How Many Hours of Continuing Education is the Licensee Required to Complete in Fair Housing

New Jersey recently amended numerous provisions of its Residential Mortgage Lending Act (RMLA), including those relating to mortgage loan originator licensing and sponsorship, fees licensed lenders and brokers may charge, branch office supervision, secondary mortgage loans, continuing education requirements, and licensing exemptions and prohibitions.  The amendments take effect on November 22, 2018.

MLO licensing and sponsorship.As amended, the RMLA allows out-of-state MLOs to obtain transitional licenses if they: (i) are licensed as a MLO in another state; (ii) are, or become, employed by a New Jersey-licensed mortgage company; and (iii) submit a New Jersey MLO application.  MLOs employed by depository institutions may also obtain transitional licenses if they: (i) were registered in NMLS with a depository institution (or a subsidiary thereof) for at least one year immediately preceding submission of their New Jersey MLO license application; (ii) become employed by a New Jersey-licensed mortgage company; and (iii) submit a New Jersey MLO license application.  Transitional licenses expire after 120 days.

The amendments also allow MLO license and license renewal applicants, who have unresolved credit issues, to be granted "approved conditional license" status, so long as such persons satisfactorily demonstrate good faith efforts to achieve the level of financial responsibility necessary to become licensed.  Persons who have satisfied all licensing requirements, except sponsorship, may obtain an "approved inactive license" status.  Additionally, the amendments: (i) allow depository institutions that register with the department, as well as New Jersey-licensed mortgage companies, to sponsor individuals licensed as MLOs, including transitional MLOs; (ii) provide that a determination by NMLS that an individual cheated or attempted to cheat on a MLO licensing exam is evidence that the applicant lacks the requisite character and fitness for licensure; and (iii) allow individuals who have been convicted of, or pled guilty or nolo contendere to, a disqualifying felony to remain eligible for a MLO license if such conviction or plea has been expunged.

Fees licensed lenders and brokers may charge.The amendments revise and clarify the fees that licensed lenders and brokers may charge, stating that: (i) lenders may charge application fees, origination fees, lock-in fees, commitment fees, warehouse fees, and discount points; (ii) brokers may charge application fees and broker fees; and (ii) both lenders and brokers may charge third party fees as the commissioner may expressly permit by regulation.  The amendments also define each of these fees.

Branch office supervision. As amended, the RMLA requires branch offices of entities licensed as lenders or brokers to be supervised by a branch manager, who must hold a MLO license or certify that he or she will not engage in any licensable activity.

Secondary mortgage loans. The amendments eliminate exceptions in the RMLA's definition of "secondary mortgage loan" for loans: (i) to be repaid in 90 days or less; (ii) taken as security for a home repair contract; and (iii) that are the result of the private sale of a dwelling, if certain conditions are met, thereby expanding the types of secondary mortgage loans that are subject to the RMLA.

Continuing education requirements. The amendments add a requirement that, of the 12 hours of continuing education an individual must complete to renew their license, 2 hours must include instruction about New Jersey residential mortgage lending laws and regulations.

Licensing exemptions and prohibitions. The amendments create new exemptions from the RMLA's licensing requirements, including for: (i) a company engaged in the business of mortgage loan origination solely by virtue of its performance of loan processing or underwriting functions, if the company satisfies certain conditions; (ii) a bona fide not for profit entity and any individuals directly employed thereby, so long as the entity satisfies certain criteria; and (iii) employees of any federal, state or local government agency or a housing finance agency who act as a MLO pursuant to their official duties.  The amendments also remove the prohibition on persons licensed as title insurance producers from obtaining a RMLA license.

The amendments also make various technical changes and add several additional new definitions to the RMLA.

A copy of the amendments can be viewed here.

