(a) Before being licensed as a mortgage loan originator, an individual shall complete at least 20 hours of education approved under (b) of this section. At a minimum, the education must include
(1) three hours of instruction in federal statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and fair lending;
(2) three hours of instruction in ethics, including instruction on issues related to fraud prevention, consumer protection, and fair lending; and
(3) two hours of training related to lending standards for the nontraditional mortgage product marketplace.
(b) For the purposes of (a) of this section, a prelicensing education course must be approved under 12 U.S.C. 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). Review and approval of a prelicensing education course includes review and approval of the course provider.
(c) Nothing in this section precludes a prelicensing education course that is approved under (b) of this section and that is provided by the employer of the applicant, an entity affiliated with the applicant, or a subsidiary or affiliate of an employer or entity affiliated with the applicant.
(d) Prelicensing education may be offered in a classroom, on-line, or by other means approved under 12 U.S.C. 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).
Section: Previous 06.60.017 06.60.020 06.60.025 06.60.026 06.60.027 06.60.030 06.60.035 06.60.038 06.60.040 06.60.045 06.60.050 06.60.060 06.60.065 06.60.077 NextLast modified: November 15, 2016