The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires that state-licensed mortgage loan originators (MLOs) complete pre-licensure education. In order to meet pre-licensure education requirements state-licensed MLOs must complete 20 hours of NMLS approved education which include the following:
For annual pre-licensure education, the SAFE Act requires state-licensed MLOs to complete:
a. Three hours of Federal law and regulations;
b. Three hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;
c. Two hours of training related to lending standards for the nontraditional mortgage product market; and
d. Twelve hours 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. Many state agencies require that pre-licensure education be complete prior to submitting an application through NMLS. 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.
> The State-Specific Education Chart shows which states have a PE requirement for state specific-education.
> Looking for an Approved Course Provider? Check out our Approved Provider List.
> Need to know more about PE requirements? See our list of Frequently Asked Questions.