What are the prelicense education requirements for State-licensed mortgage originators as a result of the SAFE Act?
20 hours of prelicensing education are required; 3 hours of which must be related to Federal laws and regulations, 3 hours of ethics, and 2 hours of training on nontraditional mortgage products (i.e., any product that is not a 30-year fixed rate mortgage). All courses must be approved by the Nationwide Mortgage Licensing System; however the approval system isn’t expected to be developed until the latter part of 2009.
