§5105 Standards for State License Renewal

Summary

State-licensed loan originators must keep meeting the same basic rules they met to get a license and must finish yearly continuing education. Each year the originator must take at least 8 hours of NMLS‑approved courses. Those 8 hours must include 3 hours on Federal law and regulations, 2 hours on ethics (including fraud, consumer protection, and fair lending), and 2 hours on lending standards for the nontraditional mortgage product marketplace. The Nationwide Mortgage Licensing System and Registry (NMLS) reviews and approves courses, may not offer courses itself, and must use reasonable standards. Credit counts only in the year a course is taken, the same approved course can’t be used in the same or the next year, and approved instructors earn 2 hours of credit for each hour they teach.