DRE and have a MLO License Endorsement or you’re licensed through the California DOC, continuing education is required. But there are variables that determine if you need CE in 2010. Here is a summary of what I found on the DRE and DOC licensing websites:
DRE Licensees: MLO License Endorsements are issued annually and expire December 31st each year. Licensees need to complete 8 hours of NMLS-approved CE by an NMLS-approved provider. You cannot use any part of your 45 hours of real estate CE as CE for your NMLS MLO License Endorsement CE requirement. If you were granted an exemption from real estate CE (based on your age and being licensed in good standing for 30 years), there is not a provision in the SAFE Act which will provide a way out for you. Click here to read more.
DOC Licensees: According to DOC, if pre-licensing education (PE) was completed in 2009, continuing education (CE) is required in 2010 to renew the license for 2011. However, if you completed your prelicense education in 2010, no additional CE is required in 2010.
Note: Mortgage loan originators who have their pre-license education certified by DOC will be required to complete 8 hours of continuing education in order to renew their MLO license during the November 1, 2010 to December 31, 2010 renewal period.
So bottom-line: which California mortgage originators might need CE this year? I see three groups:
- You are a mortgage lender licensed in multiple states and you completed your prelicense education in 2009.
- You are a mortgage originator and you did education for another state in the past, allowing you to get your hours certified by the NMLS in 2010 (therefore, you haven’t done any education hours in 2010).
- You are licensed under DRE and got your education hours certified in 2010 (and like above, you have not completed hours that will qualify for NMLS in 2010).