The Mortgage Testing and Education Board (MTEB) on September 20th updated the Standards of Conduct for Approved Course Providers. Changes to the Standards of Conduct include the following:
– Requires providers to maintain appropriate business and other licenses as required by local and/or state laws, and to notify NMLS within 10 business days of any change of address, ownership, merger, acquisition.
– Requires all e-mail marketing to be in accordance with the CAN-SPAM Act of 2003 which includes a requirement for e-mail recipients to be able to opt out of receiving e-mail.
– Course providers are to ensure that instructors are knowledgeable in the course subject matter and they must possess and employ appropriate teaching skills.
– Inclusion of language to ensure provider are aware that NMLS retains the right to audit courses to ensure they are in compliance with the Functional Specification.
– Requirement for providers to in inform NMLS if they are subject of any final regulatory or enforcement action related to compliance with applicable Federal and State laws and regulations.
The updated Standards of Conduct is available in the course provider section of the NMLS Resource Center at: http://mortgage.nationwidelicensingsystem.org/profreq/Pages/TERulesOfConduct.aspx