(1)
How many hours of continuing
education must I have each year to renew my license?
(a) You must have at least eight hours to
satisfy the federal requirement. The eight hours of education must include
three hours of federal law and regulations; two hours of ethics on fraud,
consumer protection, and fair lending issues; and two hours on lending
standards for the nontraditional mortgage product marketplace.
(b) You must have at least one additional
hour of continuing education to satisfy the Washington requirement.
(2)
Who approves the
continuing education for loan originators? The NMLS approves all
education that meets the federal requirement.
(3)
Where may I get information about
continuing education for loan originators? The NMLS web site will have
information about the approved NMLS courses.
(4)
As a loan originator, may I take
the same approved course multiple times to meet my annual continuing education
requirement? No. You may not take the same approved course in the same
or successive years to meet the annual requirements for continuing
education.
(5)
If I teach an
approved continuing education course may I use my course as credit toward my
annual loan originator continuing education requirement? Yes. As an
instructor of an approved continuing education course, you may receive credit
for your annually required loan originator continuing education courses from
the course(s) you teach. You will receive credit at the rate of one course
taught equaling two continuing education course credits.
(6)
Is ethics a required continuing
education course for loan originators? Yes. You must take at least two
ethics hours annually. The annual ethics credits must include the topics of
fraud, consumer protection, and fair lending.
(7)
If I accumulate more than the
required loan originator continuing education course credits during a year, may
I carry-over the excess credit to the next year? No. Continuing
education credits only apply to the year in which they are taken.
(8)
If I fail to complete the required
continuing education, what happens to my loan originator license? When
your license expires, the department will not renew it, and you cannot continue
conducting any business under the act. See WAC
208-660-350(16)
to renew your license within two months of it expiring. See also, WAC
208-660-350(15).
(9)
How do I provide the department
with proof of the continuing education courses I have completed? The
course provider will report your continuing education to the NMLS and DFI will
have access to that information.
