Loan Originators - continuing education requirements

The State of Oregon, the Oregon Association of Mortgage Professionals and the Mortgage Lending Education Board held an emergency meeting this month to discuss continuing education testing requirements.

The purpose of this meeting was to bring clarification about the requirements established for loan originators. They will no longer be required to take proctored tests for continuing education courses.

This decision is effective July 1, 2006.

**This does not impact entry-level education requirements. Originators, both in and out of state, are still required to take a proctored state exam as part of the entry level requirement.

FAQ's

Q - Will I still be required to take an exam as part of my entry-level education requirement?
A - Yes, this decision does not impact any of the requirements related to entry-level education.

Q - I already took my proctored exam after an on-line education course. Since the rules have changed am I eligible for a refund?
A - No

Q - If I take the same course more than once, can it count toward my 20 hours of CE?
A - No. Once a course has been taken in a 24 month cycle for CE hours it can not be taken for additional credit. However if you choose to take the course again in an additional 24 month period it would count toward your requirements.

Q - What are the consequences to Brokers if they have originators working for them who do not have the required education completed?
A - There is a potential fine of $5000 per loan, to the licensee, if the loan originators' education has lapsed or expired.

Q - I have been an originator in another State for 7 years. As an entry-level originator in Oregon, do I really have to take a 20 hour course prior to taking my State test?
A - The 20 hour course is required prior to taking the State entry-level exam.

Q - May course providers of MLEB-approved courses still require examinations and minimum passing scores to receive certificates of completion?
A - Yes. The change simply means that proctored examinations, though still required for entry-level courses, are no longer required for continuing education.

Click here for the letter that was mailed out to the loan originators.