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1 Hour MN SAFE: Minnesota Mortgage Continuing Education

1-hour Minnesota state-specific course for DOC-licensed mortgage loan originators.

This course meets the DOC state-specific requirement for MLO annual license renewal through the NMLS.

$19.50  |  1 Hour

+ $1.50 NMLS Credit Banking Fee

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1 Hour MN SAFE: Minnesota Mortgage Continuing Education

NMLS Course ID: 16053

NMLS Sponsor ID: 1400327

Credit Hours Provided: 1

Category: CE Elective

View Course Syllabus

​​​​​​​GraphicMortgage 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 until midnight on December 31st, 2024

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Package Summary
Price: $19.50 (USD)
+ $1.50 NMLS Credit Banking Fee
Credit Hours: 1
State: Minnesota
Category: Vocational Training > Mortgage > Continuing Education > Minnesota > CE Elective
Purpose: 1-hour Minnesota state-specific course for DOC-licensed mortgage loan originators
Course Provider

OnlineEd
14355 SW ALLEN BLVD STE 240,
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 before receiving credit for any courses contained in this package. Please review the following:

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.

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