The Secure and Fair Enforcement for Mortgage Lending otherwise known as (SAFE) is a part of the Housing and Economic Recovery Act of 2008 which established minimum standards for mortgage training, both pre-licensing and continuing education. To obtain a license, a Mortgage Loan Originator must complete a 20 Hour pre-licensing course along with and state specific requirements. Next, Federal and State Testing are required. After the initial pre-licensing, 8 hour continuing education is also required annually plus any state specific requirements state specific requirements.
For most people and states this is a CE year and 37 of the states only require the 8 Hour CE. If your ready to get started check out our class offerings.
At Diehl we understand CE is a matter of convenience, content and value. We solved convenience by offering all the available formats for CE training including Live, Live Webinar and On Demand. For content we took a different approach and looked at the needs of today's Mortgage Loan Originator and then chose the content rather than looking at the required subject areas and finding the content that "fit" those requirements. As FHA rose from around 3% marketshare to over 30% of the purchase business, FHA also averaged 48 announcements per year of program changes. From an origination standpoint FHA still represents the most flexible lending option today. So how do you create a course that offers valuable content for Mortgage Loan Originators? You make it about FHA! With our FHA history this was a natural. We purposely chose not to take the path of using the same material that was covered in the 20 hour program with RESPA, TILA, FCRA… all of which are important yet almost everyone took those subjects and were tested on them last year. We created and designed our FHA based course with 8 hours of content--with 6 of the 8 covering FHA. To create an outstanding value we priced it competitively with other CE courses in the marketplace so you can get more value without paying more… and if you can apply it in the marketplace and actually create income from your CE. A CE program that can help you sell more, is available, Live, Live Webinar or on On Demand.
As Mortgage Loan Originators fill and maintain their pipelines, continuing education tends to have less priority in their schedules. Since CE is required, there stands to be rush at the end to get the education done, report the hours to the NMLS and your local regulator to approve the renewal. At this point, Indiana Department of Financial Institutions is indicating that it can take up to seven days to process the renewal once the requirements are met and the hours logged. Add to that scheduling the course, taking the course, the provider logging the hours with the NMLS… etc.
Do you think there will be a rush at the end?
You CAN avoid the year end rush and the stress of worrying, multiple calls to make sure everything is OK, and ultimately hoping the renewal gets done so that your license stays up to date. Diehl has many live and live webinar options available now through the end of the year and will have a self-study course ready by late summer. Our CE topics are FHA (our 2011 course still available) and Loan Origination under the CFPB (our 2012 course).