Taking Online Continuing Education to Fulfill NMLS Requirements

Online NMLS Continuing Education With the Knowledge Coop is Different

Sometimes finishing annual CE can feel like a drag, but we think that online continuing education (CE) through the Knowledge Coop is different. If this is your first year taking continuing education for your mortgage license, then you are in luck because you've found the best option (in our humble opinion) for Nationwide Multistate Licensing System approved continuing education.

This is great news for you and for us because the Knowledge Coop can now bring you CE for your federal requirements and all state-specific training requirements. And you can do in in the Online Self Study (OSS) method which allows you to take the training in location, time, and speed of your own choosing.

What's more, The Knowledge Coop's online CE is not boring read-and-click like everyone else. We make fresh new videos every year with a twist of fun and a ton info that you'll find useful in the real world. You can actually enjoy taking your NMLS CE instead of dreading it. MLOs like our online CE because it is engaging, entertaining, and easy to complete from the comfort of your office or even your own home.

NMLS CE Requirements for All Mortgage Loan Originators

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires mortgage loan originators (MLOs) complete continuing education (CE) every year. To meet annual CE requirements, state-licensed MLOs must complete 8 hours of NMLS-approved education, covering the following topics:

3 hours on Federal law and regulations
2 hours on ethics including fraud, consumer protection, and fair lending
2 hours of training on nontraditional mortgage products
1 hour of "elective" mortgage origination instruction

Related: Mortgage Loan Origination: Who Needs a License?

State Requirements and The Uniform State Test for Mortgage Licensing

While the SAFE Act requires NMLS to approve pre-licensure and continuing education courses, it is individual state law that compels mortgage loan originators to take the pre-licensure and continuing education as a requirement for state licensure.

Many state agencies require people to complete pre-licensure education before submitting an license application through the NMLS. The NMLS provides information concerning education requirements and administers the process for completing it, but state-licensed MLO's should refer to their state agencies regarding the specific details associated with meeting the education requirements.

With the passage of the SAFE Act and the decade or years since, most states have adopted the Uniform State Test (UST) which allows the NMLS to manage prelicensing education (PE) and CE components for all states that have opted in.

With these requirements set before you from the authority of each state, you can see why using one centralized "clearing house" of approved training eases the burden of multiple license management. The Nationwide Multistate Licensing System allows for CE providers like The Knowledge Coop to create training for MLOs like you that helps you check off the box of approved training.

NMLS State-Specific CE Requirements for LOs

Currently 26 states require their own state-specific CE requirements for loan officers. The Knowledge Coop provides the state-specific continuing education for all of the states that require it.

If you're licensed in multiple states then you need to make sure you're following the hour requirements closely. Some states, such as Oregon, require 10 hours and specifically say that is the 8 hour federal CE course and 2 hours of Oregon state specific. You can use our intuitive and complete State CE Selector tool here to figure out what course hours you need to keep your mortgage originator license active.

Why MLOs Like Our Online NMLS-Approved CE

The Knowledge Coop, specifically Ken Perry, has been training Mortgage Loan Originators for over 15 years now on all topics in many states. With the addition of the SAFE Act, and the subsequent adoption by all the states to allow the NMLS to approve continuing education and manage the providers, we've been at the forefront of this service.

But we hated Online Education for a while. It just wasn't who we were. It was clunky and cumbersome with all the words that you had to read with a 5 minute timer ticking away. A one hour class took WAY longer than 1 hour. So we had to imagine a different way to deliver the training. That's where our fun and quirky video training approach came in.

We also hated the fact that the training was just recycled every other year. One component of the SAFE Act's continuing education requirements is call the "successive year rule." This means that an MLO may not take the same course two years in a row. Most NMLS-Approved CE providers simply offer two courses that you wind up taking again and again. How horrible! Who want to sit through the same class every other year? We hated seeing online CE courses offer the same material year after year with different course numbers….we had to do it better.

MLOs like you have limited amounts of time. So to deliver online CE in a way that respects your time, your attention, and experience and wisdom in the industry, we dove into video training for all of our CE, and we make NEW CE every single year.

It was a gamble since no one else offered anything like it, but it was met with great approval from our clients. Now we know that by providing video continuing education, the hours of training you need are the hours of training you expect and you don't have to be stuck in a miserable two-year cycle of the same boring read-and-click classes.

What to Look for From an NMLS-approved CE Provider

Just like your own business where not every loan officer is created equal, not every CE Provider is created equal either. We love what we do and think we do it best, but if you're shopping around for the best value, here are some things you should look for with each provider.

Is the CE content fresh? Read through their catalog. If the NMLS-approved CE provider you are considering has a catalog, then look to see how many instances of each course there are. Meaning if the state of Oregon CE is listed, how many classes do you have to choose from to make the purchase. A good rule of thumb is that if the provider is offering more than one course per state then they are trying to avoid the successive year rule. But, we can almost guarantee that the training you're about to get is not the freshest and most up to date out there.
What do others say? Do a little research on Facebook and Google to see what others say about their training. Was it engaging? Do they talk about what they took away from it and how it helped them be better Loan Officers? Here is a recent comment we received from a very satisfied Loan Officer, "Incredible training. In almost 22 years of mortgage banking, I can't think of a better training that I have had. Ken's knowledge of the subjects covered is unsurpassed. His method of reaching everyone is incredible. If you were like me and always met your education requirements some corporate mandated classes, step out of the box and attend Ken's live course. You won't be disappointed, and you'll never do it 'the old way' again."
Is "Free" a good price? You get what you pay for. Just like your business, providers of continuing education are pretty competitive too. So you will find similar pricing, but if you want the "free" or vastly cheaper training you will get exactly what you pay for. Treat yourself to training that will make you better by bringing you the best NMLS-approved continuing education.