License Maintenance

Question 1

How many hours of course work is required for an MLO do annually do remain licensed?

Answer 1

To remain licensed, a mortgage loan originator must complete at least eight hours of NMLS-approved coursework.

Question 2

Do all states require the same hours of continuing education for an MLO?

Answer 2

Some states require additional credit hours; the licensee should consult the requirements of each state in which he or she is licensed.

Question 3

What must the continuing education course work include?

Answer 3

• Three hours of federal law and regulations
• Two hours of ethics, including instruction on fraud, consumer protection, and fair lending issues, and
• Two hours of training related to lending standards for the nontraditional mortgage product marketplace

Question 4

What are some other guidelines regarding continuing education for MLOs?

Answer 4

• May only receive credit for a course in the year in which the course was taken
• May not take the same approved course in the same or successive years
• If the licensee is also an approved instructor, may receive credit towards his or her own annual continuing education requirement at the rate of two hours of credit for every one hour taught
• May receive continuing education credit for NMLS-approved coursework taken in any state, except for any state-specific coursework

Question 5

What must an MLO do annually do remain licensed?

Answer 5

• Continue to meet the minimum standards necessary for license issuance (e.g., maintenance of a surety bond, net worth requirements, being free of any felony conviction)
• Satisfy the continuing education requirements
• Pay all required renewal fees