Late CE 1 Hour MA SAFE: Massachusetts Mortgage Continuing Education (14952)

​​​​​​​This course is approved for "Late CE" credit only.

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.

Licensees who do not complete their annual mortgage license training may be placed in a Reinstatement Period and are prohibited from practicing mortgage loan origination activities until their licenses are reactivated and their continuing education requirements have been completed. Licensees have until the end of February to bring their licenses up to date. A penalty Reinstatement Fee may apply when renewing your license. A license will expire if it is not renewed during the Reinstatement Period.

Not every state agency allows for reinstatement of a license. Check the Annual Renewal Information page on the NMLS website to verify if the agency you are licensed under allows for reinstatement, when the last date of reinstatement is, and what the applicable penalty fees may be.

• https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx

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 (50 minutes)

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.