ProSchools continues to receive calls about mortgage continuing education. It’s a bit complicated, but in studying the NMLS SAFE Requirements Compliance Chart (updated weekly), I see three categories that states fall into, as to when continuing education is required for loan originators:
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States requiring all loan originators complete continuing education in 2010, no exceptions.
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States requiring loan originators complete continuing education in 2010, however, the requirement is waived if pre-license (and sometimes certification) was done in 2010.
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States requiring continuing education starting in 2011.
Looking at the NMLS chart, there are 31 states with 2010 CE deadlines. Those states are: Arkansas, Connecticut, Delaware, North Dakota, Nebraska, New Hampshire, Vermont, Wyoming, Alabama, California, Iowa, Illinois, Indiana, Louisiana, Montana, Ohio, Oklahoma, South Dakota, Utah, DC, Georgia (mortgage brokers), Pennsylvania, Idaho, Massachusetts, North Carolina, Rhode Island, Washington, West Virginia, Mississippi, New York, and Kentucky. Keep in mind, most states have the exception rule, saying CE won’t be required if prelicense education was done in 2010.
For annual continuing education, the SAFE Act requires state-licensed MLO’s to complete a minimum of: 3 hours of Federal law and regulations, 2 hours of ethics (including instruction on fraud, consumer protection, and fair lending issues), 2 hours of training related to nontraditional mortgages; and 1 hour related to mortgage origination.
States can require more than the minimum 8 hours. States with 2010 deadlines requiring more than 8 hours of continuing education to renew are Washington (9 hrs), Mississippi (12 hrs), New York (11 hrs), and Kentucky (12 hrs).
Another variable is that some states with 2010 deadlines require state-specific courses as part of their hours. States requiring additional state-specific content are: DC(1 hr), Georgia(1 hr), Pennsylvania(1 hr), Idaho(1 hr), Massachusetts(1 hr), North Carolina(1 hr), Rhode Island(1 hr), Washington(1 hr), West Virginia(1 hr), Mississippi (2 hrs), New York(3 hrs), and Kentucky (4 hrs).
Check with your state Agency if you aren’t sure if you need continuing education to renew your mortgage originator license this year. There are often multiple education deadlines for LOs in a state which could impact whether or not you need CE this year. It is possible for someone to get their education certified in 2010, and a state (like Washington) says since you got certified this year, no CE is needed. But another state (like California DRE), may say since your hours were certified this year (and you didn’t have to do any education hours), you need CE to renew.