Continuing Education FAQ
What are the continuing education requirements for mortgage loan originators?
The SAFE Act mandated states require state licensed mortgage loan originators complete 8 hours of continuing education annually. The 8 hours must include:
3 hour of Federal law and regulations;
2 hours of ethics, including instruction on fraud, consumer protection, and fair lending;
2 hours related to the nontraditional mortgage market place.
Do states have different requirements for continuing education?
Yes. The majority of states only require the SAFE Act minimum of 8 hours of continuing education; however, several states require licensees complete state-specific law hours and some require more than the minimum 8 hours. For information on what each state requires, the NMLS has a list of each state's requirement and ProSchools' Helpful Resources include renewal requirements for each state.
When should I have all my continuing education completed?
Course providers have 7 calendar days to report course completions. It also takes 24 hours for a course completion to be recognized in NMLS and for the system to recognize you are eligible for renewal. To ensure you renew on time and prevent any disruptions in your license status, the following dates are indicators of when you should complete your continuing education:
Smart Deadline: Courses completed by December 21st.
At Risk To Miss Renewal: Courses completed by December 28th.
Guaranteed to Miss Renewal: Courses completed December 31st.
Keep in mind there are several states requiring continuing education completed BEFORE December 31 so be sure and check with your regulator to find out what your deadline is.
Can I complete the same course in two successive renewals?
No. The SAFE Act does not permit licensees to complete the same course in two successive renewals.
I took more hours than I needed to renew last year. Can I use those to renew this year?
No. Continuing education only counts for the year in which it was taken.
What happens if I don't get my continuing education done on time?
Many states allow for a reinstatement period, typically from January 1 to February 28. During this reinstatement period, you must complete continuing education specifically approved by the NMLS as Late CE.
What is "credit banking" and how does it work?
The NMLS requires all completed hours to be "banked" with the NMLS. ProSchools, as your NMLS-approved course provider, will transmit your completion record to the NMLS within 7 days of you finishing your coursework. The NMLS charges $1.50 per credit hour to bank your credit hours.
What exactly is an NMLS "unique identifier"?
Each loan originator registered in the Nationwide Mortgage Licensing System (NMLS), will be permanently assigned a number that will help electronically track them. A loan originator's unique identifier will not change as he or she moves from state to state. In fact, the process of being licensed in additional states is streamlined by just adding the new state's license to the current record.
Do I need an NMLS "unique identifier" to have my credits banked with the NMLS or enroll for the SAFE Loan Originator Test?
Yes. To have your credits banked or to enroll for the SAFE Loan Originator Test you must have a Unique Identifier. The NMLS Resource Center makes it easy to get registered and receive your unique identifier.
What is the NMLS or NMLSR?
NMLS is the Nationwide Mortgage Licensing System and Registry. Each applicant is required to submit applicant information, including fingerprints, personal history and experience. This information is stored in a national database of mortgage originators, developed and maintained by the Conference of State Bank Supervisors.
Who do I contact if I have questions about the NMLS?
For questions relating to the Nationwide Mortgage Licensing System, please contact the NMLS Call Center at (240) 386-4444.
Who do I contact if I have questions about my state's requirements?
For questions relating to your state's specific requirements, you may access a list of all state regulators websites here.