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 course provider.
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 which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer 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 of prelicensing education requirements in this state.
2009 Acts, ch 61, §8, 25
Referred to in §535D.6
Structure Iowa Code
Chapter 535D - MORTGAGE LICENSING ACT
Section 535D.2 - Legislative findings and purpose.
Section 535D.4 - License and registration required.
Section 535D.5 - License and registration — application and issuance.
Section 535D.6 - Conditions of licensure.
Section 535D.7 - Prelicensing education of loan originators.
Section 535D.8 - Test requirements.
Section 535D.9 - Standards for license renewal and nonrenewal.
Section 535D.10 - Continuing education.
Section 535D.11 - Duties and powers of superintendent.
Section 535D.12 - Nationwide mortgage licensing system and registry information — challenge process.
Section 535D.13 - Disciplinary action and civil enforcement authority.
Section 535D.14 - Surety bond required or recovery fund.
Section 535D.15 - Confidentiality.
Section 535D.16 - Investigation and examination authority.
Section 535D.17 - Prohibited acts and practices.
Section 535D.18 - Report to nationwide mortgage licensing system and registry.
Section 535D.19 - Unique identifier shown.
Section 535D.20 - Operating without a license — penalty.
Section 535D.21 - Administrative authority.
Section 535D.22 - Compliance with federal law.
Section 535D.23 - Reports of condition required — exceptions.