As a Realtor I have to take continuing education classes all the time. Our contract changes all the time too so we're constantly learning new things to help people buy and sell homes with the least amount of legal troubles later.
Been doing this for over 12 years and have never had any issues with buyers and sellers after the fact. All legal requirements are met and I go above and beyond to make sure everyone knows everything possible about the sale or purchase of their home.
Mortgage Loan Originators, obtaining licensing in California, must meet certain criteria. Governor Jerry Brown has added more.
Instead of complaining, take it as another way to not end up in court. Go with it. Learn it, master it, follow it to the T!
Below is the information about the new licensing laws. I bring it to your attention so that you can double check that your lender is meeting all the licensing law requirements...it protects you in the long run!
The new law requires that an applicant seeking a mortgage loan originator license in California must complete two hours of approved education related to relevant California law and regulation.
An applicant seeking a mortgage loan originator license must also complete at least 18 additional hours of Nationwide Mortgage Licensing System and Registry-approved education, including at least:
- Three hours of instruction on federal law and regulations
- Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues
- Two hours of training related to lending standards for the nontraditional mortgage product marketplace
Applicants are also required to pass an NMLS-approved written test that covers the following areas:
- Ethics
- Federal law and regulation relating to mortgage origination
- State law and regulation relating to mortgage origination
- Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues
Additionally, the new law requires that existing mortgage loan originators complete one hour of continuing education related to relevant California law and regulation every year.
In addition to that hour, MLOs are required to take at least eight hours of continuing education a year, with at least:
- Three hours of instruction on federal law and regulations
- Two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues
- Two hours of training related to lending standards for the nontraditional mortgage product marketplace
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