 All "covered" employees defined as the manager of each branch office maintained by a licensee and all employees who have the authority to accept loan applications, and as part of their official duties, directly contact borrowers to negotiate or advise regarding loan terms must satisfy the continuing education requirements during each licensing period. (You may apply for a 1 year or a 2 year license period. Both licenses expire December 31)
NOTE: "Covered" employee does not include an employee who has been employed by the licensee for less than six months before the expiration of the licensee’s current license, and has no prior experience as a covered employee with any other licensee
Initial training: 40 hours of classroom education and pass a written examination.
A Mortgage Loan Originator must apply for a license under the new law if:
(1) You are employed by a mortgage lender that is a mortgage broker under FI 11-501(i) or has a net branch office out of which the individual works;
(2) directly contacts prospective borrowers for the purpose of negotiating with or advising the prospective borrowers regarding mortgage loan terms and availability;
(3) receives compensation on a percentage basis; and
(4) is authorized to accept a loan application on behalf of the mortgage lender.
If you are an employee of a mortgage lender (that makes mortgage loans), no license is required unless you work out of a net branch and meet the other criteria of a "mortgage originator".
If you are an employee of a mortgage broker and meet the other criteria of a "mortgage originator," you will need a license.
In general, Mortgage Loan Originators must have at least 3 years of experience in the mortgage lending business and have completed any required courses for continuing education as required, or have completed 40 hours of classroom education and pass a written examination. Mortgage Loan Originators must also undergo criminal background checks, pay various fees, and meet other requirements required by the state of Maryland. Mortgage Loan Originators must be licensed by January 2007.
Mortgage Broker companies who are also mortgage originators are not required to be licensed individually as mortgage originators in addition to their company license if they own more that 25% of the mortgage company
Renewal: In order to renew a license each covered employee of a licensee shall successfully complete in the licensing period immediately preceding the current renewal period at least 20 hours of continuing education in approved courses, which shall include at least the following subjects in the number of hours indicated.
Ethics-2 hours
Federal Real Estate Settlement Procedures Act (RESPA) compliance-2 hours
Federal Truth in Lending compliance-2 hours
Federal Equal Credit Opportunity Act/Fair Lending compliance-2 hours
Maryland law update-2 hours
Federal law update-2 hours
Electives-8 hours
An employee who has been a covered employee with any licensee for the immediately preceding 10 years shall be considered to have satisfied the continuing education requirements by completing, during the immediately preceding licensing period, approved courses in the following subjects in the number of hours indicated.
Ethics-2 hours
Maryland law update-2 hours
Federal law update-2 hours
Renewal date: December 31, depending on if you have a 1 year license or a 2 year license
Mortgage Loan Originator Renewal: Mortgage originator licenses will expire on a staggered basis.
 Principles of Mortgage Finance
(L) [24 hours] (C/V) [24 hours]
Understanding FHA Loans
(L) [9 hours] (C/V) [9 hours]
Understanding VA Loans
(L) [3 hours] (C/V) [3 hours]
Loan Originator’s Complete Guide to Understanding FHA Loans
(L) [8 hours]
FHA Appraisal Guidelines
(L) [14 hours]
Training For Underwriters
(L) [16 hours]
FHA and VA Requirements for New Construction Properties
(L) [ 3 hours]
Appraisal Analysis and Review
(L) [3 hours]
Developing a Quality Control Review
(L) [3 hours]
Federal Regulations and Compliance
(L) [3 hours]
Federal Regulations and Compliance in 2 hour Modules
Equal Credit Opportunity Act (ECOA)
[2 hours] (C/V) [2 hours]
Real Estate Settlement Procedures Act (RESPA)
[2 hours] (C/V) [2 hours]
Truth-In-Lending (Reg. Z.)
[2 hours] (C/V) [2 hours]
Understanding the FHA 203(K)
Rehabilitation Program [8 hours] (L)
Guidelines for Taking A Detailed Loan Application
(L) [11 hours] (C/V) [11 hours]
Creative Financing Strategies That Sell Houses
(L) [3 hours]
Qualifying the Self-Employed Borrower
(L) [5 hours] and (C/V) [5 hours]
FOR MORE INFORMATION:
Call (800) 229-8556 with any questions regarding Continuing Education.
Email: SusanS@capinst.com
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