The mortgage industry continues to change annually. There are increased requirements for protecting the consumer, complying with time requirements, and increased disclosures. A seasoned MLO has witnesses these many changes and has likely come to expect new regulations and requirements flowing from the regulatory agencies on a regular basis. Experienced MLOs have learned to be well-prepared MLOs to confidently abide by new regulations and guidelines.
Staying complaint with updated and new mortgage laws is essential to remaining a well-prepared MLO. As processes become more streamlined, regulated, and protective of consumer safety, it is up to the mortgage loan originator to prepare for these changes and confidently adapt when they are implemented. Mortgage loan originators should set lifetime career goals to become highly skilled and accomplished in the mortgage field.
The most important aspect of the MLOs performance is to protect the consumer from any type of harm that could occur when a consumer seeks to make a lifetime investment in his home. To provide the greatest assistance to the consumer, the MLO should sharpen and maintain the array of skills necessary to become a highly skilled and accomplished provider of mortgage services.
Continuing education requirements for all states include at least (8) hours of MILLS approved education annually. This education must consist of three (3) hours of Federal Law, two (2) hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and two (2) hours of non-traditional mortgage lending, plus one (1) additional hour of undefined education (referred to as an elective). Some states require the additional elective hour to cover education on state law, while others states require additional hours above the federal minimum SAFE Act requirement.
Licensees working in multiple states must meet the requirements for each state in which they are licensed. For more information on state requirements, Manfred recommends you visit http://mortgage.nationwidelicensingsystem.org. The SAFE Act specifically prohibits licensees from taking the same continuing education courses in successive years.
Get a jump start on you continuing education requirements now with Manfred while the business is playing this tug-of-war between the increasing corona-virus case count and the positive economic momentum.
Blog written by John Manfred - President/CEO - www.ManfredSchool.com