NMLS Late CE state elective.
+ $1.50 NMLS Credit Banking Fee
NMLS Course ID: 15574
NMLS Sponsor ID: 1400327
Credit Hours Provided: 1
Category: CE Elective
The course is approved for "Late CE" credit only.
Mortgage loan originators licensed under the Minnesota Department of Commerce (DOC) are required to take one hour of Minnesota regulation education every renewal period to keep their licenses in active status. This course includes the DOC mandated topics for annual mortgage licensee renewal.
The first module of this course will summarize the Minnesota Residential Mortgage Originator and Servicer Licensing Act, codified in Minnesota Statute (Minn. Stat.) Section 58. We'll review licenses standards of conduct, disclosure requirements, and permitted fees.
Module 2 will cover licensee prohibited acts and the Commissioner of DOC's authority to examine and investigate licensees.
The last module discusses a licensee's authority to originate residential mortgage loans. We'll review the state maximum interest rate limitations, allowing for loan assumptions, and late fee restrictions.
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.
This course is broken down into several learning topics. At the end of the course a 15-question final exam will be given. The topics included in this course are:
Total study time: 1 credit hour (50 minutes)
In this module we'll review the Minnesota Residential Mortgage Originator and Servicer Licensing Act, codified as Minnesota Statute Section 58. We will summarize the licensing requirements under the act, explore the standards of conduct expected of licensees, and review required disclosures.
In this module we will review acts that licensees are prohibited from participating in, including mortgage fraud. You'll also learn about the investigative and enforcement authority of the Commissioner of the Minnesota Department of Commerce. These regulations are codified in Minnesota Statute Section 58A, the Minnesota Secure and Fair Enforcement for Mortgage Licensing Act of 2010.
In this module we'll review the authority granted to lenders by Minnesota Statute Section 47.20, which allows financial institutions in this state to make, purchase, and participate in loans secured by real property.
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 until midnight on December 31st, 2024
+ $1.50 NMLS Credit Banking Fee
|Vocational Training > Mortgage > Continuing Education > Minnesota > CE Elective
|NMLS Late CE state elective
Purchase of this package requires that you read and acknowledge an Enrollment Agreement before receiving credit for any courses contained in this package. Please review the following:
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.