TNAMB Board Presents Proposed Guidelines for Licensing, Testing and Continuing Education to DFI Commissioner Gonzales
NASHVILLE, TN - TNAMB Executive Director Brian Short presented to the TNAMB Board a set of guidelines being used by many states across the nation related to Licensing, Testing and Continuing Education requirements for mortgage originators. These proposed guidelines were accepted by the TNAMB Board and have been presented to the Department of Financial Institutions Commissioner Greg Gonzales for his use in writing the Rules and Regulations for the new law giving him the authority to require mortgage originators and brokers to complete licensing, testing and continuting education.
The Proposed TNAMB Guidelines include the following:
2. All Renewing Brokers and Registered Originators must pass the GMA Exam when renewing their license at the end of 2009.
3. All Mortgage Originators must successfully pass a federal criminal background check to begin or continue to do business in Tennessee.
4. All renewing mortgage brokers and originators must successfully complete eight (8) classroom hours annually of mortgage industry related continuing education prior to renewal and two (2) classroom hours annually of ethics training.
5. No originators or brokers will be "grandfathered" or exempted from these guidelines, however, those mortgage professionals in Tennessee who have completed their NAMB national designations - Certified Residential Mortgage Specialist (CRMS) or Certified Mortgage Consultant (CMC) will be automatically approved since their professional designation requirements are even higher than those being proposed to the Department for their consideration.
6. All classes must be taken with live instruction in a classroom and all NAMB approved classes and instructors are being recommended to the Department as acceptable courses.
It is the desire of the TNAMB Board that the above guidelines be accepted in total by the DFI and be put in place to be used by all new Licensees during 2009 and prior to renewal for 2010.
The view the entire set of documents presented to the DFI click on the links below:
