Mortgage Education in Illinois
Passage of the SAFE Act of 2008 has made it more difficult for some mortgage brokers to obtain or renew their licenses. This is because some states now have much stiffer standards in place for both education and character. The latter is established through criminal background checks as well as examining credit history and ability to obtain liability insurance. The establishment of a national registry of mortgage licenses, overseen by the Nationwide Mortgage Licensing System, has made it harder for officers to work without a license.
In Illinois, state officials have collaborated with NMLS to devise a system of Illinois mortgage broker continuing education and loan originator training that is in compliance with SAFE standards. Brokers in the state will want to make sure that any training they obtain has been approved or certified by NMLS as meeting both federal and state SAFE requirements.
Continuing education is as important as initial training for anyone working in the mortgage business . Mortgage regulations change constantly as do the different mortgage products available. It’s important for working brokers to stay on top of these changes as they occur. Taking the state-required continuing education ensures that they haven’t missed any information and are operating legally.