Sec. 06.60.038. Prelicensing and relicensing education of mortgage loan originators.

226 words·~1 min read·/ak/title-6/chapter-60/06-60-038·

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(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).