2009-04-30 17:51:43 -
ProSchools, a national provider of mortgage education, has announced the development of four interactive online courses, designed to meet future education requirements set forth in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).
ProSchools just received the approval for four new online courses for Iowa Loan Originators from the Iowa Division of Banking. One of the requirements under Title V of the Secure and Fair Enforcement of Mortgage Licensing Act (SAFE), requires mortgage loan originators (MLOs) to meet minimum standards for both education and passing an exam.
"ProSchools new courses are designed to meet the S.A.F.E Act educational requirements," says Stephanie Packineau, Marketing Manager for ProSchools. "More and more states like Iowa are preparing for the NMLS transition. ProSchools is committed to helping all mortgage lenders meet the new regulation requirements.” ProSchools expects to be one of the first education providers to get courses approved through the NMLS.
Beginning January 1, 2009, Iowa loan
originators are required to complete 20 hours of education and pass a state exam. The hours need to include at least 3 hours of federal laws and rules; 3 hours of ethics, including fraud, consumer protection, and fair lending issues; and 2 hours of training relating to lending standards for nontraditional mortgage products (this could be any product that is not a 30-year fixed rate mortgage).
Under SAFE, all loan originators will need to complete 20 hours of prelicense education and once licensed under SAFE, complete eight hours of annual continuing education. The 20 hour prelicense education must include:
·3 hours federal laws and regulations
·3 hours ethics, including fraud, consumer protection, and fair lending issues
·2 hours training related to lending standards for the nontraditional mortgage products
·12 hours elective or undetermined
ProSchools offers a few different choices for Iowa loan originators to choose from. ProSchools offers the full 20-hour online course and it includes an exam prep to prepare people for the exam.
We also offer exam prep by itself for those mortgage loan originators that attend a live class or may need help passing the state exam. ProSchools’ exam prep has tons of practice tests and a lot of information to reinforce the important topics expected on the exam.
ProSchools’ final option are the three mandated topics approved as individual courses: Federal Laws and Rules for Loan Originators (3 hrs), Ethics: Fraud, Consumer Protection, and Fair Lending (3 hrs), and Lending Standards: Nontraditional Mortgage Products (2 hrs). These eight hours are also included in the 20-hour course.
ProSchools offers online real estate education, insurance education, mortgage education, and property appraisal.
With over 50 years experience developing real estate, insurance, and mortgage lending courses, ProSchools offers state-approved prelicense and continuing education courses in Oregon, Washington, Idaho, Iowa, Illinois, Georgia, Maine, Maryland, Montana, South Carolina, Colorado, Tennessee, Hawaii, Arizona, Pennsylvania, Minnesota, Nevada, Florida, Texas, Virginia, Utah, Wyoming, and Wisconsin.
More information can be found at the ProSchools website at www.proschools.com or by calling ProSchools at 1-800-452-4879.
