Rhode Islanda Mortgage Education
EasyRealEstateSchool.com offers these Rhode Islanda mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
Any natural person who is an employee of a lender or loan broker that is required to be licensed under Rhode Island general laws section 19-14-1 et seq., or a provisional employee as defined in section 19-14-1 et seq, and who for or with the expectation of a fee, commission or other valuable consideration:
- advises an applicant about different loan products and their terms and conditions in order to permit the applicant to select and apply for a particular loan product, or
- advises persons in completing loan applications by informing the applicant regarding the benefits, terms and/or conditions of a loan product or service, or
- negotiates or offers to negotiate the making of a mortgage loan with an applicant.
Who does not need this license?
- A mortgage loan originator employed by an operating subsidiary of a financial institution or banking institution organized under the laws of this state or any state within the United States; provided, however, that any such operating subsidiary shall provide an educational program or course that is relevant to the products and services offered by its employees who solicit loans on behalf of such operating subsidiary.
- An Individual loan officer who does not originate loans to be secured by real property.
- An individual person whose activities are ministerial and clerical who is not performing any of the bulleted tasks identified above.
What are the pre-requisites for license applications?
- Net worth Positive
- Bond amount No individual bond required
- Criminal background check Yes
- Testing Yes (must complete by January 1, 2009)
- Education Yes (must complete by January 1, 2009)
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Rhode Islanda State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 12/31/2009.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 10/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 10/31/2010.
Rhode Island Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 9/11/2009 must have completed 20 hours of NMLS approved pre-licensure education, including 3 hours of RI specific. Existing licensees as of 9/10/2009 must complete 20 hours of state approved education or NMLS approved education by 11/30/2009. State approved education will no longer be accepted after TBD.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education, including 1 hour of RI specific, in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of RI State approved education on or before 11/30/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.