3 Hour MA SAFE: Massachusetts Mortgage Lending Laws
Mandatory Massachusetts state-specific component for DOB mortgage licensee applicants.
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This course presents Massachusetts law and rule requirements relating to originating mortgage loans securing residential real property located throughout the Commonwealth of Massachusetts. The purpose of this training is to prepare MA Mortgage Loan Originator license candidates with the necessary information to ensure fair, ethical, and compliant mortgage loan origination activities.
+ $4.50 NMLS Credit Banking Fee
|Category:||Vocational Training > Mortgage > License Training > Massachusetts > PE Elective|
|Purpose:||Mandatory Massachusetts state-specific component for DOB mortgage licensee applicants|
|Features:||Online Text, Online Audio, PDF eBook, Printable Certificate|
NMLS Course Provider ID: 1400327
Purchase of this package requires that you read and acknowledge an Enrollment Agreement agreement before receiving credit for any courses contained in this package. Please review the following:
NMLS Course ID: 12105
NMLS Sponsor ID: 1400327
Credit Hours Provided: 3
Category: PE Elective
This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Massachusetts under the Massachusetts Division of Banks (DOB). This 3-hour course covers Massachusetts specific rules and regulations, and is required as part of the 20 hours of prelicense education needed to become a Massachusetts-licensed mortgage loan originator.
This course consists of five modules and a final exam:
Total study time: 3 clock hours
The Division of Banks must first authorize a person the appropriate license before they can participate in mortgage loan origination activities. This chapter explains the DOB requirements for obtaining a mortgage loan originator license, a mortgage broker license, and a mortgage lender license. We'll also cover the annual responsibilities for maintaining the authority granted by the DOB.
Now that a license has been granted, a licensee has many recordkeeping requirements to comply with to ensure that they meet the minimum requirements for licensure. In this chapter, we'll cover how to properly maintain books and records, manage client funds accounts, and publish clear advertisements. After that, we'll go over reverse mortgage regulations that are specific to Massachusetts, and the importance of ensuring a mortgage refinance is in the borrower's best interests.
Mortgage regulations also protect borrowers from excessive fees. This chapter outlines the limitations on charging borrowers penalties for submitting late payments. We'll also cover fee restrictions and disclosure requirements when working with a high-cost mortgage loan.
Improper licensee conduct can result in lost of DOB authorization. We'll now go through various prohibited acts and practices that may result in loss of license. We'll also explain how the state attorney general and DOB Commissioner can bring actions against licensees, including fines, license suspension, and revocation.
In this last chapter we'll outline how the DOB reviews a mortgage lender's records to ensure that the lending requirements of the community are being met in a fair and undiscriminatory way. This review includes a Mortgage Lender Community Investment (MLCI) evaluation. We will identify the steps of a MLCI exam and the possible ratings that a lender can be assigned after the DOB's completion of the lending records.
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:
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.
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.