1. Short title
This Act may be cited as the “Protecting Independence in the Education of Loan Originators Act of 2014”.
Protecting Independence in the Education of Loan Originators Act of 2014
A BILL
To amend the S.A.F.E. Mortgage Licensing Act of 2008 to specify that courses offered by lenders for their own employees may not satisfy the pre-licensing education or continuing education requirement.
2. Limitation on educational courses
Pre-Licensing courses— Section 1505(c)(3)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5104(c)(3)(A)) is amended to read as follows:
“(A) Limitation—To maintain the independence of the approval process—
“(i) the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer pre-licensure educational courses for loan originators; and
“(ii) no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1).”
Continuing education courses— Section 1506(b)(5)(A) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5105(b)(5)(A)) is amended to read as follows:
“(A) Limitation—To maintain the independence of the approval process—
“(i) the Nationwide Mortgage Licensing System and Registry shall not directly or indirectly offer continuing education courses for loan originators; and
“(ii) no course offered directly or indirectly by a lender for the lender’s own employees shall qualify for purposes of paragraph (1).”