Mandatory state-specific elective for new Nevada MLD mortgage licensees.
+ $6.00 NMLS Credit Banking Fee
NMLS Course ID: 14041
NMLS Sponsor ID: 1400327
Credit Hours Provided: 4
Category: PE Elective
This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Nevada under The Division of Mortgage Lending (MLD), an agency under the Nevada Department of Business and Industry. This 4-hour course covers state-specific rules and regulations in Nevada, and is required as part of the 30 hours of pre-license education needed to become a Nevada licensed mortgage loan originator. This course covers only state-specific content. The remainder of your required 30-hour pre-license education will be covered by additional separate courses.
This course consists of 5 modules and a final exam:
Introduction (15 minutes)
Mortgage Licensing (38 minutes)
The Operation of Mortgage Companies (71 minutes)
Foreclosure Service Providers (21 minutes)
Unfair Lending Practices (35 minutes)
Final Exam (20 minutes)
Total study time: 4 credit hours (200 minutes)
In this module we are going to discuss Nevada law and rule requirements relating to operating a mortgage business in Nevada. The laws relating to how a mortgage loan originator is to operate and conduct their affairs are based upon both statutory and administrative rules.
In this module we'll introduce you to the steps for obtaining a mortgage loan originators in Nevada. An MLO license can only be grated to a natural person (i.e., an individual) who completes the necessary requirements for being authorized by the Nevada Division of Mortgage Lending to participate in residential mortgage origination activities with the expectation of compensation. MLOs work with clients to locate a mortgage product that best fits within the clients' financial means.
The previous module covered licensing matters for individual mortgage loan originators. Now we turn our attention to the licensing and operating of mortgage companies. This will include escrow and trust accounts, appropriate consumer disclosures, advertisements, responsibilities when handling employees, and prohibited acts.
This module covers various consumer protections in relation to foreclosure consultations, loan modifications, and loan servicing.
Unfair lending practices set homeowners up for failure. By lending individuals more money that their homes are actually worth, consumers are often unaware of what they agree to until it is too late. In this module we'll review unfair lending practices as outlined in Nevada Revised Statutes 598D. Nevada has defined certain practices as unfair lending practices and has prohibited lending in these capacities.
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:
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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.
+ $6.00 NMLS Credit Banking Fee
|Category:||Vocational Training > Mortgage > License Training > Nevada > PE Elective|
|Purpose:||Mandatory state-specific elective for new Nevada MLD mortgage licensees|
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