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West Virginia Mortgage Pre-License Education

West Virginia Pre-License 24 Hours Online Instructor-Led PE Elective Bundle

Everything you need to get your MLO license in West Virginia. Includes test-taking strategy video.

Get your West Virginia mortgage pre-license education online! Be confident and prepared with live instructor Q&A, deluxe test prep, exam simulator, and WV elective.
$275.00

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Included Standard:

Online Materials Includes Video Online Audio Optional Q&A Webinar State Component Printable Certificate PDF & EPUB eBook Practice Tests Test Simulator Test-Taking Strategies Online Flashcards

Optional Add-Ons:

Mortgage 101 Bootcamp

Key Features:

Online Materials

All learning is online. Start immediately after registration.

Includes Video

Video segments highlight important points

Online Audio

Read-along audio plays the course text back to you.

Optional Q&A Webinar

Get help from a live instructor in a weekly review webinar.

State Component

Includes the online self-study course necessary for a West Virginia state license.

Printable Certificate

Download and print your own certificate.

PDF & EPUB eBook

Includes PDF/EPUB eBook of all reading material for your tablet or Kindle.

Practice Tests

Large bank of test questions familiarize you with licensing exam topics.

Test Simulator

Practice tests simulate a real licensing exam and help you mentally prepare.

Test-Taking Strategies

An exclusive video course that discusses techniques for passing the NMLS licensing exam.

Online Flashcards

Online interactive flashcards keep score of your improving vocabulary.

Mortgage 101 Bootcamp
Optional Add-On (+$125.00)

An easy-to-comprehend introduction to the mortgage industry for the new mortgage professional. The Mortgage 101 Boot Camp is a 20-hour online self-paced course that teaches you mortgage origination fundamentals, sales techniques, winning customer service strategies, referral generation tips, how to prepare and take a winning mortgage application, and so much more. The ideal start to your highly-successful mortgage career.

This mortgage pre-license course package contains all of the NMLS-required education you need to become licensed as a West Virginia mortgage loan originator under the regulation of the West Virginia Division of Financial Institutions (DFI). This package includes:

  • 20 Hour SAFE Comprehensive: Mortgage Loan Originator Prelicensure Course (NMLS ID 6121) - This required course teaches you the basics about what mortgage loans are, discusses federal laws, ethics, mortgage types, how to fill out a mortgage application, and closing procedures. This course is in "online instructor-led" format. It begins and ends on a fixed schedule that you choose. The course includes opportunities to ask questions and get feedback from your instructor. There will also be an optional live weekly review session with your instructor via online webinar. This mortgage loan originator NMLS pre-licensing course is structured to be completed in a 4-day class. Each chapter features a Question & Answer page to submit questions and get feedback from the instructor. Students may take a final exam starting on day 4 of the class but may take up to 14 days to finish.

  • 4 Hour WV SAFE: West Virginia Mortgage Lending Laws (NMLS ID 14026) - This 4-hour course covers West Virginia specific rules and regulations, and is required as part of the prelicensure education needed to become a WV mortgage loan originator.

  • Test Prep Course - This optional, self-paced exam-cram course helps you study for the licensing exam after your required courses are completed. It reviews all of the topics in the 20-hour pre-license course using points to remember, video, and quiz questions. At the end is an "exam simulator" based on the same requirements as the licensing exam.

  • SPECIAL BONUS: Licensing Exam Test-Taking Strategy Video Course - A special feature you won't find anywhere else! This is a 2-hour coaching video that will present tips on how to pass the national mortgage loan originator licensing exam. Topics include how to schedule the exam, what to expect on arrival, test taking techniques, and review of the NMLS test content outline.

Frequently Asked Questions

What is an "Online Instructor-Led" course?

Students progress through a class under the guidance of an instructor. Classes will begin on a fixed date. Each day, students will work through online course material, take review quizzes, view review videos, and optionally participate in Question & Answer forums. The instructor will hold an optional weekly review session via live webinar, usually held on Fridays. This is a chance to review course material, ask additional questions, and prepare for the licensing exam.

How long does the 20-hour class take?

The instructor will guide the class for the first 4 days, after which students may access the final exam. All students must complete the required 20 study hours in the course. Courses MAY be completed on the 4th day, but MUST be completed with 14 days. Courses not completed in 14 days are marked as failed.

Is attending the weekly review webinar required?

No, but highly recommended. It is your opportunity to get questions answered from your instructor in a live setting with fellow students.

How fast can I complete the 20-hour course?

4 days. The final exam becomes available at the end of the 4th day of class for students who have completed the required study time.

Can I get my course extended if I need more time?

No. The NMLS requires all instructor-led courses to be completed within 14 days.

