5 Del. Admin. Code § 2401-11.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 2401-11.0 - Continuing Education

11.1 To meet the annual continuing education requirements of § 10.1.2, a licensed mortgage loan originator must complete during every calendar year after initial licensing at least 8 hours of education that include:

11.1.1 federal law and regulations - 3 hours;

11.1.2 ethics, to include instruction on fraud, consumer protection, and fair lending issues - 2 hours; and

11.1.3 lending standards for the nontraditional mortgage product marketplace - 2 hours.

11.2 All continuing education courses must approved by the Nationwide Mortgage Licensing System and Registry.

11.3 Continuing education may be offered either in a classroom, online or by any other means and at any location approved by the Nationwide Mortgage Licensing System and Registry.

11.4 A licensed mortgage loan originator:

11.4.1 except as provided in § 11.8, may only receive credit for a continuing education course in the calendar year in which the course is taken; and

11.4.2 may not take the same course in the same or successive calendar years to meet the annual requirements for continuing education.

11.5 A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught.

11.6 Any continuing education courses specified in § 11.1.1 to § 11.1.3 that are approved by the Nationwide Mortgage Licensing System and Registry for any other state shall be accepted as credit towards completion of the continuing education requirements in this State.

11.7 A licensed mortgage loan originator who subsequently becomes unlicensed must complete the continuing education requirements for the last year in which a license was held prior to issuance of a new or renewed license.

11.8 A mortgage loan originator who applies for a license renewal and meets the requirements of § 10.1 and § 10.3, but fails to complete the required continuing education credits by December 31 shall submit to the Commissioner by that date a specific plan for making up the deficiency of necessary credits by March 1 of the succeeding year.

11.8.1 Unless the Commissioner notifies the mortgage loan originator to the contrary by January 31, the plan shall be deemed accepted by the Commissioner and the mortgage loan originator's license will be renewed provisionally until March 15.

11.8.2 Not later than March 15, the mortgage loan originator shall submit to the Commissioner a written certification of completion of the plan that includes the title, date, and number of credits earned at each course.

11.8.3 The Commissioner may refuse to renew pursuant to § 13.0 the license of a mortgage loan originator with a continuing education deficiency who fails to submit either the plan or certification required by this section.

5 Del. Admin. Code § 2401-11.0