Tag Archives: act

30,000 Mortgage Loan Originators Still Need to Complete Their CE

OnlineEd

(OnlineEd – Portland, OR) Over 30,000 mortgage loan originators must still meet their CE requirement before the national deadline, which is December 31. A few states have earlier deadlines, however. Georgia MLOs, for example, must complete their education requirements before October 31.

CE for mortgage brokers is relatively simple to complete. Approved providers can deliver their approved courses either online or by live lecture.  The NMLS approves providers and qualifying courses. It is important to look for the required course approval number when searching for courses and providers. The NMLS requires posting of provider and course approval numbers when the advertiser uses the NMLS logo in advertising.

The 8-hour approved NMLS course is to include 3 hours of federal laws and regulations, 2 hours of ethics, 2 hours of non-traditional loans (loans other than 30-year mortgage loans), and a 1 hour elective course. To find out if your state has a requirement for additional hours beyond the NMLS requirement, check our list of state-specific deadlines or visit the NMLS Website.

To understand all that is involved with the license renewal process and to get renewed on time with the least amount of trouble, applicants should be sure to watch this helpful video.

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The OnlineEd 8-hour NMLS approved continuing education course in our catalog for just $49.95 + $12 NMLS Banking Fee.
 OnlineEd® is  is NMLS Approved Provider No. 1400327.
For more information about OnlineEd® or to enroll in our courses, please visit www.OnlineEd.com and click on your state.

MLOs Not to Take The Same NMLS Approved CE Courses in Successive Years

OnlineEd

(OnlineEd – Portland, OR) Mortgage Loan Originators (MLOs) cannot complete the same approved continuing education courses in the same or successive years to meet their annual requirements for continuing education credit. “Successive years” as interpreted by the NMLS means two years in a row. The SAFE Act of 2008 requires MLOs to complete 8 hours of NMLS approved CE annually.

The NMLS system for validating CE credits is programmed not to count the same course number twice. To avoid making this mistake, MLOs should make sure their preferred provider is offering courses with different titles than the year prior.

NMLS information about the “Successive Year” rule can be found in the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org/courseprovider/Documents/Successive%20Years%20Rule.pdf

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OnlineEd® is NMLS approved course provider number 1400327 . To learn more about OnlineEd, visit us at www.OnlineEd.com

New Consumer Finance Web Site Launched

OnlineEd

(OnlineEd – Portland, OR) Educate, Enforce, and Study are the three main objectives listed over at the new government web site, www.consumerfinance.gov.  The site, operated by the Consumer Financial Protection Bureau, has at its mission “to make markets for consumer financial products and services work for Americans – whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.”

The Consumer Financial Protection Bureau (CFB) was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). Many parts of the act are to be implemented on July 21, 2011.

In addition to policing abuses in consumer financial products, the CFPB will also be responsible for simplifying the disclosure forms that Americans get when they take out a mortgage. By simplifying complex mortgage forms, the CFPB can make it easier for a family to shop for a mortgage and avoid surprises after signing on the dotted line.

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To learn more about the Consumer Financial Protection Bureau, visit their Web site at:  http://www.consumerfinance.gov/

To learn more about Dodd-Frank, please visit the summary posted at:

http://banking.senate.gov/public/_files/070110_Dodd_Frank_Wall_Street_Reform_comprehensive_summary_Final.pdf