8 Hours of 2024 Minnesota MLO Continuing Education

​​​​​​​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 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 four sections and a final exam

1. Top 10 Federal Topics for 2024

2. Ethical Mortgage Advertisement Practices

3. The Fannie Mae HomeStyle® Renovation Loan

4. Final exam

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

Module 1: Top 10 Federal Topics for 2024

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

air lending along with compliance to the law, established rules, and implemented regulations is everyone’s responsibility. When compliance failures occur, everyone, including the customer, loses.

The topics outlined in this module are mandated by the NMLS and state regulators, covering the more egregious regulatory compliance failures recently discovered through various regulatory examinations, investigations, and audits.

Module 2: Ethical Mortgage Advertisement Practices

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

Most, if not all of the regulations for the mortgage and banking industry are implemented to protect the consumer. That is what this module is about - consumer protection in advertising. Throughout this module, we hope to provide you a better understanding of the laws designed to protect consumers from untruthful mortgage advertising and understanding what you can and cannot do when advertising your loan products. Your proper understanding of these rules is vital when dealing with the public and promoting your services.

Module 3: The Fannie Mae HomeStyle Renovation Loan

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

In this next section, we will explore property rehabilitation loan products. Over the years, most of us have become familiar with the FHA 203(k) Rehab Loan. It was the loan program that many mortgage loan originators turned to when they needed a rehab loan program for their borrower client.

Today, 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 introduce you to one such program: the Fannie Mae HomeStyle Rehab loan program. We'll explain the details of this program and compare it to the traditional 203(k) rehab loan.

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