This course is designed to prepare candidates to take the exam to become a district-licensed mortgage loan originator in Washington District of Columbia under the Department of Insurance, Securities, and Banking (DISB). This 3-hour course covers DC-specific rules and regulations as required by the DISB and is required as part of the 20 hours of prelicensure education needed to become a DC-licensed mortgage loan originator.

Course Topics

This course consists of six modules and a final exam:

• The Department of Insurance, Securities, and Banking (15 minutes)

• District Law and Regulation Definitions (24 minutes)

• License Law and Regulation (41 minutes)

• Compliance with DC Mortgage Lending Laws (48 minutes)

• Disciplinary Action (23 minutes)

• Other DC Mortgage Lending Laws (28 minutes)

• Final Exam (20 minutes)

Total study time: 3 credit hours (150 minutes)

Module 1: The Department of Insurance, Securities, and Banking

In this module, we will be discussing the District of Columbia Department of Insurance, Securities, and Banking (DISB), the main government agency that handles mortgage licensing.

Module 2: District Law and Regulation Definitions

In this module, we will be discussing the Mortgage Lender and Broker Act of 1996 as amended by the Mortgage Lender and Broker Amendment Act of 2009. We will also provide a brief overview of Title 26C of the District of Columbia Municipal Regulations, Chapter 11, Section 1100, which provides regulations for mortgage lenders, mortgage brokers, and mortgage loan originators. Finally, we will look at other state definitions that are related to the practice of mortgage loan originators.

Module 3: License Law and Regulation

This module discusses the requirements for a person to become a licensed mortgage loan originator. This includes exemptions, background checks, credit reports, education, testing, experience, and sponsorship. We will also take a look at grounds for denying a license and how to maintain a license once you have one.

Module 4: Compliance with DC Mortgage Lending Laws

This section examines required and prohibited conduct for licensees. It discusses fees, interest, recordkeeping, required disclosures, and possible disciplinary actions.

Module 5: Disciplinary Action

In this module, we will be discussing what are notifications, hearings, and appeals. We will also take a look at suspension, revocation, and recession of licenses. Finally, we will learn about what penalties and fines may occur against mortgage loan originators and possible civil liabilities.

Module 6: Other DC Mortgage Lending Laws

This brief module outlines a few other laws that mortgage loan originators should be aware of, including regulations that protect the money borrowers give to lenders and services to prepay taxes and insurance premiums. We'll also visit the the Home Loan Protection Act, enacted in 2002 to protect consumers of covered loans from being taken advantage of by unsavory lenders.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center