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 a comprehensive NJ course or a 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
Click here to get your 8 hour SAFE Comprehensive CE Course
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,
2010, 2011, 2012, 2013, 2014, or 2015 |
and I was licensed in 2009, 2010, 2011, 2012, 2013, 2014, 2015, or 2016 | am I required to complete CE in 2016 | YES |
| If I completed SAFE Act PE in 2016 | and I was approved for an initial license in 2016 | am I required to complete CE in 2016 | No |
Deadline
The deadline to complete CE is December 31, 2016. 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.