Oklahoma To Require Classroom Instruction for MLO Continuing Education

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The Oklahoma Department of Consumer Credit (OK-DOCC) has informed the NMLS that a mortgage loan originator (MLO) must satisfy the annual continuing education requirement in a classroom at least once every two years. Accordingly, the requirement for an MLO to complete continuing education in a classroom or classroom equivalent setting may be met during calendar year 2014 or calendar year 2015.  

The OK-DOCC annual continuing education requirements for licensed MLOs are:

  • Three hours of federal law
  • Two hours of ethics
  • Two hours of lending standards for non-traditional mortgage products
  • One hour of undefined elective

Connecticut Amends Mortgage Licensing and Financial Services Laws

Connecticut Governor Dannel Malloy recently signed HB 5353, which amends numerous unrelated provisions to Connecticut's laws regulating financial services companies. Among the changes, the bill:

  • Renames mortgage servicing companies "mortgage servicers"
  • Expands the scope of who is subject to licensure
  • Adds new licensing, application, fee, bonding, and recordkeeping requirements
  • Limits the exemptions from mortgage lender, mortgage correspondent lender, mortgage broker, and debt negotiator licensure that apply to certain subsidiaries of banks and credit unions
  • Extends the Banking Commissioner's authority to use the NMLS, authorizes the system to receive and maintain licensing and registration records, and establishes filing, licensing, fees, reports, and other system procedures and requirements
  • Narrows the scope of the exemption from MLO licensure that applies to certain attorneys
  • Increases the pre-licensing and continuing education and testing requirements for mortgage lenders, mortgage correspondent lenders, and mortgage brokers

The effective dates of the changes, which vary by provision, are either October 1, 2014, or January 1, 2015.

 

Topics:  MLO Licenses, Mortgage Loan Originators, Mortgages

Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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