“Earlier this year, ProSchools started getting a lot of calls from California mortgage originators wanting to know if our mortgage continuing education course was approved for real estate as well,” says Deanne Gillock, Regulatory Director for ProSchools
Portland, OR (PRWEB) July 15, 2011
As of January 1, 2011, the California Department of Real Estate (DRE), implemented new licensing requirements for mortgage loan originators in California who also hold a real estate license. Effective as of this date, real estate licensees wanting to originate loans must obtain a mortgage loan originator license endorsement. Without the MLO endorsement, a California real estate licensee cannot legally originate or broker residential mortgage loans.
This new requirement, a result of the SAFE Act, was passed into law in 2008. Under the SAFE Act, mortgage loan originators much complete 20-hours of initial education, pass an exam, complete a criminal background check, and take annual continuing education in order to renew their MLO license endorsement.
ProSchools’ course, approved by NMLS and California DRE, focuses on changes to federal laws, nontraditional lending practices and ethical conduct – specific issues related to consumer protection impacted by the Dodd-Frank Act. The course allows licensees holding a real estate and mortgage license to complete one course and receive 8 hours of renewal credit towards each license.
“Earlier this year, ProSchools started getting a lot of calls from California mortgage originators wanting to know if our mortgage continuing education course was approved for real estate as well,” says Deanne Gillock, Regulatory Director for ProSchools. “We looked into it and found that getting the course approved for both mortgage and real estate continuing education made sense. Taking one course and getting credit towards renewing both licenses will save dual licensed professionals time and money.”
As of January 1, 2011, the Department of Real Estate has issued over 22,000 MLO license endorsements. The DRE is expects to issue over 30,000 endorsements.
ProSchools is a national education provider, offering prelicense and continuing education for mortgage loan originators, real estate brokers, and insurance producers. With almost 60 years’ experience teaching thousands of professionals, ProSchools has evolved in the past decade as a leader in online course development and training.
More information can be found at the ProSchools website at http://www.proschools.com or by calling ProSchools at 1-800-452-4879.