The Mortgage Testing and Education Board (MTEB) approved changes to the Policy on Criteria for Granting Approval to Become an NMLS Approved Course Provider and the Policy on Business Arrangements, Reselling, and Marketing of NMLS Approved Courses. Both of these updated documents have been posted in the course provider section of the NMLS Resource Center under Policies and Processes.
The policy pertaining to criteria for granting approval to become an NMLS approved course provider applies to both initial and renewal approvals. Changes are in two significant areas:
- The other change is a requirement for course providers to maintain approval status by working in good faith toward having a least once course approved by NMLS within sixty days of the initial course provider approval letter date and to maintain at least once course in an approved status. The objective of this requirement is to address a concern that a number of providers have, over the past two years, received approval status but have never submitted a course for approval.
The Policy on Use of the NMLS Name in Course Marketing has been revised to become the Policy on Business Arrangements, Reselling, and Marketing of NMLS Approved Courses. Changes to this policy reflect comments that were submitted by the course provider community last November in response to a request for comments to begin marketing courses by the name and course ID number as approved by NMLS. The objective is to address a long-standing student complaint that course names and ID numbers that a student sees on some marketing materials do not match those in the Master Course Catalog.
The document also include specific definitions pertaining to various business agreements related to acquiring and licensing course content (including online courses), and articulates how various business arrangement can be structured to support course marketing efforts. The objective of the language in this document is to maintain the integrity of the meaning “NMLS approved course provider” while also providing flexibility to market courses in a variety of ways. Another significant change is that effective July 1 the “NMLS Approved” course provider logo will no longer be valid for use; the logo will be replaced by an approved course logo with the course number incorporated in it. This is to address a concern that the current approved provider logo is being misused and place emphasis on approved courses instead of the provider.