How to Select an NMLS Course Provider
Mortgage loan originators need to fulfill Pre-License Education requirements before obtaining a license in the United States. Furthermore, the license must be renewed on a yearly basis, and this calls for Continuing Education requirements to be fulfilled.
A federal mandate requires every state to comply with the 20 hours of Pre-License Education and 8 hours of Continuing Education as part of the license approval and renewal process. Also, most states are now requiring added “state-specific” Pre-License and Continuing Education hours added to the minimum federal requirements. In order to become licensed in multiple states, it may appear overwhelming to those looking for a Mortgage License Education Provider.
This article will aid in making the process as simple as possible.
Training providers need to have their courses approved through the Nationwide Mortgage Licensing System.
If the selected states require additional training, you may need to use more than one provider. It’s very unlikely for a course provider to be approved in each state that requires state-specific training. This is largely due to the fact that demand isn’t high enough in certain states. If you plan on being licensed in multiple states, it is a good idea to locate one of the few providers offering everything you need to become licensed.
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Courses are provided in several different formats. Classroom training is done in-person. Webinar courses are done through a live webinar. A popular choice in course delivery format is online and instructor-led, as it allows individuals to complete the course at their own pace. Usually the course must be completed within a certain timeframe. Those who feel pressured by having to finish the training by a certain date, should choose online self-study which does not require coursework to be completed within a specific window.
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You should look for a course provider that offers training in your preferred format.
Another factor, often overlooked by students, is the need for an efficient technology platform. The NMLS has established guidelines as to how the training must be conducted, such as instructor interaction, course timing, and identity verification. The good news is there appears to be plenty of flexibility in remaining compliant with the course requirements. Course providers differ in how courses are delivered, so it’s a good idea to test things out before you commit.
When looking for a course provider, customer service should be one of the biggest deciding factors. Issues are bound to present themselves throughout the training process. Some examples are, course windows unexpectedly closing, infrequent reporting to the NMLS, renewal issues, and something as simple as being unable to navigate a website properly. It’s important for you to be able to reach someone who can assist you with the various issues in need of a resolution.