When will the annual requirements for continuing education begin for loan originators who are properly grandfathered?
Loan originators must complete at least 8 hours of approved residential lending continuing education courses annually. (See Division Regulatory Bulletin 5.1-105 Educational Requirements for Loan Originators.) For loan originators who were approved for licensure in 2008, the initial continuing education courses must be completed before December 31, 2009. Please be advised that recent legislation may require that those who satisfied the grandfather provision may be required to complete an additional education requirement, similar to the pre-license course requirement for loan originator applicants who did not meet the grandfather provision, prior to December 31, 2009. In the event that the education requirement is introduced for a period prior to December 31, 2009, loan originator licensees will be given notice and an opportunity to complete the training requirement within a reasonable time period.
