When the SAFE Act was passed in 2008, it mandated that all States require that Mortgage Loan Originators meet certain minimum requirements to obtain and maintain a Mortgage Loan Originator License. One of those requirements was Pre-License Education and Continuing Education. The SAFE Act mandated 20 hours of Pre-License Education in order to obtain an LO license and 8 hours of Continuing Education each year in order to maintain and renew an LO License. Over the next couple years, each state passed legislation to meet this federal education mandate and regulators worked with the NMLS to implement this requirement.
When the states passed legislation to meet this federal SAFE Act Education requirement, many of them decided to also require additional education above and beyond the minimum federal requirement of 20 hours of Pre-License Education and 8 hours of annual Continuing Education. Many states require anywhere from 1 to 15 hours of state-specific Pre-License Education and 1 to 3 hours of annual Continuing Education. And as more states have adopted the Uniform State Test (UST) in lieu of a state-specific NMLS Test, many of those same states have decided to recently add additional state-specific education requirements.
The NMLS came up with 3 ways to meet the mortgage loan originator education requirement. Live, Webinar, and Online Instructor-Led. These three options were developed in order meet certain NMLS requirements that the mortgage education course be timed and that there be interaction between the instructor and the mortgage loan originator. The Live and Webinar versions clearly meet this requirement, but for the Online Instructor-Led Course to meet that requirement, but still give the LO the ability to work at their own pace, the NMLS along with the states created a requirement for the online mortgage education course to include questions and answers between the instructor and the Mortgage Loan Originator.
Since Mortgage Licensing Education is such a large part of the requirement to obtain and maintain a mortgage loan originator license in each state, Integrity Mortgage Licensing has partnered with a mortgage education company to give our customers a 15% discount on the pre-license mortgage education and continuing education. To get 15% off go here.