The SAFE Act mandates that state-licensed mortgage loan originators complete a minimum of 8 hours of continuing education annually. The 8 hours must include:
Yes. The majority of states only require the SAFE Act minimum of eight 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 eight hours required, but some states require more than eight hours. For more information, view the state-specific education chart provided by the NMLS.
The SAFE Act does not permit licensed MLOs to complete the same course for two successive renewal years. On Site Mortgage Training creates new courses every year which ensures that you'll always get the most up-to-date education available and eliminates any confusion as to whether or not you're meeting the "successive years" rule.
NMLS is the Nationwide Multistate Licensing System. Each mortgage 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.
For most states, the NMLS recommends that all continuing education (CE) is completed by the SMART deadline to ensure all credits are submitted and approved in time for mortgage license renewal on January 1st. Please review your individual state's CE Deadlines as well as your employer’s.
Many states allow for a reinstatement period, typically from January 1 to February 28. During this reinstatement period, you must complete continuing education that is specifically approved by the NMLS. This specific continuing education is referred to as “Late CE” training.
Every state requires at least 8 hours of national NMLS-approved late continuing education. Some states require additional late CE hours specific to the state. To find your required state-specific training, be sure to select each state you wish to renew your license in.
Each mortgage loan originator (MLO) registered in the NMLS will be permanently assigned a number that will help electronically track them.
A mortgage loan originator's (MLO’s) unique identifier will not change if he or she moves from state to state. In fact, the process of getting your MLO license in additional states is streamlined by just adding the new state's license to the current record.
The NMLS requires all completed hours to be "banked" with the NMLS. On Site Mortgage Training, as your NMLS-approved course provider, will transmit your completion record to the NMLS within seven 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. These fees are included in your course tuition and represent no additional charge.
Once you have completed your On Site Mortgage Training course, please allow up to seven days for your completion to be automatically reported to the NMLS. Our typical completion reporting turn-around time is about 24-48 hours after completion.
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.
All courses provided by On Site Mortgage Training are conducted in a classroom setting with an NMLS-approved Instructor leading the class.
Students are enthusiastically encouraged to participate and discuss current industry trends, products and regulations through the use of computer-generated presentations and other visual aids. Throughout the session, the instructor will utilize a question and answer and open discussion format to both actively engage the students and to help assess the students' knowledge retention.
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