535D.6 Conditions of licensure. An applicant for licensure as a mortgage loan originator shall demonstrate qualifications as follows: 1. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation. 2. The applicant has not been […]
535D.7 Prelicensing education of loan originators. 1. An applicant for licensure shall complete at least twenty hours of prelicensing education approved in accordance with subsection 2, which shall include at a minimum the following: a. Three hours of federal laws and regulations pertaining to residential mortgage loan origination. b. Three hours of ethics, which shall […]
535D.8 Test requirements. 1. An applicant for licensure shall pass a qualified written test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based upon reasonable standards. 2. A written test shall not be treated as a qualified written test […]
535D.9 Standards for license renewal and nonrenewal. 1. The minimum standards for license renewal for a mortgage loan originator include the following: a. The mortgage loan originator continues to meet the conditions for licensure under section 535D.6. b. The mortgage loan originator has satisfied the annual continuing education requirements described in section 535D.10. c. The […]
