NMLS Approved Late CE Catalog Courses
Starting January 1st, 2011 (01/01/2011) Financial Strategies will begin offering NMLS Approved Late CE Courses. These will be courses that a Mortgage Loan Officer (MLO) will be allowed to take to make-up a CE requirement during a 60 day reinstatement period following the annual licensure renewal period, or to fulfill a continuing education requirement in the event an MLO has left the industry and then chooses to return.
Model State Law Reinstatement Provision
The model state law, which many states adopted when passing their own SAFE Act legislation, contains a provision allowing for a reinstatement period that follows the annual licensure renewal period (November 1st through December 31st). During the reinstatement period, which runs from January 1st through February 28th, and under certain conditions, a state may allow an MLO to satisfy specific licensure requirements for the previous year so that the license may be renewed or maintained (meaning an MLO can take a course on January 15, 2011 and have it count retroactively to the year 2010).
NMLS Policy Statement
NMLS will recognize a reinstatement period that will run from January 1 to February 28, 2011. During the reinstatement period, MLOs who had a requirement for, but did not complete CE in 2010, will be allowed to take and complete a CE course made available through the NMLS Master Course Catalog through a new course category to be labeled "Late CE." Late CE courses will be configured such that course credit will be retroactively applied to the previous year. States which do not allow an MLO to make up a CE deficiency require the MLO to apply for a new license. The application process for a new license requires the MLO to satisfy any CE deficiency for the last year in which they maintained an active license. These MLOs will also take a "Late CE" course. "Late CE" courses are the only courses an MLO will be allowed to take to make-up a CE requirement;
Late CE Scenarios
For scenarios that illustrate how Late CE Catalog courses work view our Late CE Catalog Course Scenario page.