State Licensing Requirements Multistate MSB Licensing Agreement Program Common Requirements Annual Renewal Advance Change Notice ESB for Licenses Financial Statements Policy Professional Standards Mortgage Call Report Money Services Businesses Call Report Surety Bonds Temporary Authority to Operate Uniform Authorized Agent Reporting Resources & Support Quick Guides - Company Quick Guides - Individual Report Samples NMLS Call Center Information Account Administration Policy/Help Documents NMLS Password Company/Institution Renewal Status Request Individual Renewal Status Request Company/Institution Email Change Request Company/Institution Password Reset Request Individual Password Reset Request Individual Email Change Request NMLS Expanded Industries	NMLS Resource Center > State Licensing New Jersey Electronic filings through NMLS may be delayed if all required items on the appropriate checklist below are not submitted to the regulator. Check state agency website for further information: New Jersey Department of Banking and Insurance Company Licenses Description Requirements Checklist Correspondent Residential Mortgage Lender License This license is required of any business entity, including a sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application, or offers, negotiates, originates, or acquires residential mortgage loans in the primary market. Residential mortgage loans include both first and second mortgage loans on New Jersey property. This license differs from the residential mortgage lender in that the holder may not, in the regular course of business, hold mortgage loans in portfolio or service mortgage loans, for more than 90 days. (More Details) New Application Amendment Surrender Exempt Company Registration An exempt company registrant is a business entity other than a bona fide not for profit entity that is not subject to licensure as a residential mortgage lender or a residential mortgage broker under P.L.2009, c.53 (C.17:11C-51 et seq.) that is registered pursuant to subsection d. of section 4 of P.L.2009, c.53 (C.17:11C-54), and that employs, or will employ one or more licensed mortgage loan originators to supervise individuals employed by the registered exempt company as loan processors or loan underwriters. Such mortgage loan originators shall not be authorized to engage in the origination of loans. New Application Amendment Surrender Federal Contract Student Loan Servicer License This limited purpose license is applicable to the extent that the student loan servicing performed in this State is conducted pursuant to a contract awarded by the United States Secretary of Education under 20 U.S.C. s.1087f. Any student loan servicer that services non-federal student loans must apply for the New Jersey Student Loan Servicer license. A student loan servicer is any person, wherever located, responsible for the receiving any scheduled periodic payments from a student loan borrower or notification of such payments, and applying payments to the borrower's account pursuant to the terms of the student education loan or the contract governing the servicing of the loan; b. during a period when no payment is required on the student education loan, maintaining account records for the loan and communicating with the student loan borrower regarding the loan, on behalf of the holder of the loan; or c. interacting with a student loan borrower to facilitate the loan servicing as described in this definition, including activities to help prevent loan default on obligations arising from a student education loan of any student education loan to any student loan borrower. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance (DOBI) must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Federal Contract Student Loan Servicer license is the Student Loan Servicing Act, N.J.S.A. 17:16ZZ-1 TO -18. New Application Amendment Surrender Mortgage Servicer License A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person's books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder's obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. This license is not required for any business entity licensed as a residential mortgage lender pursuant to the "New Jersey Residential Mortgage Lending Act" P.L.2009, C.53 (C.17:11C-51 through C.17:11:C-89) acting as a mortgage servicer. Any residential mortgage lender seeking to engage in mortgage servicing activity must apply for the Exempt Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65. New Application Amendment Surrender Registered Depository Institution A depository institution as defined in section 3 of the "Federal Deposit Insurance Act," Pub.L.81-797 (12 U.S.C. s.1813), or a State or Federally chartered credit union may elect to register with this department as a registered depository institution for the purpose of sponsoring individuals to be licensed to act as mortgage loan originators. NJSA 17:11C-55. New Application Amendment Surrender Residential Mortgage Broker License This license is required of any business entity, including a sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application for others, or negotiates, places or sells for others, or offers to take an application for, negotiate, place or sell, residential mortgage loans in the primary market for others. Residential mortgage loans include both first and second mortgage loans on New Jersey property. (More Details) New Application Amendment Surrender Residential Mortgage Lender License This license is required of any business entity, including a sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application, or offers, negotiates, originates, or acquires residential mortgage loans in the primary market. Residential mortgage loans include both first and second mortgage loans on New Jersey property. (More Details) New Application Amendment Surrender RMLA-Licensed Mortgage Servicer Registration A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person's books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder's obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. Any licensed residential mortgage lender pursuant to the "New Jersey Residential Mortgage Lending Act" P.L.2009, C.53 (C.17:11C-51 to -89) acting as a mortgage servicer seeking to engage in mortgage servicing activity must apply for the NJ RMLA-Licensed Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65. New Application Amendment Surrender Student Loan Servicer License A student loan servicer is any person, wherever located, responsible for the receiving any scheduled periodic payments from a student loan borrower or notification of such payments, and applying payments to the borrower's account pursuant to the terms of the student education loan or the contract governing the servicing of the loan; b. during a period when no payment is required on the student education loan, maintaining account records for the loan and communicating with the student loan borrower regarding the loan, on behalf of the holder of the loan; or c. interacting with a student loan borrower to facilitate the loan servicing as described in this definition, including activities to help prevent loan default on obligations arising from a student education loan of any student education loan to any student loan borrower. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance (DOBI) must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Student Loan Servicer license is the Student Loan Servicing Act, N.J.S.A. 17:16ZZ-1 TO -18 New Application Amendment Surrender Branch Licenses Description Requirements Checklist Correspondent Residential Mortgage Lender Branch License This license is required for any location of a Correspondent Residential Mortgage Lender, other than its principal licensed office, where in the regular course of business, applications for residential New Jersey mortgage loans are distributed to or received from consumers, loan records are maintained, underwriting decisions are made, commitments or lock-in agreements are issued, or any fees or charges relating to such loans are received from consumers. (More Details) New Application Amendment Surrender Exempt Company Registration Branch An exempt company registrant is a business entity other than a bona fide not for profit entity that is not subject to licensure as a residential mortgage lender or a residential mortgage broker under P.L.2009, c.53 (C.17:11C-51 et seq.) that is registered pursuant to subsection d. of section 4 of P.L.2009, c.53 (C.17:11C-54), and that employs, or will employ one or more licensed mortgage loan originators to supervise individuals employed by the registered exempt company as loan processors or loan underwriters. Such mortgage loan originators shall not be authorized to engage in the origination of loans. A registered exempt company may conduct loan processing and loan underwriting at branch locations provided each such branch is registered. New Application Amendment Surrender Federal Contract Student Loan Servicer Branch License This limited purpose branch license is applicable to the extent that the student loan servicing performed by this branch is conducted pursuant to a contract awarded by the United States Secretary of Education under 20 U.S.C. s.1087f. Any student loan servicer that services non-federal student loans must apply for the New Jersey Student Loan Servicer license. A student loan servicer is any person, wherever located, responsible for the receiving any scheduled periodic payments from a student loan borrower or notification of such payments, and applying payments to the borrower's account pursuant to the terms of the student education loan or the contract governing the servicing of the loan; b. during a period when no payment is required on the student education loan, maintaining account records for the loan and communicating with the student loan borrower regarding the loan, on behalf of the holder of the loan; or c. interacting with a student loan borrower to facilitate the loan servicing as described in this definition, including activities to help prevent loan default on obligations arising from a student education loan of any student education loan to any student loan borrower. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance (DOBI) must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). This license should only be applied for by a company that also holds or is applying for a New Jersey Federal Contract Student Loan Servicer license. The governing statute for the NJ Federal Contract Student Loan Servicer license is the Student Loan Servicing Act, N.J.S.A. 17:16ZZ-1 TO -18. New Application Amendment Mortgage Servicer Branch License A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person's books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder's obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. This license is not required for any business entity licensed as a residential mortgage lender pursuant to the "New Jersey Residential Mortgage Lending Act" P.L.2009, C.53 (C.17:11C-51 to -89) acting as a mortgage servicer. Any residential mortgage lender seeking to engage in mortgage servicing activity must apply for the Exempt Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65. New Application Amendment Surrender Registered Depository Institution Branch A depository institution, as defined in section 3 of the "Federal Deposit Insurance Act," Pub.L.81-797 (12 U.S.C. s.1813), or a State or Federally chartered credit union that has elected to register with this department as a registered depository institution for the purpose of sponsoring individuals licensed as mortgage loan originators pursuant to section 5 of P.L. 2009, c. 53 (C.17:11C-55) must register as a branch any location(s) where it intends for sponsored mortgage loan originator licensees to conduct licensed activity. New Application Amendment Surrender Residential Mortgage Broker Branch License This license is required for any location of a Residential Mortgage Broker, other than its principal licensed office, where in the regular course of business, applications for residential New Jersey mortgage loans are distributed to or received from consumers, loan records are maintained, underwriting decisions are made, commitments or lock-in agreements are issued, or any fees or charges relating to such loans are received from consumers. (More Details) New Application Amendment Surrender Residential Mortgage Lender Branch License This license is required for any location of a Residential Mortgage Lender, other than its principal licensed office, where in the regular course of business, applications for residential New Jersey mortgage loans are distributed to or received from consumers, loan records are maintained, underwriting decisions are made, commitments or lock-in agreements are issued, or any fees or charges relating to such loans are received from consumers. (More Details) New Application Amendment Surrender RMLA-Licensed Mortgage Servicer Registration A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person's books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder's obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. Any licensed residential mortgage lender pursuant to the "New Jersey Residential Mortgage Lending Act" P.L.2009, C.53 (C.17:11C-51 to -89) acting as a mortgage servicer seeking to engage in mortgage servicing activity must apply for the NJ RMLA-Licensed Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65. New Application Amendment Surrender Student Loan Servicer Branch License A student loan servicer is any person, wherever located, responsible for the receiving any scheduled periodic payments from a student loan borrower or notification of such payments, and applying payments to the borrower's account pursuant to the terms of the student education loan or the contract governing the servicing of the loan; b. during a period when no payment is required on the student education loan, maintaining account records for the loan and communicating with the student loan borrower regarding the loan, on behalf of the holder of the loan; or c. interacting with a student loan borrower to facilitate the loan servicing as described in this definition, including activities to help prevent loan default on obligations arising from a student education loan of any student education loan to any student loan borrower. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance (DOBI) must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Student Loan Servicer license is the Student Loan Servicing Act, N.J.S.A. 17:16ZZ-1 TO -18 New Application Amendment Surrender Individual Licenses Description Requirements Checklist Mortgage Loan Originator License This license is required for any natural person who for compensation or gain, or in expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application, or offers or negotiates terms of a residential mortgage loan. Residential mortgage loans include both first and second mortgage loans on New Jersey property. (More Details) New Application Amendment Surrender Qualified Individual License This license is required for a natural person who must be an officer, director, partner, owner or principal of a business entity licensed or to be licensed as a Qualified Individual License and is required as a condition of the business entity's qualification for licensure. The individual must minimally meet all of the licensing criteria for a mortgage loan originator. New Application Amendment Surrender Transitional Mortgage Loan Originator License A transitional mortgage loan originator license is a license that may be issued to an out-of-State mortgage loan originator, and that provides temporary authority to engage in the business of mortgage loan origination in this State pending the completion by the transitionally licensed individual of the requirements for full licensure as a New Jersey mortgage loan originator as set forth in section 7 of P.L. 2009, c. 53 (C.17:11C-57). A transitional mortgage loan originator license shall be valid for a term of no longer than 120 days from a complete application, during which time a transitional mortgage loan originator licensee duly sponsored by a business licensee may engage in business as a mortgage loan originator. Application for a Transitional Mortgage Loan Originator license must include a completed application for full licensure, authorization for a credit report through NMLS, and authorization of a criminal background check ("CBC") in the form of an FBI CBC. The individual may use the 120-day period to fulfill the New Jersey specific pre-licensing education and written test requirements prescribed in N.J.A.C. 3:15-2.10 and N.J.A.C. 3:15-2.11 of the New Jersey Administrative Code. New Application Amendment Surrender
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How many CE credits do I need NJ?

What are the CE requirements? Each licensee must take a total of 12 credits. At least 6 of the 12 credits must be obtained in courses within the "core topics". The 6 core credits shall include at least 2 credit hours on ethics and at least 1 credit hour in Fair Housing & NJ Law Against Discrimination.

How many hours of approved NC specific continuing education are required for MLO renewal?

Mortgage loan originators in North Carolina can earn their state-specific elective requirement towards the 8 hours of annual continuing education needed for license renewal with this course.

How do I check my CE credits in NJ?

How can I look up my New Jersey CE credits? Go to the PSI CE online website, https://ce.psiexams.com/, and click on the "Continuing Education Transcript" link. Enter your Last Name and License Number to retrieve your CE transcript. (Be sure to drop any preceding zeros in the license number).

How many hours of federal law must be included in an MLO continuing education each year in Colorado?

You need to complete eight (8) hours of continuing education within each calendar year to renew or reinstate your MLO license. 1 hour of general electives.

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