RCW 19.146.350
Loan originators -- Continuing
education -- Requirements. (Effective January 1, 2010.)
(1) A
licensed mortgage loan originator must complete a minimum of
eight hours of continuing education, eight of which is approved
by the nationwide mortgage licensing system and registry which
must include at least three hours of federal law and regulations;
two hours of ethics, which must include instruction on fraud,
consumer protection, and fair lending issues; and two hours of
training related to lending standards for the nontraditional
mortgage product marketplace. Additionally, the director may
require at least one hour of continuing education on Washington
law provided by and administered through an approved provider.
(2) The nationwide mortgage licensing system and registry
must review and approve continuing education courses. Review and
approval of a continuing education course must include review and
approval of the course provider.
(3) A licensed mortgage loan originator may only receive
credit for a continuing education course in the year in which the
course is taken, and may not take the same approved course in the
same or successive years to meet the annual requirements for
continuing education.
(4) A licensed mortgage loan originator who is an instructor
of an approved continuing education course may receive credit for
the licensed mortgage loan originator's own annual continuing
education requirement at the rate of two hours credit for every
one hour taught.
(5) A person having successfully completed the education
requirements approved by the nationwide mortgage licensing system
and registry for any state must have their credits accepted as
credit towards completion of continuing education requirements in
this state.
(6) This section does not preclude any education course, as
approved by the nationwide mortgage licensing system and
registry, that is provided by the employer of the mortgage loan
originator or an entity which is affiliated with the mortgage
loan originator by an agency contract, or any subsidiary or
affiliate of such employer or entity. Continuing education may
be offered either in a classroom, online, or by any other means
approved by the nationwide mortgage licensing system and
registry.
[2009 c 528 § 11.]
NOTES:
Effective date -- License requirement -- Implementation -- 2009 c 528: See notes following RCW 19.146.010.