MORTGAGE
BROKER AND LOAN ORIGINATOR CONTINUING EDUCATION QUESTIONS
Question:
Who is required to complete
mortgage continuing education?
Answer:
All Illinois Loan Originators are required to complete a minimum of eight (8) credit hours of NMLS-Approved continuing education each calendar year.
Real Estate Institute offers NMLS-Approved CE courses. Click here to learn more.
Question:
Are there exceptions?
Answer:
Yes. The SAFE Act requires mortgage loan originators to complete eight hours of NMLS approved continuing education annually.
However, mortgage loan originators do not need to take continuing education in the calendar year in which their first NMLS state license was granted.
Also, a Loan Originator who is admitted to the practice of law in Illinois is exempt from the annual continuing education requirement.
Question:
Do you report my education completion
to the State for me?
Answer:
Yes. Real Estate Institute will report your course completion to the NMLS within 7 days of course completion.
Question:
I have a group of people in my office
that need to complete their requirements. Can we arrange for
the firm to receive all the certificates for the firm's records?
Answer:
Yes, we can coordinate everything for your firm. You choose a group coordinator, and we will send
all certificates directly to that person. In addition, we will work with your group coordinator to streamline registration, attendance, and recordkeeping for all loan originators at your firm.
Call us to learn more!
Question:
I became licensed as a Loan Originator this year.
Do I still need to complete a continuing education course this year?
Answer:
Mortgage loan originators do not need to take continuing education in the calendar year in which their first NMLS state license was granted.
This is because you have already copmleted the 20 hour pre-license coursework required by the NMLS.
If you have not already done so, click here to learn more.
MORTGAGE BROKER PRE-LICENSE
QUESTIONS
Question:
Who is required to hold an
Illinois Mortgage Brokers License?
Answer:
Licensing is required when an entity brokers, originates,
services and/or purchases loans secured by residential real
estate situated in Illinois and are not exempt.
Question:
Who is required to complete
a mortgage pre-license course?
Answer:
Applicants with less than
three (3) years of experience in Real Estate Finance are
required to complete an approved program of education in Real
Estate Finance and Fair Lending.
Our 24 credit hour course is an approved program.
Question:
How soon after I enroll will I receive
my materials?
Answer:
The study packet is shipped to you via
Priority Mail, normally on the same day the enrollment is
received. Most students receive their packets in 2-3
days. Next day delivery is available at an additional
charge. You can also come to the school to enroll and
pick up your materials.
Question:
Will an instructor be available if I
have a question?
Answer:
Yes. Instructors are generally
available by telephone Monday through Friday during normal
business hours. We find that most student questions can
be easily handled over the phone.
Question:
What if I don't pass the final exam?
Answer:
A passing score of 70% is required on
the final exam. Students who do not pass the final exam
may work out a plan with an instructor to improve their
knowledge of the subjects and retest at a later time.
Students who fail the exam a second time will have failed the
course.
