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Continuing Education Program For

Wisconsin Loan Originators and Loan Solicitors

Overview and Frequently Asked Questions

OVERVIEW

Effective with the renewal period beginning July 1, 2007, a loan originator or loan solicitor who wishes to renew their license must have met one of the following requirements.

Option 1 – Continuing Education (“CE”) Loan originators must have successfully completed, during the 2 years preceding the expiration date of the license that needs to be renewed, at least 16 hours of approved education. At least 2 of the hours of approved education must pertain to new developments in the law, practice and procedure.

Loan solicitors must have successfully completed, during the 2 years preceding the expiration date of the license that needs to be renewed, at least 12 hours of approved education. At least 2 of the hours of approved education must pertain to new developments in the law, practice and procedure.

Option 2 – CE Test Out Exam

Loan originators and loan solicitors must have passed the “CE Test Out Exam” during the 2 years immediately preceding the expiration date of the license that needs to be renewed.

Loan originators and loan solicitors who have not completed their CE course hours or passed the CE Test Out exam by the date their license expires will not be able to renew their license and will need to stop conducting business in Wisconsin.

FREQUENTLY ASKED QUESTIONS

Question Topics

1. Time period for CE and CE Test Out 4. CE Test Out Exam

2. CE Courses and Credit 5. Compliance Reporting

3. Non-Resident Requirements

Item Category / Question Answer

1.1

TIME PERIOD FOR CE AND CE TEST

OUT

During what time period must I take the CE courses for them to count toward the required total hours?

You must take your CE courses during the two years preceding the expiration date of your license.

To avoid potential complications with the renewal of your license, however, it is highly recommended that you complete your CE courses at least 30 days prior to the expiration date of your license.

1.2 If I decide to take the CE Test Out exam in lieu of CE courses, during what time period must I pass the CE Test Out exam?

You must pass your CE Test Out exam during the two years preceding the expiration date of your license.

To avoid potential complications with the renewal of your license, however,

it is highly recommended that you pass your CE Test Out exam at least 30 days prior to the expiration date of your license.

2.1

CE COURSES AND CREDIT

What types of courses must I take?

You must accrue credit hours by taking courses offered by education providers where both the course and the provider have been approved by the Wisconsin Department of Financial Institutions, Division of Banking (“division”).

Please refer to item 2.3 of this form for more information on approved courses.

2.2 Who is Promissor Corporation? Promissor Corporation (“Promissor”) is the company that manages the mortgage banking database, loan originator and loan solicitor testing and CE reporting for the division.

2.3 How do I determine what CE courses and CE course providers have been approved by the division?

This information is available at www.pulseportal.com. You need to do the following to view the approved providers and courses:

1. Select “Approved Course Inquiry” → “Wisconsin” → “Financial

Institutions”

2. Select the “Continuing Education” option under “Education Type”

3. Select “Active” under “Status”

4. Click the “View/Refresh Report” button to view the approved providers and approved courses.

By clicking on the provider’s name, you can obtain additional information about each provider.

2.4 How do I determine what CE courses have been scheduled?

This information is available at www.pulseportal.com. You need to do the following to view the courses that have been scheduled:

1. Select “Course Offerings Inquiry” → “Wisconsin” → “Financial

Institutions”

2. Select the “Continuing Education” option under “Education Type”

3. Enter a date range under the “Courses Offered” section for the time period you are interested in taking courses.

4. Click the “View/Refresh Report” button to view the scheduled courses.

2.5 I followed the procedure described in section 2.4 and there are not many courses currently scheduled. Will more classes be scheduled in the future?

We anticipate that there will be more providers and courses added before July 1, 2007. The following is a list of the current course providers.

NON-RESIDENT REQUIREMENTS

I have a Wisconsin loan originator/loan solicitor license; however, I am not a Wisconsin resident. Do I have to meet the CE requirement or pass the CE Test Out exam to have my license renewed?

Yes.

3.2

Does Wisconsin have CE reciprocity? That is, if I take a CE course required by another state, can those hours be credited to my Wisconsin education credit hours?

At this time, Wisconsin does not have reciprocity with other states. You must obtain credits by taking approved courses offered by approved education providers. Please refer to item 2.3 of this form for more information on approved courses.

4.1 CE TEST OUT EXAM

What is the CE Test Out exam?

The CE Test Out exam is the exam that a loan originator or loan solicitor must take if they wish to renew their license but do not have the required number of CE hours to renew their license.

4.2 Where do I find out more about the CE Test Out exam? For example, what is on the test, how to sign up for the test, where I go to take the test, and how much it costs.

Review the Candidate Handbook, which can be found at www.promissor.com.

5.1 COMPLIANCE REPORTING

How are my CE hours reported to the division?

The law requires that all approved providers of CE courses submit course completion information directly to Promissor. Licensees will not be responsible for filing their completion certificates with Promissor; however, they are advised to retain course completion certificates in the event that a discrepancy occurs.

5.2 How are my exam results reported to the division if I take the CE Test Out exam?

If you pass the CE Test Out exam, Promissor will automatically submit the results to the division.

5.3 Will I receive written notification of my CE requirement before my license expires?

Yes. Effective with the renewal period beginning July 1, 2007, loan originator and loan solicitor renewal notices will identify the number of CE hours that the loan originator or loan solicitor has accrued.

5.4 Can I check to see how many CE hours I have accumulated?

This information is available at www.pulseportal.com. Under “Review your CE Transcript” select “Wisconsin” and “Financial Institutions” and then enter your last name, your license number and your social security number. You will be able to view and print a copy of your transcript. The transcript will identify the number of CE hours that are required, the number of hours you have accrued and your compliance status. Your compliance status will be identified as one of the following:

Waived – Your license will renew prior to 7/1/07; therefore, at this time, you do not have to meet the CE requirement in order to renew your license.

Pending – Your license will renew on or after 7/1/07 and you have not yet met the CE requirement.

Compliant – Your license will renew on or after 7/1/07 and you have met the CE requirement.

Not Compliant – You have not yet met the CE requirement and your license has expired; however, your license is still in an “active” status because there is a 30 day period during which you can renew your license after it expires.

No Longer Required – Your license is inactive.

5.5 Does Promissor have a toll free telephone number that I can use to ask questions about

the CE program or about my transcript? You can call Promissor’s Customer Care Center at 1-800-274-0266, Monday through Friday, 8 a.m. through 6 p.m., Eastern Standard Time.