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This continuing education course covers the topics mandated by the Minnesota Department of Commerce (DOC) modules to satisfy the one-hour continuing education requirement needed to maintain a Minnesota Mortgage Loan Originator (MLO) license.
Please review the Course Syllabus for details about this course.
This course satisfies 1 hour of required continuing education for Minnesota licensed mortgage loan originators. This course is approved by the NMLS. A valid NMLS ID number is required to receive credit for this course. Certain states may have additional requirements beyond what this course provides. Be sure to check with your state to see if this course meets your needs.
This course is new for 2023 and meets the SAFE Act's successive years rule.
| Price: |
$19.50 (USD)
+ $1.50 NMLS Credit Banking Fee |
|---|---|
| Credit Hours: | 1 |
| Category: | Vocational Training > Mortgage > Continuing Education > Minnesota > CE Elective |
| Purpose: | 1-hour Minnesota state-specific course for DOC-licensed mortgage loan originators |
| Features: | Online Text, Online Audio, Printable Certificate, PDF eBook |
OnlineEd
14355 SW ALLEN BLVD STE 240,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com
NMLS Course Provider ID: 1400327
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:
NMLS Course ID: 14955
NMLS Sponsor ID: 1400327
Credit Hours Provided: 1
Category: CE Elective
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.
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 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.
