This text of Iowa § 535D.10 (Continuing education) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.A licensed mortgage loan originator shall annually complete at least eight hours of
education approved in accordance with subsection 2, which shall include at a minimum the
following:
a.Three hours of federal laws and regulations pertaining to residential mortgage loan
origination.
b.Twohoursofethics, whichshallincludeinstructiononfraud, consumerprotection, and
fair lending issues.
c.Two hours of training related to lending standards for the nontraditional mortgage
product marketplace.
2.Continuing education courses shall be reviewed and approved by the nationwide
mortgage licensing system and registry based upon reasonable standards. Review and
approval of a continuing education course shall include review and approval of the course
provider.
3.A continuing education course that i
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1. A licensed mortgage loan originator shall annually complete at least eight hours of
education approved in accordance with subsection 2, which shall include at a minimum the
following:
a. Three hours of federal laws and regulations pertaining to residential mortgage loan
origination.
b. Twohoursofethics, whichshallincludeinstructiononfraud, consumerprotection, and
fair lending issues.
c. Two hours of training related to lending standards for the nontraditional mortgage
product marketplace.
2. Continuing education courses shall be reviewed and approved by the nationwide
mortgage licensing system and registry based upon reasonable standards. Review and
approval of a continuing education course shall include review and approval of the course
provider.
3. A continuing education course that is approved by the nationwide mortgage licensing
system and registry and is provided by the employer of the mortgage loan originator or an
entity which is affiliated with the mortgage loan originator by an agency contract, or any
subsidiary or affiliate of such employer or entity, shall meet the requirements of this section.
4. Continuing education may be offered either in a classroom, online, or by any other
means approved by the nationwide mortgage licensing system and registry.
5. A licensed mortgage loan originator, other than an originator subject to license
nonrenewal pursuant to section 535D.9, subsection 2, or making up continuing education
pursuant to subsection 9 of this section, may only receive credit for a continuing education
course in the year in which the course is taken and may not take the same approved course
in the same or successive years to meet the annual requirements for continuing education.
6. 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 two hours credit for every one
hour taught.
7. Completion of continuing education requirements that have been approved by the
nationwide mortgage licensing system and registry for any state shall be accepted as credit
towards completion of continuing education requirements in this state.
8. A licensed mortgage loan originator who subsequently becomes unlicensed must
complete the continuing education requirements for the last year in which the license was
held prior to issuance of a new or renewed license.
9. A person meeting the requirements of section 535D.9, subsection 1, paragraphs “a”
and “c”, may make up any deficiency in continuing education as established by rule of the
superintendent.