Rhode Island


Rhode Island Mortgage Loan Originator Prelicensing Education Requirements

New state-licensed mortgage loan originators must complete 20 hours of NMLS approved education. This education must include 3 hours of Federal law, 3 hours of ethics and 2 hours of non-traditional mortgage lending, plus 9 hours of undefined education (referred to as electives) + 3 hours of RI law.  Number of hours is 3/3/2/9/+ 3hrs of RI law = 20

Rhode Island has a requirement for 3 hours of instruction on state-specific law which may be satisfied by either taking a RI comprehensive course or a state-specific elective course.

RI Loan Officer 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, plus 1 hour of RI specific education. Number of hours is 3/2/2/ + 1hr of RI law =8

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.

Start me out with an 8 Hour Comprehensive CE Course

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 Rhode Island 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.

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