§5105 Standards for State License Renewal

Summary

State-licensed loan originators must still meet the original licensing rules and finish yearly training to renew their licenses. Each year they must do at least 8 hours of approved continuing education. That must include at least 3 hours on federal law and rules, 2 hours on ethics (including fraud, consumer protection, and fair lending), and 2 hours on lending rules for nontraditional mortgage products. The Nationwide Mortgage Licensing System and Registry (NMLS) must review and approve the courses. Credits count only in the year the course is taken, and you cannot use the same approved course in the same or the next year to meet the requirement. Instructors who teach approved courses earn 2 hours of credit for each hour taught. The NMLS may not offer these courses itself and must use reasonable standards when approving them.