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Note: Section 224.72 (7) (d), Stats., was repealed effective 1-1-10.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Note: Section 224.72 (7) (d), Stats., was repealed effective 1-1-10.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Note: Section 224.72 (7) (d), Stats., was repealed effective 1-1-10.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Note: Section 224.72 (3) (b) and (7) (d), Stats., was repealed effective 1-1-10.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Note: Section 224.72 (3) (b) and (7) (d), Stats., was repealed effective 1-1-10.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.
DFI-Bkg 45.08(1)(b)
(b) The following information shall be furnished with the request for approval of a continuing education course:
DFI-Bkg 45.08(1)(b)7.
7. An outline including a schedule of times when topics will be presented; the topics covered in the course, listed individually; and a summary of the instruction given and the material covered for each topic.
DFI-Bkg 45.08(1)(b)9.
9. A description of the qualifications of each instructor and the subject matter the instructor will be teaching.
DFI-Bkg 45.08(1)(c)
(c) The course shall be conducted in accordance with the course outline and summary materials approved by the division. After the provider has been notified of any deficiency, failure to correct the deficiency shall automatically void the course approval for any course held after notice.
DFI-Bkg 45.08(1)(d)
(d) A provider shall provide to the division, in a manner acceptable to the division, written notification at least 10 days in advance of offering an approved course on the date or at a location other than, or in addition to, the date or location provided in the initial request for approval.
DFI-Bkg 45.08(2)
(2) Notification. Within 10 days of a change to an approved course, approved providers shall notify the division of any course information as required by this chapter that has changed since filing, and on which course approval was based, with the division.
DFI-Bkg 45.09
DFI-Bkg 45.09
Evidence of attendance for continuing education courses. DFI-Bkg 45.09(1)
(1) Providers shall submit to the division a list, in a form and manner prescribed by and satisfactory to the division, of course attendees who satisfactorily completed continuing education programs. The list shall include the loan originator's name, Wisconsin certificate of registration number, date of birth, course number, course title, date and location of the course, number of credit hours for which the course has been approved and any other information required by the division. Submitting the list shall constitute certification by the provider that the students listed personally attended the reported instruction and successfully completed the reported instruction. The list shall be furnished to the division within 10 days following the date of completion of continuing education programs. Failure to submit the required information to the division may result in a withdrawal of the provider's approval.
DFI-Bkg 45.09(2)(a)(a) The provider of a continuing education program shall maintain attendance records for 4 years.
DFI-Bkg 45.09(2)(b)
(b) Credit for attending a course shall not be awarded to loan originators for courses completed prior to the date the course has been approved by the division.
DFI-Bkg 45.10(1)
(1) The division, or its designee, may investigate and review all provider and course applications, and any previously approved providers, courses and instructors. The method and timing of the reviews shall be determined by the division and may consist of any of the following:
DFI-Bkg 45.10(1)(a)
(a) Consideration of information available from state, federal, or local agencies, private organizations or agencies, or interested persons.
DFI-Bkg 45.10(1)(b)
(b) Conferences with officials, representatives, and former students of the provider involved.
DFI-Bkg 45.10(1)(c)
(c) A public hearing respecting the program, course, or instructor involved, with 10 days written notice to the provider, instructor, or both.
DFI-Bkg 45.10(1)(e)
(e) Information furnished by the applicant with any application for approval.
DFI-Bkg 45.10(1)(f)
(f) Any other information the division or its designee deems relevant to the investigation.
DFI-Bkg 45.10(2)
(2) If, after investigation or review, the division denies or withdraws approval of any program or course, the division shall promptly give written notification that includes the reasons for the denial or withdrawal.