Package Summary

Price: $275.00 (USD)
+ $36.00 NMLS Credit Banking Fee
Credit Hours: 24
Category: Vocational Training > Mortgage > License Training > West Virginia > PE Elective
Purpose: Everything you need to get your MLO license in West Virginia. Includes test-taking strategy video.
Features: Online Materials, Online Video, Online Audio, Optional Q&A Webinar, State Component, Printable Certificate, PDF eBook, Practice Tests, Test Simulator, Test-Taking Strategies, online flashcards

Courses Provided By:

OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278

mail@onlineed.com

NMLS Course Provider ID: 1400327

Enrollment Agreement:

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:


Courses Included In This Package:

20 Hour SAFE Comprehensive - Mortgage Loan Originator Pre-Licensure Education Course

NMLS Course ID: 6121

NMLS Sponsor ID: 1400327

Credit Hours Provided: 20

View Course Syllabus

This 20-hour mortgage loan originator pre-license course will teach you the various aspects of the mortgage lending industry such as loan finance documents, the laws that must be followed, the importance of ethical conduct, how to watch out for fraud and other nefarious acts, how to complete a loan application and the process for loan approval, and various different loan programs that are available to consumers.

Some states require state-specific prelicense education in addition to the standard course. Please check with your state regulatory agency, the NMLS, or contact us to verify if the jurisdiction you are becoming licensed under requires additional state-specific training.

Course Content

This course is divided into 12 chapter:

  • Segment 1: The Mortgage Lending Industry
  • Segment 2: Basic Loan Finance Documents
  • Segment 3: Financing Terminology
  • Segment 4: The SAFE Act
  • Segment 5: Federal Laws Governing Mortgage Practice
  • Segment 6: Ethics and Consumer Protection
  • Segment 7: Fraud and Money Laundering
  • Segment 8: The Mortgage Loan Application
  • Segment 9: Processing and Underwriting
  • Segment 10: Closing
  • Segment 11: Financial Calculations
  • Segment 12: Specific Loan Programs

This mortgage loan originator pre-license course is structured to be completed in a 4-day class. As required by the Nationwide Mortgage Licensing System (NMLS), sections of the course will unlock as the class moves together through the course material, ensuring that no student moves faster than the rest of the class.

Each chapter will include a Question & Answer bulletin board to allow students ask questions of the instructor and get feedback. Quizzes are given throughout the course. Each day includes review videos by the instructor to highlight important concepts.

The online final exam will be presented at the end of the course. The final exam is not timed, contains 25 multiple choice questions, and requires a 70% or higher passing score. Students can take multiple attempts at passing the final exam, with each attempt containing a new set of test questions. The final exam must be completed before the end of the 14-day class session to receive credit for passing the course.

NMLS functional specifications define that a 20-hour mortgage loan originator prelicense courses MUST be completed within 14 days of the course session start date. Students who do not pass the final exam before the enrollment period expires will be marked as failing the course. Refunds will not be issued for failed courses. Extensions to lengthen the 14-day enrollment period are NOT available. Students who fail the course can enroll for a new course session and must start from the beginning.

After successfully passing the final exam, OnlineEd will notify the Nationwide Mortgage Licensing System (NMLS) that the mortgage loan originator pre-eduction has been completed by the student. It is OnlineEd policy to have credit uploaded to the NMLS by the end of the following business day.

The student will have a printable course completion certificate available after passing the course final exam. The certificate is for the student's personal records and is not confirmation that the NMLS has received the notification that the student has completed the course.

Special Live Session

Each class will have the opportunity to participate in a live webinar session with the instructor. It is a chance to review material from the course, study for the exam, and discuss the licensing process. This session is optional but highly encouraged.

Technical Requirements

This is an online, instructor-led mortgage loan originator pre-license course that contains online reading materials, audio presentations, and video presentations. Students will need to have a current internet browser and computer speakers. The instructor-led webinar sessions are presented using Citrix GoToMeeting software. A webcam is NOT required. An audio bridge call-in number along with confirmation of the webinar session times will be emailed to students when the class begins.

NMLS Unique ID is Required

You will need a NMLS Unique ID number in order for us to upload record of your course completion to the NMLS. 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:

https://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/Create-an-Individual-Account-Quick-Guide.pdf

Learning Module Outline

Segment 1: The Mortgage Lending Industry

Total study time: 30 minutes

This segment will give you an overview of the mortgage lending industry. Students will learn about various types of lenders and the parties who are involved in the mortgage lending process.

Segment 2: Basic Loan Finance Documents

Total study time: 30 minutes

This segment will explain the various promissory notes that are available. Students will also learn the three main types of security instruments used in residential purchase transactions.

Segment 3: Financing Terminology

Total study time: 1 clock hour

There are many terms and words used within the mortgage industry that aren't a part of the everyday person's vocabulary. This segment will outline many common words and loans used in the lending industry.

