Mortgage loan originators: we know most of you just made it through the annual Nationwide Mortgage (or Multistate) Licensing System (NMLS) renewal process. Here’s a heads up on topics required in 2019.

Required topic lists

8-hour CE courses must cover:

  • three hours of federal mortgage-related law and regulations;
  • two hours of ethics, consumer protection and fraud;
  • two hours of nontraditional lending; and
  • one hour of elective topics (one hour of Department of Business Oversight (DBO)-specific elective topics, for DBO MLOs).

Those general guidelines are set by federal law, and remain in place.

Required topics to be taken in 2019 as part of the 8-hour NMLS CE are:

Topics Intended to Satisfy the 3 Hours of Federal Mortgage-Related Laws

Truth-in-Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)

  • Required: Loan Estimate issues Reg Z, 12 CFR 1026.19(e)(1)(iii)
    • Purpose: To provide clarification on the issues on the GFE in the past and how
      to properly disclose fees going forward on the Loan Estimate to avoid further
      deficiencies through state examinations.
  • Required: Changed circumstances Reg X, 12 CFR 1024.7 (e)(1)
    Reg X, 12 CFR 1024.7 (f)(1) and (2)
    Reg X, 12 CFR 1024.7 (i)

    • Purpose: To show in the past on the GFE it was documented and used
      incorrectly and how to properly understand and document “changed
      circumstances” for the purposes of the Loan Estimate to avoid further
      deficiencies through state examinations.
  • Required: Tolerance Violations Reg Z, 12 CFR 1026.19 (e) (3) (ii)
  • Required: Timeliness of disclosures

Ontime NMLS continuing education (CE) can be completed any time in calendar year, and first tuesday already has an 8-hour 2019 renewal course ready to go. If you’ve got your Department of Real Estate (DRE) renewal coming up soon, consider bundling the 8-hour NMLS CE with your 45-hour DRE CE.

Need late NMLS CE for 2010-2018 instead? Check out our late CE offering here.