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.