Iowa Code 535D.7 – Prelicensing education of loan originators
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Terms Used In Iowa Code 535D.7
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Fraud: Intentional deception resulting in injury to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
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
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