Section 26-C1105. PRE-LICENSING EDUCATION REQUIREMENTS FOR MORTGAGE LOAN ORIGINATORS

 

1105.1In order to meet the pre-licensing education requirements for a mortgage loan originator, an applicant shall complete at least twenty (20) hours of pre-licensing education approved in accordance with subsection 1105.2.

 

1105.2The twenty (20) hours of pre-licensing education requirements shall include at least the following courses approved by the Nationwide Mortgage Licensing System:

 

(a)Three (3) hours of federal law and regulations on mortgage and real estate related subject matter;

 

(b)Three (3) hours of ethics which shall include instruction on mortgage and real estate related fraud, consumer protection, and fair lending issues;

 

(c)Two (2) hours of training related to lending standards for the non-conventional mortgage product marketplace;

 

(d)Three (3) hours of District of Columbia mortgage lending laws and regulations; and

 

(e)Nine (9) hours of elective courses on mortgage and real estate related subject matter.

 

1105.3 An applicant for an original mortgage loan originator license, who is already licensed in another state, that requires testing, will be required to complete at least three (3) hours of District mortgage related courses.

 

1105.4An applicant for an original mortgage loan originator license, who is already licensed in another state, that does not require testing, will be required to comply with the requirements of section1105.2.

 

1105.5If the Nationwide Mortgage Licensing System and Registry has not approved twenty (20) hours of pre-licensing education requirements at the time of the submission of an application, and all other licensure requirements have been met, the application will be contingently approved until the first renewal cycle.  By the first renewal cycle the applicant shall have taken the required pre-licensing education requirements.

 

source

Final Rulemaking published at 56 DCR 4357, 4360-4361 (June 5, 2009).