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1 Hour MA SAFE: Massachusetts Mortgage Regulations

Massachusetts CE 1 Hour Online Self-Study CE Elective

1-hour Massachusetts state-specific course for licensed mortgage loan originators

This 2020 course meets the DOB state-specific requirement for MLO annual license renewal through the NMLS.
$19.50
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Online Course Online Audio Printable Certificate PDF & EPUB eBook

Online Course

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Printable Certificate

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PDF & EPUB eBook

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This continuing education course will contain the following Massachusetts Division of Bank topics to satisfy the one-hour continuing education requirement needed to maintain a Massachusetts Mortgage Loan Originator license:

  • Ethical Overview and Introduction to the Massachusetts Division of Banks (DOB),
  • Licensing of Mortgage Loan Originators,
  • Licensing of Mortgage Brokers and Mortgage Lenders ,
  • Prohibited Acts and Practices, and
  • Foreclosure Prevention Options.

Please review the Course Syllabus for details about this course.

This course satisfies 1 hour of required continuing education for Massachusetts licensed mortgage loan originators. This course is approved by the NMLS. A valid NMLS ID number is required to receive credit for this course. Certain states may have additional requirements beyond what this course provides. Be sure to check with your state to see if this course meets your needs.

This course is new for 2020 and meets the SAFE Act's "successive years" rule.

Summary

Price: $19.50 (USD)
+ $1.50 NMLS Credit Banking Fee
Credit Hours: 1
Category: Mortgage > Continuing Education > Massachusetts > CE Elective
Purpose: 1-hour Massachusetts state-specific course for licensed mortgage loan originators
Features: Online Text, Online Audio, Printable Certificate, PDF eBook

Courses Provided By:

OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com

Terms of Service:

Purchase of this package requires that you read and acknowledge a Terms of Service agreement before receiving credit for any courses contained in this package. Please review the following:

1 Hour MA SAFE: Massachusetts Mortgage Regulations

NMLS Course ID: 11922

NMLS Sponsor ID: 1400327

Credit Hours Provided: 1

Category: CE Elective

View Course Syllabus

The Massachusetts Division of Banks (DOB) requires mortgage licensees in this state to take a one-hour course on Massachusetts mortgage lending rules as part of the licensees' annual continuing education requirement for license renewal. This course covers five Massachusetts mortgage topics for licensee continuing education.

This four-module course begins with an overview of the structure and goals of the Division of Banks.

We'll then move onto module 2, covering mortgage loan originator licensing and explaining various prohibited acts that MLOs are not to do when originating residential mortgage loans.

Module 3 examines the licensing of mortgage bankers and mortgage lenders, and identifies the enforcement abilities of the Commissioner of the Division of Banks.

The last module summarizes the prohibited acts when dealing with high-cost mortgages and higher-priced mortgages within this state.

Topics and Learning Objectives

This course consists of four modules and a final exam:

  1. Ethical Overview and Introduction to the Division of Banks (7 minutes)
  2. Licensing of Mortgage Loan Originators (10 minutes)
  3. Licensing of Mortgage Brokers and Mortgage Lenders (10 minutes)
  4. Prohibited Acts and Practices (13 minutes)
  5. Final exam (10 minutes)

Total study time: 1 credit hour

This course will prepare Massachusetts-licensed MLOs to:

  • Review the importance of ethical conduct
  • Describe the purpose of the Massachusetts Division of Banks (DOB)
  • Define the four divisions that are under the DOB
  • Review why a candidate has to apply for a mortgage loan originator's license
  • Generalize when a candidate might not need to obtain an MLO license
  • Summarize the criteria looked at by the Division of Banks (DOB) when reviewing an applicant
  • List prohibited actions that licensees cannot do when practicing mortgage origination
  • Explain the licensee oversight authority of the DOB
  • Identify the additional requirements and standards for obtaining a mortgage broker or mortgage lender license
  • Explain the Commissioner's enforcement authority over mortgage brokers and mortgage lenders
  • Describe the reporting and record keeping requirements for broker and lender licensees
  • Describe when a transaction is defined as a higher-priced or high-cost mortgage loan
  • Recognizes the prohibited acts when originating these special loan products
  • Identify acts that are prohibited when originating any type of loan product in this state

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID but don't remember what it is:

  • Login into NMLS
  • Click on the Composite View tab.
  • Click View Individual on the sub-header row.
  • The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center.

This course will remain available to students for 365 days after enrollment.

Our Mission Statement

To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.