§ 6.2-1710. (Effective October 1, 2010) Continuing education requirements.
A. A licensed mortgage loan originator shall complete annually at least eighthours of continuing education courses approved in accordance with subsectionB, which shall include at least: (i) three hours related to federal law andregulations; (ii) two hours related to ethics, which shall includeinstruction about fraud, consumer protection, and fair lending issues; and(iii) two hours related to lending standards for the nontraditional mortgageproduct marketplace.
B. Continuing education courses shall be reviewed and approved by theRegistry based upon reasonable standards. Review and approval of a continuingeducation course shall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any continuingeducation course that has been approved by the Registry by: (i) the employerof the mortgage loan originator; (ii) an entity that is affiliated with themortgage loan originator by an agency contract; or (iii) a subsidiary oraffiliate of such employer or entity.
D. Continuing education courses may be offered in a classroom, online, or byany means approved by the Registry.
E. A licensed mortgage loan originator may only receive credit for acontinuing education course in the year in which the course is taken and maynot take the same approved course in the same or successive years to meet theannual requirements for continuing education.
F. A licensed mortgage loan originator who is an instructor of an approvedcontinuing education course may receive credit for his annual continuingeducation requirement at the rate of two hours of credit for every one hourof teaching.
G. A licensed mortgage loan originator who has successfully completedRegistry-approved continuing education courses that satisfy the requirementsof subsection A for any state shall be deemed to have satisfied thecontinuing education requirements of this chapter.
§ 6.2-1710. (Effective October 1, 2010) Continuing education requirements.
A. A licensed mortgage loan originator shall complete annually at least eighthours of continuing education courses approved in accordance with subsectionB, which shall include at least: (i) three hours related to federal law andregulations; (ii) two hours related to ethics, which shall includeinstruction about fraud, consumer protection, and fair lending issues; and(iii) two hours related to lending standards for the nontraditional mortgageproduct marketplace.
B. Continuing education courses shall be reviewed and approved by theRegistry based upon reasonable standards. Review and approval of a continuingeducation course shall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any continuingeducation course that has been approved by the Registry by: (i) the employerof the mortgage loan originator; (ii) an entity that is affiliated with themortgage loan originator by an agency contract; or (iii) a subsidiary oraffiliate of such employer or entity.
D. Continuing education courses may be offered in a classroom, online, or byany means approved by the Registry.
E. A licensed mortgage loan originator may only receive credit for acontinuing education course in the year in which the course is taken and maynot take the same approved course in the same or successive years to meet theannual requirements for continuing education.
F. A licensed mortgage loan originator who is an instructor of an approvedcontinuing education course may receive credit for his annual continuingeducation requirement at the rate of two hours of credit for every one hourof teaching.
G. A licensed mortgage loan originator who has successfully completedRegistry-approved continuing education courses that satisfy the requirementsof subsection A for any state shall be deemed to have satisfied thecontinuing education requirements of this chapter.
§ 6.2-1710. (Effective October 1, 2010) Continuing education requirements.
A. A licensed mortgage loan originator shall complete annually at least eighthours of continuing education courses approved in accordance with subsectionB, which shall include at least: (i) three hours related to federal law andregulations; (ii) two hours related to ethics, which shall includeinstruction about fraud, consumer protection, and fair lending issues; and(iii) two hours related to lending standards for the nontraditional mortgageproduct marketplace.
B. Continuing education courses shall be reviewed and approved by theRegistry based upon reasonable standards. Review and approval of a continuingeducation course shall include review and approval of the course provider.
C. Nothing in this section shall preclude the provision of any continuingeducation course that has been approved by the Registry by: (i) the employerof the mortgage loan originator; (ii) an entity that is affiliated with themortgage loan originator by an agency contract; or (iii) a subsidiary oraffiliate of such employer or entity.
D. Continuing education courses may be offered in a classroom, online, or byany means approved by the Registry.
E. A licensed mortgage loan originator may only receive credit for acontinuing education course in the year in which the course is taken and maynot take the same approved course in the same or successive years to meet theannual requirements for continuing education.
F. A licensed mortgage loan originator who is an instructor of an approvedcontinuing education course may receive credit for his annual continuingeducation requirement at the rate of two hours of credit for every one hourof teaching.
G. A licensed mortgage loan originator who has successfully completedRegistry-approved continuing education courses that satisfy the requirementsof subsection A for any state shall be deemed to have satisfied thecontinuing education requirements of this chapter.
