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What are the continuing education requirements for mortgage loan originators?
The SAFE Act mandates that state-licensed mortgage loan originators complete 8 hours of continuing education annually. The 8 hours must include:
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 that licensees complete state-specific law hours. In some cases, the state-specific hours are within the 8 hours required, but some states require more than 8 hours. For more information, view the state-specific education chart provided by the NMLS.
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.
OnCourse Learning, formerly ProSchools offers a full catalog of continuing education courses! For more information on CE requirements and deadlines, be sure to check with your state agency.
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 is 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. OnCourse Learning, formerly ProSchools, as your NMLS-approved course provider, will transmit your completion record to the NMLS within 7 days after you have finished your coursework and your session has ended. 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 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 becoming 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 to 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 loan originator license applicant is required to submit certain 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 (855) 665-7123.
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.