What is the education requirement to become a loan originator or principal manager?
* The requirement for an initial applicant is twenty(20)hours of approved, live academic instruction, acceptable to the Commissioner, in the previous twenty-four (24) months of the date of submission of the application. The initial twenty (20) hours of academic instruction must include at least three (3) hours of federal law and regulations concerning residential mortgage lending, three (3) hours of ethics, including instruction on fraud, consumer protection, and fair lending practices, two (2) hours of training concerning lending standards for non traditional residential mortgage load products and two (2) hours of Indiana state law and rules concerning residential mortgage lending. Principal Managers must take an additional 16 hours of CE to be licensed (See NMLS checklist for additional information and requirements).
* The requirement for a renewing applicant is 8 hours of academic instruction annually beginning after the first year the registration was approved.