Section 5: Pre-licensing education
103 words·~1 min read·
/ma/part-iii/title-iv/chapter-255f/5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5.
(a)An applicant for a mortgage loan originator's license shall complete a minimum of 20 hours of pre-licensing education approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards which shall include, without limitation:
(i)3 hours of federal law and regulations;
(ii)3 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues;
(iii)2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and
(iv)state law and regulation, which shall include instruction on state consumer protection laws and other related statutes.
[There is no subsection (b).]