535D.7 Prelicensing education of loan originators. 1. An applicant for licensure shall complete at least twenty hours of prelicensing 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. Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues. c. Two hours of training related to lending standards for the nontraditional mortgage product marketplace. 2. Prelicensing education courses shall be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards. Review and approval of a prelicensing education course shall include review and approval of the courseprovider. 3. A prelicensing education course that is approved by the nationwide mortgage licensing system and registry and is provided by the employer of the applicant or an entity whichis affiliated with the applicant by an agency contract, or any subsidiary or affiliate of suchemployer or entity, shall meet the requirements of this section. 4. er of the applicant or an entity whichis affiliated with the applicant by an agency contract, or any subsidiary or affiliate of suchemployer or entity, shall meet the requirements of this section. 4. Prelicensing education may be offered either in a classroom, online, or by any other means approved by the nationwide mortgage licensing system and registry. 5. Prelicensing education requirements approved by the nationwide mortgage licensing system and registry for any state shall be accepted as credit towards completion ofprelicensing education requirements in this state. 2009 Acts, ch 61, §8, 25Referred to in §535D.6 Sat Dec 23 01:38:35 2023 Iowa Code 2024, Section 535D.7 (16, 0)
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