Do you know the preparation and training involved to be an educated and compliant mortgage loan originator? Keeping abreast of industry best practices and ever-changing laws is paramount to the success of an MLO. Stay on top of these education requirements!
Pre-License Education & Training
Federal law requires new mortgage loan originators complete at least 20 hours of pre-license education approved by the Nationwide Multistate Licensing System & Registry (NMLS), including instruction on federal mortgage-related laws, ethics (including fraud, consumer protection, and fair lending), and lending standards for nontraditional mortgage products.
Financial institutions normally provide extensive on-the-job training to loan originator employees. Those individuals that are new to the business will need to become familiar with federal underwriting guidelines, as well as those of individual lenders. Learning to work as a team with your loan processor is an invaluable tool in getting loans meticulously and efficiently through the underwriting process.
Maintaining Licensure Through Continuing Education (CE)
After obtaining licensure, state-licensed MLOs must also complete a minimum of eight hours of continuing education (CE) on an annual basis. Certain states also require between one and three hours of state-specific continuing education. The SAFE Act stipulates that a state-licensed MLO cannot take the same approved CE course two years in a row.
Annual Mortgage CE Deadlines:
In most states the standard deadline to complete mortgage broker continuing education is December 31st, but the NMLS recommends that all CE is completed by December 11th to ensure all credits are submitted and approved on time. Missing the mortgage continuing education deadline can impact your ability to do business for months. Review your state requirements for when you need to fulfill your annual CE.
Professional Development Training for Career Growth
Are you looking to drive your MLO career to new heights? Do you have aspirations to be the best MLO you can be? Is growing your mortgage business always at top of mind?
Professional development training is an investment you can make in yourself to help advance your career, grow your business, and make the commitment to lifelong learning. In addition to required training, continue to improve your skills with professional development courses designed to improve your sales and communication skills, stay organized and efficient and improve leadership skills.
Ready to Get Started on Mortgage Training?
OnCourse Learning provides NMLS-approved pre-licensing, continuing education, exam prep and professional development courses in a variety of learning formats; including live, webinar, online and new video CE.
These courses are for individuals who are looking to become licensed as a new MLO, or who are already licensed and need to satisfy their annual continuing education requirements.
Courses for mortgage continuing education (CE) fulfills the national education requirements and all state-specific requirements.
To learn more about the mortgage loan officer profession, explore the following professional development courses and career resources: