Delaware Mortgage Education
EasyRealEstateSchool.com offers these Delaware mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
Individuals who deal directly with customers who are seeking mortgage loans and solicit, negotiate, explain or finalize the terms of the loan. “Soliciting” means the discussion of a mortgage loan product or products with a customer or potential customer, but does not include the taking of customer information or referral of a customer or the customer’s information to a person engaged in mortgage origination. While the State of Delaware currently licenses businesses that employ loan originators (lenders licensed under Chapter 22 of Title 5, and mortgage loan brokers licensed under Chapter 21 of Title 5) all non-exempt individuals who engage in mortgage loan originating must now be licensed irrespective of how they are compensated.
Who does not need this license?
Individuals employed by these organizations or their subsidiaries or affiliates: any insurance company, banking organization, bank holding company, federal credit union, national bank, state bank, federal savings bank, or any bank, trust company, savings bank, savings and loan association or credit union or any affiliate or subsidiary of the preceding entities organized under the laws of any state, or any instrumentality created by the United States or any state with the power to make mortgage loans.
Individuals under an exclusive contract with any of these organizations listed above or their subsidiaries or affiliates, or to the extent that an individual is acting within the scope of employment or contract and the scope of the charter, license, authority, approval or certificate of that organization or its affiliate or subsidiary. Individuals who provide clerical or secretarial services.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Delaware State Requirments
SAFE ACT Requirements
- SAFE MLO Test -All licensees must pass the National Component of the SAFE MLO Test by 7/31/2010. All new applicants on or after 8/1/2010 must pass the National Component of the SAFE MLO Test prior to submitting their application through NMLS. All licensees must pass the State Component of the SAFE MLO Test
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 7/31/2010.
- Credit Report – All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.
Delaware Mortgage Education Requirements
- SAFE Act Pre-License (required courses – SAFE CORE 8 hours) – All new applicants on or after 6/30/2010 must have completed 20 hours of NMLS approved prelicensure education by 7/31/2010 or by the time of application. Existing licensees must complete 20 hours of NMLS approved prelicensure education by 7/31/2010.
- SAFE Act Continuing Education (required courses – SAFE CORE 7 Hours) – All licensees must complete 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
For more information about the actual course please visit Mortgage Education Course FAQ’s.