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Continuing
Education Requirements / Designations
/ Seminars and Training
Continuing
Education Courses
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| The
MAMP Education Program was formed to provide
the mortgage professional in with a variety
of education programs designed to enrich the
individual and enhance the industry. |
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CONTINUING
EDUCATION REQUIREMENTS
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Effective
July 1, 2000, new
regulations went into effect requiring
continuing education for certain individuals
working in the mortgage business. Listed
below are highlights of the new regulations.
Any questions may be directed to George
Kinsel at the division of Financial Regulation
(410) 230-6086.
All
"covered" employees defined as
the manager of each branch office maintained
by a licensee and all employees who have
the authority to accept loan applications,
and as part of their official duties, directly
contact borrowers to negotiate or advise
regarding loan terms must satisfy the continuing
education requirements during each licensing
period.
NOTE:
"Covered" employee does not include
an employee who has been employed by the
licensee for less than six months before
the expiration of the licensee’s current
license, and has no prior experience as
a covered employee with any other licensee.
REQUIRED
COURSES
In
order to renew a license each covered employee
of a licensee shall successfully complete
in the licensing period immediately preceding
the current renewal period at least 20 hours
of continuing education in approved courses,
which shall include at least the following
subjects in the number of hours indicated.
- Ethics—2
hours
- Federal
Real Estate Settlement Procedures Act
(RESPA) compliance—2 hours
- Federal
Truth in Lending compliance—2 hours
- Federal
Equal Credit Opportunity Act/Fair Lending
compliance—2 hours
- Maryland
law update—2 hours
- Federal
law update—2 hours
- Electives—8
hours
An
employee who has been a covered employee with
any licensee for the immediately preceding
10 years shall be considered to have satisfied
the continuing education requirements by completing,
during the immediately preceding licensing
period, approved courses in the following
subjects in the number of hours indicated.
- Ethics—2
hours
- Maryland
law update—2 hours
- Federal
law update—2 hour
CERTIFICATION
OF COMPLIANCE FOR LICENSE RENEWAL
- Certify
under oath as to the completion of the
education requirements by each covered
employee
- Attach
to the renewal application a list of
all covered employees and the following
information for each course completed:
- Name
of provider
- Name
of course
- Number
of hours
- (iv)
Dates attended
- Brief
description of course subject
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Designations
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Certified
Residential Mortgage Specialist (CRMS),
is a national designation of professionalism.
In order to achieve this goal, NAMB has
developed a rigorous certification program
to recognize brokers who have attained the
highest levels of professional expertise.
Developed through extensive research by
mortgage industry experts, a NAMB designation
is gained only once the candidate has met
certain requirements of experience and knowledge
to practice mortgage brokering and has passed
a written examination.
FURTHER
CRMS INFORMATION
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Certified
Mortgage Consultant (CMC), is
a national designation issued by the National
Association of Mortgage Brokers (NAMB).
FURTHER
CMC INFORMATION
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Seminars
and Trainingourses
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| State
Compliance: a two-hour course on
all aspects of federal and state compliance
issues facing the mortgage broker. |
| Fair
Lending: will help your employees
understand the potential problems and requirements
of our diverse lending markets. |
| Truth
in Lending: a two hour course,
discusses the Truth in Lending Act and Regulation
Z. |
| Real
Estate Procedures Act (RESPA):
a two hour course discusses RESPA, Regulation
X, and explores the Federal Reserve's Federal
Register - Reviewing comments and explanations. |
| Ethics:
is a special two hour course which explores
the basic concept of ethics in relation to
the various internal and external decisions
mortgage professionals make with regard to
job performance. |
| FHA
Lending: designed to expand the
knowledge of FHA lending for those brokers
currently originating FHA loans and also brokers
who are planning to participate in FHA lending. |
Online
Education: All courses necessary
to meet continuing education requirements
are also available from our education partner,
TrainingPro,
a specialist in correspondence based training.
MAMP members are eligible for discounted rates. |
