Minimum loan originator license requirements.

CFR · 2024-01-01 · US · Title 12

For an individual to be eligible for a loan originator license required under § 1008.103(a) and (d), a state must require and find, at a minimum, that an individual: (a) Has never had a loan originator license revoked in any governmental jurisdiction, except that a formally vacated revocation shall not be deemed a revocation; (b)(1) Has never been convicted of, or pled guilty or (i) During the 7-year period preceding the date of the application for licensing; or (ii) At any time preceding such date of application, if such felony involved an act of fraud, dishonesty, a breach of trust, or money laundering. (2) For purposes of this paragraph (b): (i) Expunged convictions and pardoned convictions do not, in themselves, affect the eligibility of the individual; and (ii) Whether a particular crime is classified as a felony is determined by the law of the jurisdiction in which an individual is convicted. (c) Has demonstrated financial responsibility, character, and general fitness, such as to command the confidence of the community and to warrant a determination that the loan originator will operate honestly, fairly, and efficiently, under reasonable standards established by the individual state. (d) Completed at least 20 hours of pre-licensing education that has been reviewed and approved by the Nationwide Mortgage Licensing System and Registry. The pre-licensing education completed by the individual must include at least: (1) 3 hours of Federal law and regulations; (2) 3 hours of

official document · source cfr-2024 · id 12:§ 1008.105