Mortgage Loan Originators Settle Charges for Continuing Education Violations

Forty-four state financial regulators settled charges against over 400 mortgage loan originators across the country for false claims on the completion of state and federal annual continuing education requirements.

The Conference of State Bank Supervisors ("CSBS") stated that the originators agreed to (i) surrender their licenses for three months, (ii) pay a $1,000 fine for each state in which he or she holds a license, and (iii) take additional continuing education beyond federal and state requirements.

In addition, CSBS stated that the owner of course provider Real Estate Educational Services, faced enforcement actions for (i) providing false certificates, and (ii) taking courses on behalf of mortgage loan originators.