Segment 4: The SAFE Act

Total study time: 1 clock hour

After the passage of the SAFE Act, a national registration system was created that allowed states to use a centralized system to supervise the licensing of individuals and companies. This segment will explain the SAFE Act and its implications on the mortgage industry

Segment 5: Federal Laws Governing Mortgage Practice

Total study time: 4.5 clock hours

This segment will outline many of the important federal regulations and rules that students will need to comply with when working with borrowers on residential loan transactions.

Segment 6: Ethics and Consumer Protection

Total study time: 1 clock hour

Interacting with the public must always be done in an ethical manner. There are many courtesy standards that should be followed, as licensees are expected to protect the loan applicant's interests and not take an unfair advantage of an applicant in order to earn a commission.

Segment 7: Fraud and Money Laundering

Total study time: 1 clock hour

This segment will outline the ways in which loan fraud is used for illegal activities, the programs that companies are expected to create to detect fraud, and the various ways that criminals try to trick lenders (and mortgage loan originators) into financing their property purchases.

Segment 8: The Mortgage Loan Application

Total study time: 2.5 clock hours

This segment will outline both the standard loan application and the Loan Estimate disclosure. Students will also learn about credit scores and what to look out for when working with documents submitted by applicants to support their personal financial obligations.

Segment 9: Processing and Underwriting

Total study time: 30 minutes

Appraisals are often used to confirm that the property being used as collateral for the loan is adequate in case of borrower default. If the lender has to take the property and sell it, the property should be worth enough money for the lender to recoup its financial loss.

Segment 10: Closing

Total study time: 2 clock hours

In this segment students will learn about the CFPB's Closing Disclosure. This form is in conjunction with the earlier Loan Estimate and discloses the final details of the approved loan to the borrower.

Segment 11: Financial Calculations

Total study time: 30 minutes

Financial transactions naturally involve a lot of math calculations; the amount to be repaid monthly, how much interest a loan will accrue during its term, and so on. Students will also need to be able to take the income and debt values supplied by the loan applicant to determine if he or she will even meet the minimum qualifications for the loan being applied for.

Segment 12: Specific Loan Programs

Total study time: 2 clock hours

There are a variety of loan programs available for applicants to qualify for. This segment will give students an overview of a variety of loan programs that borrowers can apply for.

This course will remain available to students for 14 days after enrollment.

4 Hour WV SAFE: West Virginia Mortgage Lending Laws

NMLS Course ID: 14026

NMLS Sponsor ID: 1400327

Credit Hours Provided: 4

Category: PE Elective

View Course Syllabus

This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in West Virginia under the Division of Financial Institutions (DFI). This 4-hour course covers state-specific rules and regulations, and is required as part of the 24 hours of prelicensure education needed to become a West Virginia licensed mortgage loan originator.

Topics and Learning Objectives

This course consists of four modules and a final exam:

  1. The DFI, Disclosures, and Advertising (53 minutes)

  2. Conditions and Limitations for Certain Mortgage Transactions (38 minutes)

  3. Residential Mortgage Loans (16 minutes)

  4. Licensing (73 minutes)

  5. Final Exam (20 minutes)

Total study time: 4 credit hours (200 minutes)

Module 1: The DFI, Disclosures, and Advertising

The West Virginia Division of Financial Institutions (DFI) is the agency responsible for the supervision of mortgage loan originators, brokers, and lenders in our state. In this module, we'll introduce you to the agency that will authorize you to transact mortgage loan origination activities. We'll also cover the records that licensees must maintain to ensure compliance with West Virginia lending laws, and explain the requirements for properly advertising mortgage products and services.

Module 2: Conditions and Limitations for Certain Mortgage Transactions

When practicing mortgage loan origination, there are many rules to follow that are design to protect West Virginia consumers. In this module, we will explore some of those limited practices. We'll first explore the restrictions given to loans that are being refinanced within 24 months of their origination date, the restrictions on fees being charged to loan applicants, identify limitations on certain words as defined by West Virginia law, and discover appraiser requirements and the rules for timely distribution of loan funds.

Module 3: Residential Mortgage Loans

While there are certain types of loan transactions that have specific consumer protection restrictions, there are also protections applicable to all loans made on West Virginia property. This module will explain the standard prohibited practices when originating any loan in our state.

Module 4: Licensing

The West Virginia Residential Mortgage Lender, Broker, and Servicer Act, codified as West Virginia Code 31-17, establishes the requirements and exemptions as for whom a license to operate as a West Virginia mortgage lender or broker is required. A companion legislation, the West Virginia SAFE Mortgage Licensing Act (WV Code 31A-17) defines the requirements and regulations for mortgage loan originator licensing. In this module, we'll explore the requirements for licensure under both acts.

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, then
  • 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.