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Onsite Pre-licensing Program for
Mortgage Originators at Institutions of Higher Educations
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Regulatory Requirements
Effective January 1, 2007, COMAR 09.03.09.03 requires that mortgage originators be licensed. To apply for the license, originators must have three years of experience in the mortgage lending business and have completed any continuing education courses required by COMAR 09.03.06.17, or have successfully completed 40 hours of classroom education.
The Professional Development Institute (PDI) has been approved by the Maryland Division of Financial Regulation and the Maryland Higher Education Commission to offer the required 40-hour course. PDI has been retained by many mortgage brokers to offer the course on-site to their employees.
Why Should I use the Professional Development Institute To Present The Course?
PDI’s instructors are among the best in the business. They are practicing professionals who have years of experience teaching courses for mortgage lenders. Additionally, PDI makes it easy to offer the course through your institution. We provide all class materials, issue certificates of completion and keep attendance records in our permanent files. From your point of view, this is truly a “turn-key” operation.
How Much Does The Course Cost? Do I Have To Guarantee A Minimum Attendance?
PDI will provide the instructor to teach the course for $549.00/person, fifteen student minimum. Payment for all attendees (or guarantee, if applicable) must be received not less than seven days before the day the class is scheduled to begin. After this date the course fee will be $574.00/person. Per diem and travel costs may also apply.
Do I Have Any Latitude In The Fee I Charge?
Yes. You may charge a higher or lower fee, at your discretion. PDI is acting solely as a contractor in providing the course.
Is There A Cancellation Fee?
A non-refundable $2,500.00 deposit will be required upon confirmation of instructor availability. The deposit will be forfeited if you cancel the course. Additionally, a $500.00 administrative fee will be charged each time you delay or postpone the course. There is no fee if we delay the course do to serious weather conditions.
What Happens If A Student Misses Some Classes Or Fails The Final Exam?
A maximum of eight hours of class time may be made up. One re-take of a failed final exam is permitted.
What Are The Procedures?
1. Call PDI at (301) 949-1771 to obtain more information or schedule the course.
2. We will confirm instructor availability and send an agreement to be signed. The agreement and $2500.00 deposit will be due within two business days after we have informed you that an instructor has been reserved to teach the course.
3. After the course the instructor will return the attendance record and final grades to us. We will send certificates of completion to you for all who successfully completed the course.
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