In 2008, the Secure and Fair Enforcement for Mortgage Lending Act of 2008 became law and it established requirements for the licensing and registration of all mortgage loan originators in the United States. The law has filter down to requiring all mortgage brokers and mortgage lenders to fall under the law. Each state does have authority and determines when a state-licensed Mortgage Loan Originator is required to the take the Safe mortgage test, complete pre-licensure or continuing education training, and complete background checks.
Before this act each state had their own mortgage license requirements but soon all states will follow this mandate.
The required 20 Hour SAFE Course can be taken online but it has to be in a synchronous learning environment, which basically means the course has to be taken in real time with live interaction between instructor and student, but the student can take it from home.
Cooke has partnered with Kaplan to provide this course. Students who are interested in the mortgage field, either as a mortgage lender, mortgage broker or mortgage loan originator can take this course in the convenience of their home, just call the Cooke Mortgage Career Counselor at 877-725-7551
This was a very instructive distant learning course. The videos were clear and thorough and Susan in the office always responded promptly with any questions via email. Thanks Cooke School for preparing me for my new career!