The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires that state-licensed mortgage loan originators (MLOs) complete pre-licensure and annual continuing education.
In order to meet pre-licensure continuing education requirements state-licensed MLOs must complete 20 hours of NMLS approved education which include the following:
- 3 hours of Federal law and regulations;
- 3 hours of ethics, this shall include instruction on fraud, consumer protection, and fair lending issues;
- 2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and
- 12 hours of undefined instruction on mortgage origination.
For annual continuing education, the SAFE Act requires state-licensed MLOs to complete:
- 3 hours of Federal law and regulations;
- 2 hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;
- 2 hours of training related to lending standards for the nontraditional mortgage product market; and
- 1 hour of undefined instruction on mortgage origination.
While the SAFE Act requires NMLS to approve pre-licensure and continuing education courses, it is individual state law that compels mortgage loan originators to take the pre-licensure and continuing education as a requirement for state licensure. NMLS provides information concerning education requirements and administers the process for completing it, but state-licensed MLO's should refer to their state agencies regarding the specific details associated with meeting the education requirements.
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20 Hour SAFE Act Comprehensive Mortgage Loan Originator Course:
For this course we have partnered with Cape Schools. They will be the providers for the educational materials needed to satisfy this requirement.
NMLS / SAFE Act Examination Preparation:
This package contains over 700 questions and answers designed to help you pass the NMLS National and California Exams.
SAFE Act Continuing Education:
8 hour annual continuing education requirement for 2015. Continuing education will be required in 2015 for licensees in California who obtained their MLO license/endorsement in 2014 or before. This course is being provided by Sponsor #1400276
Resources:
NMLS – State Licensing Requirements
CalBRE – SAFE Act Information
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*Periodic updates to the preparation material will be made available through the "Online Testing" page. Please contact us to obtain log in information.
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