Popular question of the week from Iowa mortgage loan originators: “When will ProSchools ‘certify’ my continuing education hours with the NMLS?”

Unpopular answer: “Never.” OK, we’re not that blunt, but ProSchools cannot certify continuing education hours to NMLS, only the state can certify state-approved hours.   Under Section 1505 & 1506 of the SAFE Act, current MLOs who have successfully taken at least 20 hours of education while satisfying a state pre-licensure or continuing education requirement, may be able to have their hours certified by the state as satisfying the SAFE 20-hour pre-licensure education requirement. 

I asked Iowa how they plan to do the certifying and I received a helpful email from Craig Christensen with the Iowa Department of Banking. He said that they are still working on the certification process, but sounds like they will use the quarterly reports they receive from providers to verify and certify the classes for NMLS.  Could be April or May of 2010.

Craig also requested that we remind Iowa loan originators not to send their continuing education certificates to Iowa DOB or NMLS, but rather keep them for your personal records.  Make sure that you have at least 20 hours total because you won’t be able to combine state-approved hours with NMLS-approved hours.

This entry was posted on Friday, October 30th, 2009 at 2:11 pm and is filed under Education Requirements, Mortgage Licensing, NMLS, NMLSR, SAFE Act. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.