Mortgage loan officers licensed through the California Department of Real Estate (DRE) and the Department of Financial Protection and Innovation (DFPI) are required by the Nationwide Multistate Licensing System (NMLS) to obtain a specific amount of continuing education and coursework in order to maintain their professional licenses. Recently, however, many licensed mortgage loan officers received a notice of investigation. This notice states issues with their current professional licenses as a result of their participation the Real Estate Educational Services program (REES). Although these professionals believed they completed their continuing education the right way, they are soon finding out that the institution that issued their coursework may have been cutting corners. As a result, these mortgage loan officers are being investigated as part of an alleged educational fraud scheme.
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Investigation Mortgage Loan Officer Licenses
As part of the process to obtain a professional mortgage loan officer license, the Safe Mortgage Licensing Act requires applicants to complete at least 20 hours of pre-licensing education and a minimum of eight hours of continuing education annually. Recently, however, many licensees have received notice of investigation from the Nationwide Multistate Licensing System (NMLS) asking for details regarding their courses completed from 2017 – 2020.
The purpose of this investigation is to determine if the license holders who completed their continuing education hours through the Real Estate Educational Services (REES) complied with the coursework requirements. As a result of discovering widespread educational fraud in its investigation, the California DRE and DFPI have provided settlement offers to licensees. However, these settlement offers come with unique consequences that may affect their license.
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When to Hire a License Defense Lawyer
With the rollout of these settlement offers, many professionals fear their license is in jeopardy. If professionals fail to cooperate, the NMLS task force may issue severe consequences. These could include discipline against or revocation of a license. If you are dealing with the consequences of this investigation, it’s crucial that you contact a professional license defense lawyer to protect your career.
Contact Unlock Legal
Have you received a settlement offer in regard to the alleged REES educational fraud scheme? Contact us immediately.
We understand that time is of the essence for protecting your license and livelihood. Schedule a consultation with our experienced team at Unlock Legal NOW to advise you on your settlement terms before your November 30 deadline.
Unlock Legal provides focused representation in criminal defense and license defense for California professionals. Contact Unlock Legal today or give us a call at 949-268-2857 to speak with a professional about your case and your unique needs. You’ll find we are compassionate, easy to talk to, and willing to help in any capacity we can.
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