#1- The MLO Endorsement Must Be Renewed Every Year And The Expiration Date For All MLO Renewals Is December 31st
This is the requirement for both Department of Business Oversight and Department of Real Estate members. Loan Brokers from FDIC banks do not need any Federal Approved Education.
#2- The Cost Varies For Different Licensees
But It Is Around $330.00.
#3- Eight Hours Of Continuing Education Is Required For Every Renewal
With 3 Hours of Federal Law, 2 Hours of Non-Traditional Mortgages, 2 Hours of Ethics, and 1 Hour of California.
#4- You Cannot Take The Same Course Two Years In A Row
But most professional companies change their courses every year.
#5- There Is A “Banking Fee” Of $12.00
For submitting your renewal course but most schools pay this.
#6- If You Miss The Deadline For Submitting Your Fees And Forms
You have until the end of February to file. But you must complete another “late” education course and pay extra fees.
#7- If You Miss The End Of February, Your Endorsement Will Be Cancelled
You will have to meet other standards. If you miss five years of licensing, you will have to retake the Federal Exam.
#8- Renewal Courses Can Be Taken In A Live Setting Or Online
To complete an online course you have to spend eight hours at the computer, clicking regularly.
#9- Courses Can Be Completed With A Written Exam (Pass Or Fail)
Or with a class case-study project for all students. Duane Gomer Education uses the no fail case study.
#10- Do The NMLS Regulations That Require Continuing Education Exempt Licensees Over 70 Like DRE?
NO.
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