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Mortgage Pre-licensing Education Requirements
This information is intended to provide answers to commonly asked questions. It is not intended to replace detailed information found in your state's statutes and regulations. Though we have made reasonable efforts to ensure that the information given is reliable and current, we cannot guarantee that it is. For more information please take advantage of the resource links below.
SPECIAL NOTICE REGARDING NMLS ID NUMBERS
All MLOs need to have a unique NMLS ID number in order to have their course completions recorded in NMLS. You may obtain your NMLS ID Number and find other important information in the NMLS resource center.
Mortgage Loan Originators Licensure Quick Facts
All existing Pennsylvania Mortgage Loan Originators and new MLOs must:
Cape will report CE credits to the NMLS the next business day after successful completion of the course final exam. We MUST have your NMLS number in order to report your completion (see "Register with the NMLS" above).
Pre-Licensure Education Requirements
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This education must include 3 hours of Federal law, 3 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, 9 hours of undefined education (referred to as electives) + 3 hours of PA law. Number of hours is 3/3/2/9/+ 3 hrs of PA law = 20
Continuing Education Requirements
To comply with the SAFE Act’s “successive years” rule, MLOs are not permitted to take the same CE course two years in a row.
Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the first year after they completed PE (see chart below). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, plus 1 hour of PA-specific education. Number of hours is 3/2/2/ + 1 hr of PA law = 8
The deadline to complete CE is December 31, 2013. However, MLOs in Pennsylvania are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.
If you are having trouble using NMLS or need assistance in using it, phone the NMLS Call Center at (240) 386-4444.
Nationwide Mortgage Licensing System
State Regulatory Registry, LLC
If you have a question concerning a state's licensing requirement or how to use NMLS to meet your state's licensing requirements, please click here:
Cape School, Inc.
P.O. Box 9
Buckingham, VA 23921