REQUIRED CONTINUING EDUCATION IN PENNSYLVANIA:
Mortgage Brokers, Mortgage Bankers, Loan Correspondents, and Limited Mortgage Brokers of *Nonpurchase Money Mortgage Loans all require continuing education.

DEFINITIONS:
Mortgage Broker - A person who directly or indirectly originates and closes mortgage loans with its own funds in the primary market for consideration

Mortgage Banker - A person who directly or indirectly negotiates or places loans for others in the primary market for consideration.

Loan Correspondent - A person who in the regular course of business, directly or indirectly originates and closes loans in his own name utilizing funds provided by a wholesale table funder and simultaneously assigns the loans to the wholesale table funder. A loan correspondent may close a mortgage loan utilizing other funding sources but only in an emergency circumstance where wholesale table funding is not available.

Limited Mortgage Broker - An individual who directly or indirectly negotiates or places * nonpurchase money mortgage loans for others in the primary market for consideration.

*Nonpurchase Money Mortgage Loans- A mortgage loan the proceeds of which are not used to finance the purchase of the real property securing the mortgage loan.

INITIAL TRAINING:
None required

RENEWAL:
To renew a license, licensee shall demonstrate to the satisfaction of the Department that: In the case of a mortgage banker, mortgage broker or loan correspondent , the licensee maintains at least one separate mortgage professional at each licensed office who had successfully completed during the annual renewal period of at least 6 credit hours of continuing education programs which shall include 1 credit hour of Pennsylvania residential mortgage law, including the act and the Loan Interest and Protection Law, 1 credit hour of business ethics and 4 credit hours from among one or more of the following subject areas:

	Federal Residential Mortgage law (Federal Regulation and Compliance), including:
	The Real Estate Settlement Procedures Act (RESPA),
	The Truth-In-Lending act (Regulation Z) and
	The Equal Credit Opportunity Act (ECOA)

In the case of a limited mortgage broker , the licensed individual has successfully completed during the annual renewal period at least 2 credit hours of continuing education programs which shall include 1 credit hour of Pennsylvania residential mortgage law, including the act and the Loan Interest and Protection Law and 1 credit hour from among one or more of the following subject areas:

	Business ethics
	Federal Residential Mortgage law (Federal Regulations and Compliance), including:
	The Real Estate Settlement Procedures Act (RESPA)
	The Truth-In-Lending (Regulation Z)
	The Equal Credit Opportunity Act (ECOA)

RENEWAL DATE:
July 1 of each calendar year (July 1 – June 30)

CLASSES APPROVED BY DEPARTMENT OF BANKING
COMMONWEALTH PENNSYLVANIA FOR CONTINUING EDUCATION:

VIDEO & CD-ROM TRAINING CLASSES

 The Equal Opportunity Act (ECOA) - CD-Rom Course
    Approved for 2 hours of CE credits in the State of Pennsylvania.

 The Equal Opportunity Act (ECOA) - Video Course
    Approved for 2 hours of CE credits in the State of Pennsylvania.

 The Real Estate Settlement Procedures Act (RESPA) - CD-Rom Course
    Approved for 2 hours of CE credits in the State of Pennsylvania.

 The Real Estate Settlement Procedures Act (RESPA) - Video Course
    Approved for 2 hours of CE credits in the State of Pennsylvania.

 The Truth-in-Lending (Reg. Z) - CD-Rom Course
    Approved for 2 hours of CE credits in the State of Pennsylvania.

 The Truth-in-Lending (Reg. Z) - Video Course
    Approved for 2 hours of CE credits in the State of Pennsylvania.

  Guidelines for Taking A Detailed Loan Application - CD-Rom Course
    Approved for 2 hours of CE credits in the State of Pennsylvania.

  Guidelines for Taking A Detailed Loan Application - Video Course
    Approved for 2 hours of CE credits in the State of Pennsylvania.

IMPORTANT TO NOTE:
All Capstone Video Courses include (1) Manual and (1) set of Case Studies. Each additional student trained with Capstone's video courses is required to purchase their own manual and set of case studies in order to take the test and receive their certificate of completion.

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

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