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All individuals required to be licensed as mortgage loan originators are required to complete ten (10) hours of continuing education on an annual basis. Such continuing education must be completed within each calendar year and prior to any license renewal or reinstatement.
Of the ten (10) hours of continuing education, eight (8) hours are wholly administered through the Nationwide Mortgage Licensing System and Registry (the “NMLS”). Pursuant to the S.A.F.E. Act, the eight (8) hours of continuing education administered by the NMLS shall consist of the following: three (3) hours of courses on Federal laws and regulations; two (2) hours of ethics courses; two (2) hours of courses related to nontraditional mortgage products; and one (1) hour of elective coursework. In order to learn more about NMLS administered continuing education, please contact them at: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
In addition to the NMLS required eight (8) hours of continuing education, all individuals required to be licensed as state-licensed loan originators pursuant to the Act must complete a two (2) hour Colorado Annual Update Course that is administered by the Colorado Division of Real Estate (the “DRE”).
As of February 16, 2011, the two (2) hour Colorado Annual Update Course has been developed and is ready for licensees to take this course. Licensees must take this course from a DPOS approved provider or from a DPOS exempt provider, both of which must be approved by the Division of Real Estate. Click here for a list of approved course providers.
Licensees who successfully pass the National Portion of the S.A.F.E. Test in the same calendar year in which they were granted a Colorado license are exempt from all Colorado specific continuing education requirements for that year. All other licensees are required to complete 10 hours of continuing education, including the Colorado Two (2) Hour Annual Update Course as well as 8 hours of continuing education through the NMLS. Please refer to the NMLS for rules regarding the 8-hour continuing education requirement.