Residential Mortgage Licensee that employs persons within Illinois to take residential mortgage applications from consumers is required to have those persons complete education courses in real estate finance each calendar year.

Initial training: 3-years experience is required to be a mortgage broker or you must attend a 3 day initial training class approved by the Bureau of Residential Finance Mortgage Banking Division

Continuing education requirements for certain employees: Each licensee that employs persons within Illinois to take residential mortgage applications from consumers is required to have those persons complete a minimum of 6 hours of education in real estate finance each calendar year at a source approved by the Commissioner. Any person who becomes an employee of a licensee later than September 1 of any year shall be exempt from these education requirements in the year of his or her hire  New Loan Officers hired after September 1 must complete CE by April 1 of the next year.

Licenses issuance and renewal:  Beginning July 1, 2003, licenses shall be renewed every year on the anniversary of the date of issuance of the original license. Properly completed renewal application forms and filing fees must be received by the Commissioner 45 days prior to the renewal date.

Renewal date: Renewed every year on the anniversary of the date of issuance

  Principles of Mortgage Finance
   (L) [36 hours] (C/V) [36 hours]

  Guidelines for Taking A Detailed Loan Application
    (L) [14 hours] (C/V) [14 hours]

  Fundamentals of Loan Processing
   (L) [32 hours] (C/V) [32 hours]

  Qualifying the Self-Employed Borrower
   (L) [14 hours] (C/V) [14 hours]

  Understanding FHA Loans
   (L) [14 hours] (C/V) [14 hours]

  Understanding VA Loans
   (L) [6 hours] (C/V) [6 hours]

  Equal Credit Opportunity Act
   (C/V) [2 hours]

  Real Estate Procedures Act (C/V)
   [2 hours]

 

FOR MORE INFORMATION:
Call (800) 229-8556 with any questions regarding Continuing Education.
Email: customerservice@capinst.com

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