Teaching by the book
The very people responsible for delivering the classes say the material could use some updating.
CE instructors say that the NMLS – owned and operated by a subsidiary of the Conference of State Bank Supervisors – requires them to annually recite and cover regulations such as the Truth in Lending Act, Equal Credit Opportunity Act, and the Real Estate Settlement Procedures Act (RESPA).
John Jeha, an LO at Stonecastle Mortgage who also works as a CE instructor, said that after new regulations were introduced in 2011, it took about five years for them to be fully implemented and that educators were happy to “flesh it out and instruct the loan officers.”
“All the rules and regulations have pretty much been implemented and now we’re just rehashing the same rules and regulations,” Jeha said. LOs often lose focus during CE classes, he told HousingWire.
Meanwhile, Ken Perry, funder of the Knowledge Coop, a continuing education company, agreed that educators simply aren’t keeping it fresh. “They’re doing the same exact training every single year, ” he said. ” They aren’t delivering the latest information.”
Rich Madison, vice president of credentialing and accreditation programs at the Conference of State Bank Supervisors, wrote in an email that his experience with MLOs “is that the vast majority take CE requirements very seriously” and that if some LOs are not “getting enough out of a school, [they should]…
