Welcome to the CMBA College of Knowledge
The CMBA is your source for reliable industry education and Mortgage Loan Originator licensing training.
We provide timely and accurate seminars on state and federal legal and regulatory developments, as well as current mortgage practices and guidelines.
A primary goal of the CMBA Education Committee is to help its members meet the education requirements for Mortgage Loan Originator licensing. This includes pre-licensing education, testing, and continuing education.
The CMBA is an approved NMLS Course Provider and offers both pre-licensing and continuing education NMLS-approved courses throughout the year.
SEE the CMBA Calendar for upcoming NMLS-approved training programs scheduled for 2011.
The Education Committee will also assist in providing other education programs that benefit the mortgage banking industry.
Please call the CMBA office at 860-348-1238 or email us at info@cmba.org.
CT Mortgage Loan Originator Licensing Information
For all mortgage brokers, mortgage bankers, and Credit Union Service Organizations.
Who is required to have this license?
An individual who for compensation or gain or with the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.
On July 30, 2008 the Housing and Economic Recovery Act of 2008 was enacted. A key component of this is the SAFE Act. On July 9, 2009, the state of Connecticut passed its law to implement the SAFE Act requirements (Senate Bill 948, Public Act 09-209).
The SAFE act and CT act implementing the SAFE Act contain several licensing requirements for state licensed Loan Originators that relate to education:
- Register and maintain various licensure requirements through NMLS&R
- Take 20 hours of NMLS-approved pre-licensure education courses
- Pass the NMLS national and state tests
- Take 8 hours annually of NMLS-approved continuing education courses
At this time the State of Connecticut does not have any educational requirements in addition to those required by the SAFE Act.
Presently, HUD interprets and enforces the SAFE Act. These responsibilities are scheduled to change in July, 2011 when Consumer Financial Protection Agency assumes them as a result of the Dodd-Frank Act.
Federally Registered Mortgage Loan Originator Information
Employees of a depository institution insured by a Federal Banking Agency (Fed Reserve, FDIC, OTS, OCC, NCUA) must become federally registered MLOs. These MLOs need to register with the NMLS&R and presently are regulated by their respective federal agency - not by each state in which they operate. Federally registered MLOs should seek additional guidance from their respective federal regulatory agencies.These responsibilities are scheduled to change in July, 2011 when Consumer Financial Protection Agency assumes them as a result of the Dodd-Frank Act.
The following links provide more information on licensing and education requirements by the SAFE Act and the State of Connecticut:
NMLS RESOURCE CENTER
The NMLS has current information on a number of important areas:
- how to register on the NMLSR
- SAFE Act requirements for Mortgage Loan Originators (MLOs)
- various state loan originator licensing requirements
- approved course providers
- approved courses for pre-licensing and continuing education
- testing sites
CT Department of Banking
The CT Department of Banking is the state agency with the responsibility for administrating and licensing mortgage lending and mortgage loan originators.
HUD
HUD is the federal agency authorized to implement the SAFE Act and other important federal mortgage regulations. This status is scheduled to change in July, 2011 when the Consumer Financial Protection Agency assumes these responsibilities.
S.A.F.E Act
Lenders and Loan Originators should become familiar with ALL SAFE Act and State of Connecticut licensing requirements.
Consumer Financial Protection Agency (Bureau)
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) established the Consumer Financial Protection Bureau and directed that it become responsible for interpreting and implementing the SAFE Act as of July 21, 2011.
Please call the CMBA office at 860-348-1238 or email us at info@cmba.org with any questions.
