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8 Hours of 2022 Minnesota MLO Continuing Education

Minnesota CE 8 Hours Online Self-Study Bundle

Complete 8-hour package for MN MLO licensees. Includes the 1-hour state specific requirement.

Complete these Minnesota loan originator continuing education courses to renew your MLO license before the December 31, 2022 deadline.
$50.50

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Included Standard:

Online Course Includes Video Printable Certificate PDF & EPUB eBook MN Elective

Optional Add-Ons:

Read-Along Audio MP3

Key Features:

Online Course

All learning is online. Start immediately. Learn on your own schedule.

Includes Video

Video segments highlight important points

Printable Certificate

Download and print your own certificate.

PDF & EPUB eBook

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

MN Elective

Includes state-specific elective course

Read-Along Audio MP3
Optional Add-On (+$5.00)

Have a narrator read the entire course to you as you make progress. You can also download the entire course in MP3 audio format. (National portion only)

This package of courses includes the required continuing education necessary to renew a mortgage loan originator's license in the State of Minnesota. The Minnesota Department of Commerce (DOC) requires licensees to take a total of 8 hours of continuing education each year: 7 hours in SAFE Act required topics, and 1 hour in MN-specific law and regulations.

Included in this course package are:

  1. 1 Hour MN SAFE: Minnesota Mortgage Continuing Education (NMLS ID 13749). This course includes the DOC mandated topics for this year's mortgage licensee renewal cycle. Topics include Minnesota Residential Mortgage Originator and Servicer Licensing Act, licensee prohibited acts, the Commissioner of DOC's authority to examine and investigate licensees, and a licensee's authority to originate residential mortgage loans. Please review the Course Syllabus for more details about this course.

  2. 7 Hour SAFE Core: 2022 Originator Fundamentals (NMLS ID 13799) - This course covers the required topics as mandated by the federal SAFE Act for annual NMLS mortgage license renewal. The content covered in this course include the NMLS-required topics that regulators feel licensees need to be refreshed on; a review of ethical lending practices and descriptions of common mortgage fraud schemes; and an explain of nontraditional products such as the HomeStyle Renovation Loan, the Good Neighbor Next Door program, reverse mortgages, and the VA Home Loan. Please review the Course Syllabus for more details about this course.

These courses are new for 2022 and meet the SAFE Act's "successive years" rule.

Package Summary

Price: $50.50 (USD)
+ $12.00 NMLS Credit Banking Fee
Credit Hours: 8
Category: Mortgage > Continuing Education > Minnesota
Purpose: Complete 8-hour package for MN MLO licensees. Includes the 1-hour state specific requirement.
Features: Online Text, Online Video, Printable Certificate, PDF eBook, MN Elective

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:

1 Hour MN SAFE: Minnesota Mortgage Continuing Education

NMLS Course ID: 13749

NMLS Sponsor ID: 1400327

Credit Hours Provided: 1

Category: CE Elective

View Course Syllabus

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.

Topics and Learning Objectives

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:

  1. Module 1: Minnesota Residential Mortgage Originator and Servicer Licensing Act (15 minutes)
  2. Module 2: Prohibited Licensee Conduct (15 minutes)
  3. Module 3: Lending Authority for Residential Mortgage Loans (10 minutes)
  4. Final exam (10 minutes)

Total study time: 1 credit hour (50 minutes)

Module 1: Minnesota Residential Mortgage Originator and Servicer Licensing Act

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.

Module 2: Prohibited Licensee Conduct

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.

Module 3: Lending Authority for Residential Mortgage Loans

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.

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.

This course will remain available to students for 365 days after enrollment.

7 Hour SAFE Core: 2022 Originator Fundamentals

NMLS Course ID: 13799

NMLS Sponsor ID: 1400327

Credit Hours Provided: 7

Category: CE Core

View Course Syllabus

This course will instruct mortgage loan originators on a number of regulations that they will have to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).

Topics and Learning Objectives

This course consists of three sections and a final exam

  1. Maintaining Compliance in the Mortgage Industry

  2. Ethical Practices and Common Fraud Schemes

  3. Non-traditional Mortgage Products

  4. Final exam

Total study time: 7 credit hours (5 hours, 30 minutes)

Module 1: Maintaining Compliance in the Mortgage Industry

Study Time: 3 clock hours (150 minutes of federal law)

Each year, the NMLS receives feedback from various agencies on problems and errors occurring in the mortgage industry. This feedback is then incorporated into your annual continuing education requirements as mandated by the NMLS. This module will cover a variety of conduct issues related to federal laws that are among the most frequently cited by examiners as industry problems.

Module 2: Ethical Practices and Common Fraud Schemes

Study Time: 2 clock hours (100 minutes of ethics, fraud, and consumer protection)

In this section we will review ethics in mortgage lending and how they affect the mortgage industry. We'll discusses ethical practices and consumer protection responsibilities of the mortgage loan originator, and outline various ethical standards as they relate to a compliance approach of ethical lending. This section will provide you with checklists of possible red flags of mortgage fraud.

The second half of this section will outline a variety of mortgage fraud schemes. Many of the cases outlined in this section cost millions of dollars in losses for lenders, resulted in property foreclosures, and caused stress for those who were victims of these schemes. Some of these dubious plans involved mortgage loan originators and others in the industry, while others were perpetrated by loan applicants who recruited unsuspecting buyers. Reviewing various types of fraud that occurred in our industry may help you recognize it if a suspicious application ever crosses your desk.

Module 3: Non-traditional Mortgage Products

Study Time: 2 clock hours (100 minutes of non-traditional mortgage)

Besides a traditional conventional loan product, there are other options available when it comes to rehabilitating a home for purchase and refinance that may more perfectly fit the rehab loan needs of the borrower. This module will explain several non-traditional mortgage products, exploring other options available to borrowers.

We'll go over the Fannie Mae HomeStyle® renovation program, the Good Neighbor Next Door program, reverse mortgages, the VA loan, and Fannie Mae's new RefiNow™ program.

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

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.