New Jersey MLO Pre-Licensure Education Requirements
New applicants as a Mortgage Loan Originator and Qualified Individuals are required to complete 20 hours of NMLS-approved education. This education must include 3 hours of Federal law, 3 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, 8 hours of undefined education (referred to as electives) + 4 hours of NJ law. Number of hours is 3/3/2/8/+ 4hrs of NJ law = 20
New Jersey has a requirement for 4 hours of instruction on state-specific law which may be satisfied by either taking our base SAFE 20 Comprehensive course bundle which incluses a detailed test preparation program and the 4 hour NJ state-specific elective course.
New Jersey Mortgage Loan Originator Continuing Education Requirements
Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, 3 hours of electives, plus 2 hours of NJ-specific education. Number of hours is 3/2/2/3 + 2hrs of NJ law = 12
MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row. MLO’s are advised not to retake pre-licensure education (PE) unless directed to by a State Regulator. PE education does not count towards meeting annual CE requirements.
| Am I required to take Continuing Education this year? | |||
| If I completed SAFE Act PE in 2009-2020 | and I was licensed in 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020 | am I required to complete CE in 2021 | YES |
| If I completed SAFE Act PE in 2021 | and I was approved for an initial license in 2021 | am I required to complete CE in 2021 | No |
Deadline
The deadline to complete CE is December 31, 2021. However, MLOs in New Jersey are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.
New Jersey Mortgage Broker Mortgage Banker Correspondent Lender Mortgage Loan Originator Regulatory Agency Contact Information
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Website: http://www.state.nj.us/dobi/index.html
Complaint Instructions
The Office of Consumer Finance (the “OCF”) consists of three units: Supervision Bureau, Consumer Services Bureau and Enforcement Bureau.
The Supervision Bureau is comprised of two operational areas: Examinations and Surveillance. Surveillance handles annual reports and will be instrumental in coordinating the implementation of the assessments that will be the “dedicated funding” source for the budget of the Division of Banking.
OCF Information
- Enforcement Activity
- Licensing Services
- Update on Annual Reports
- Financial Institutions with Offices in NJ, including State-Chartered Credit Unions
New Jersey Mortgage Loan Application Disclosure Form
- DOBI Rules at N.J.A.C. 3:1-16.3 provide for the disclosure of fees charged in connection with a mortgage loan application. Beginning on January 1, 2018, the “NJ Application Disclosure Form” (preferably in a two-sided single sheet format) or an alternate form that provides substantively similar compliant disclosures must be used for such purposes. A copy of the completed form must be provided to the applicant(s) and maintained in the loan file. Completed forms shall be subject to review upon examination.