DFI-Bkg 45.01(1)(a)2.
2. The Fair Housing Act, the Equal Credit Opportunity Act (ECOA), the Home Mortgage Disclosure Act (HMDA) and other fair lending laws.
DFI-Bkg 45.01(1)(b)1.1. Loan origination procedures, including pre-qualifying borrowers, residential loan applications, underwriting standards, mortgage loan packaging, loan documentation, loan closings and loan servicing.
DFI-Bkg 45.01(1)(b)2.
2. Types of mortgage loans, including Federal Housing Authority (FHA) and Veterans Administration (VA) loans.
DFI-Bkg 45.01(1)(e)
(e)
Other. Such other subjects submitted by the division to, and subsequently approved by, the loan originator council.
DFI-Bkg 45.01(2)
(2) Hours. The loan originator education requirement under s.
224.72 (7) (d) 1., Stats., shall be met with 16 hours of education in the subjects listed under
sub. (1) (a) to
(e), with a minimum of 2 of those hours to be met by the subjects listed under
sub. (1) (d).
DFI-Bkg 45.01 Note
Note: Section 224.72 (7) (d), Stats., was repealed effective 1-1-10.
DFI-Bkg 45.02
DFI-Bkg 45.02
Standards for education for loan solicitors. DFI-Bkg 45.02(1)(1)
Subjects. The following subjects qualify for the loan solicitor education required by s.
224.72 (7) (d) 1., Stats.:
DFI-Bkg 45.02 Note
Note: Section 224.72 (7) (d), Stats., was repealed effective 1-1-10.
DFI-Bkg 45.02(1)(a)2.
2. The Fair Housing Act, the Equal Credit Opportunity Act (ECOA), the Home Mortgage Disclosure Act (HMDA) and other fair lending laws.
DFI-Bkg 45.02(1)(b)1.1. Loan origination procedures, including pre-qualifying borrowers, residential loan applications and loan documentation.
DFI-Bkg 45.02(1)(b)2.
2. Types of mortgage loans, including Federal Housing Authority (FHA) and Veterans Administration (VA) loans.
DFI-Bkg 45.02(1)(e)
(e)
Other. Such other subjects submitted by the division to, and subsequently approved by, the loan originator council.
DFI-Bkg 45.02(2)
(2) Hours. The loan solicitor education requirement under s.
224.72 (7) (d) 1., Stats., shall be met with 12 hours of education in the subjects listed under
sub. (1) (a) to
(e), with a minimum of 2 of those hours to be met by the subjects listed under
sub. (1) (d).
DFI-Bkg 45.02 Note
Note: Section 224.72 (7) (d), Stats., was repealed effective 1-1-10.
DFI-Bkg 45.03
DFI-Bkg 45.03
Course testing. Every education course under s.
224.72 (7) (d) 1., Stats., shall include a closed-book test, to be administered at the course, of the materials presented at the course.
DFI-Bkg 45.03 Note
Note: Section 224.72 (7) (d), Stats., was repealed effective 1-1-10.
DFI-Bkg 45.04
DFI-Bkg 45.04 Compliance. An applicant shall submit evidence, in a form and manner prescribed by and satisfactory to the division, that the applicant has met the education requirements of s.
224.72 (7) (d) 1., Stats.
DFI-Bkg 45.04 Note
Note: Section 224.72 (7) (d), Stats., was repealed effective 1-1-10.
DFI-Bkg 45.05
DFI-Bkg 45.05
Standards for competency examinations. DFI-Bkg 45.05(1)(1)
Loan originators. The subjects listed under
s. DFI-Bkg 45.01 (1) (a) to
(e) shall be included in the loan originator competency examinations required by s.
224.72 (3) (b) and (7) (d) 2., Stats.
DFI-Bkg 45.05(2)
(2) Loan solicitors. The subjects listed under
s. DFI-Bkg 45.02 (1) (a) to
(e) shall be included in the loan solicitor competency examinations required by s.
224.72 (3) (b) and (7) (d) 2., Stats.
DFI-Bkg 45.05 Note
Note: Section 224.72 (3) (b) and (7) (d), Stats., was repealed effective 1-1-10.
DFI-Bkg 45.06
DFI-Bkg 45.06
Compliance. An applicant shall submit evidence, in a form and manner prescribed by and satisfactory to the division, that the applicant has met the examination requirements of s.
224.72 (3) (b) and (7) (d) 2., Stats., and shall pay the fee prescribed by the division.
DFI-Bkg 45.06 Note
Note: Section 224.72 (3) (b) and (7) (d), Stats., was repealed effective 1-1-10.
DFI-Bkg 45.07
DFI-Bkg 45.07
Requirements for approval of providers. DFI-Bkg 45.07(1)(1)
Application of continuing education providers. An entity or individual seeking initial approval or reapproval from the division, or its designee, as a continuing education provider shall submit an application in a form and manner prescribed by and satisfactory to the division. The division may require the following information and materials to be submitted with the application:
DFI-Bkg 45.07(1)(a)
(a) A description of the experience and education that qualifies the applicant to be a provider.
DFI-Bkg 45.07(1)(b)
(b) A description of the provider's organizational structure, registration policies, fee schedules and promotional materials.
DFI-Bkg 45.07(1)(c)
(c) A description of the provider's student record systems including the methods for documenting attendance.
DFI-Bkg 45.07(2)
(2) Criteria for approval. To be approved, continuing education providers shall do all of the following:
DFI-Bkg 45.07(2)(a)
(a) Certify that instructors are experienced and qualified in the mortgage banking industry. Each instructor shall satisfy at least one of the following criteria:
DFI-Bkg 45.07(2)(a)1.
1. Has been engaged in the mortgage banking industry or the practice of teaching mortgage courses for the last three years.
DFI-Bkg 45.07(2)(a)2.
2. Has been properly licensed as a mortgage banker, mortgage broker or loan originator for the past 5 years and demonstrates to the division that he or she is of good character and has the knowledge and breadth of experience in the subject area for which he or she will be providing instruction.
DFI-Bkg 45.07(2)(a)4.
4. Is a licensed certified public accountant engaged in mortgage banking-related practice.
DFI-Bkg 45.07(2)(b)
(b) Show that information provided to comply with
sub. (1) is likely to support a comprehensive and accurate treatment of the subjects required in each chapter.
DFI-Bkg 45.07(3)
(3) Application approval and expiration of approval. Upon receipt of an application for approval of a provider and the required fee, the division shall determine if the application meets the requirements of this chapter and if the program provides for instruction of courses in a manner required by this chapter. Provider approval shall expire pursuant to the schedule set forth in
s. DFI-Bkg 41.02 (1).
DFI-Bkg 45.07 Note
Note: Section DFI-Bkg 41.02 (1) was repealed eff. 1-1-10. Provider approvals expire July 31, 2010.
DFI-Bkg 45.08
DFI-Bkg 45.08
Requirements for approval of courses. DFI-Bkg 45.08(1)(a)(a) Upon receipt of an application for approval or renewal of approval of a course from an approved continuing education provider and the required fee, the division, or its designee, shall determine if the course meets the requirements set forth in this chapter. The application for approval or renewal of approval shall be in a form and manner prescribed by and satisfactory to the division. Course approval shall expire 2 years from the date the course was approved by the division.
