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[Standard] New York Mortgage Pre-License Education

New York Pre-License 23 Hours Online Instructor-Led Bundle

Everything you need to become a licensed MLO with the New York DFS. Includes national and DFS state-specific requirement.

Get your New York mortgage pre-license education online! Be confident and prepared with live instructor Q&A, test prep, exam simulator, and NY elective.
$245.00

Add To Cart Check Dates Available

Included Standard:

Online Materials Includes Video Online Audio Live Class Webinar State Component Printable Certificate PDF & EPUB eBook Practice Tests Test Simulator

Online Materials

All learning is online. Start immediately after registration.

Includes Video

Video segments highlight important points

Online Audio

Read-along audio plays the course text back to you.

Live Class Webinar

Participate in an online session with a live instructor.

State Component

Includes the online self-study course necessary for a NY DFS state license.

Printable Certificate

Download and print your own certificate.

PDF & EPUB eBook

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

Practice Tests

Large bank of test questions familiarize you with licensing exam topics.

Test Simulator

Practice tests simulate a real licensing exam and help you mentally prepare.

This NY SAFE Comprehensive mortgage pre-license course package contains all of the NMLS-required education you need to become licensed as a New York mortgage loan originator New York State Department of Financial Services (DFS). This package includes:

  • 20 Hour SAFE Comprehensive: Mortgage Loan Originator Prelicensure Course - This required course teaches you the basics about what mortgage loans are, discusses federal laws, ethics, mortgage types, how to fill out a mortgage application, and closing procedures. This course is in "online instructor-led" format. It begins on a fixed date and includes daily online webinars with an instructor.

  • 3 Hour NY SAFE: New York Mortgage Lending Laws (NMLS ID 12870) - This 3-hour course covers New York specific rules and regulations, and is required as part of the 20 hours of prelicensure education needed to become a New York mortgage loan originator.

  • Test Prep Course - This optional, self-paced exam-cram course helps you study for the licensing exam after your required courses are completed. It reviews all of the topics in the 20-hour pre-license course using points to remember, video, and quiz questions. At the end is an "exam simulator" based on the same requirements as the licensing exam.

Frequently Asked Questions

What is an "Online Instructor-Led" course?

Students progress through a class under the guidance of an instructor. Classes will begin on a fixed date. There will be online study material and a one-hour live webinar session for each day. The instructor will review each day's material with the class before moving on.

How long does the 20-hour class take?

The instructor will guide the class for the first 4 days, after which students may access the final exam. All students must complete the required 20 study hours in the course. Courses MAY be completed on the 4th day, but MUST be completed with 14 days. Courses not completed in 14 days are marked as failed.

Is attending the daily webinar session required?

No, however they do count towards your required class time. The daily webinar sessions are your opportunity to get questions answered from a live instructor. Students should plan to attend all sessions.

How fast can I complete the 20-hour course?

4 days. The final exam becomes available at the end of the 4th day of class for students who have completed the required study time.

Can I get my course extended if I need more time?

No. The NMLS requires all instructor-led courses to be completed within 14 days.

What is the difference between standard and deluxe packages?

The deluxe package includes a 2-hour live test-prep coaching webinar with an instructor. This will teach you strategies for taking the licensing exam and review the topics that will be tested over.

Package Summary

Price: $245.00 (USD)
+ $34.50 NMLS Credit Banking Fee
Credit Hours: 23
Category: Mortgage > License Training > New York
Purpose: Everything you need to become a licensed MLO with the New York DFS. Includes national and DFS state-specific requirement.
Features: Online Materials, Online Video, Online Audio, Live Class Webinar, State Component, Printable Certificate, PDF eBook, Practice Tests, Test Simulator

Courses Provided By:

OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278

mail@onlineed.com

NMLS Course Provider ID: 1400327

Sessions Available:

June 21- June 24

  • June 21, 12:00pm - 1:00pm PDT
  • June 22, 12:00pm - 1:00pm PDT
  • June 23, 12:00pm - 1:00pm PDT
  • June 24, 12:00pm - 1:00pm PDT

June 28- July 1

  • June 28, 12:00pm - 1:00pm PDT
  • June 29, 12:00pm - 1:00pm PDT
  • June 30, 12:00pm - 1:00pm PDT
  • July 1, 12:00pm - 1:00pm PDT

Terms of Service:

Purchase of this package requires that you read and acknowledge a Terms of Service agreement before receiving credit for any courses contained in this package. Please review the following:


Courses Included In This Package:

20 Hour SAFE Comprehensive - Mortgage Loan Originator Pre-Licensure Education Course

NMLS Course ID: 6121

NMLS Sponsor ID: 1400327

Credit Hours Provided: 20

View Course Syllabus


This 20-hour mortgage loan originator pre-license course will teach you the various aspects of the mortgage lending industry such as loan finance documents, the laws that must be followed, the importance of ethical conduct, how to watch out for fraud and other nefarious acts, how to complete a loan application and the process for loan approval, and various different loan programs that are available to consumers.

Some states require state-specific prelicense education in addition to the standard course. Please check with your state regulatory agency, the NMLS, or contact us to verify if the jurisdiction you are becoming licensed under requires additional state-specific training.

Course Content

This course is divided into two components:

  1. Twelve (12) chapters of online reading material and online testing
  2. Four (4) days of instructor-led 1-hour live webinars

The online reading modules in this course are:

  • Segment 1: The Mortgage Lending Industry
  • Segment 2: Basic Loan Finance Documents
  • Segment 3: Financing Terminology
  • Segment 4: The SAFE Act
  • Segment 5: Federal Laws Governing Mortgage Practice
  • Segment 6: Ethics and Consumer Protection
  • Segment 7: Fraud and Money Laundering
  • Segment 8: The Mortgage Loan Application
  • Segment 9: Processing and Underwriting
  • Segment 10: Closing
  • Segment 11: Financial Calculations
  • Segment 12: Specific Loan Programs

This mortgage loan originator pre-license course is structured to be completed in a 4-day class starting on Monday and concluding on Thursday. As required by the Nationwide Mortgage Licensing System (NMLS), sections of the course will unlock as the class moves together through the course material, ensuring that no student moves faster than the rest of the class. Instructor-led sessions will be available during the course enrollment period where students can interact with an educator to have questions answered or to help enforce the information that was covered during the course session. Quizzes are given throughout the online course segments.

Please review the course syllabus for the schedule of course topics available on each day of the class.

The online final exam will be presented at the end of the course. The final exam is not timed, contains 25 multiple choice questions, and requires a 70% or higher passing score. Students can take multiple attempts at passing the final exam, with each attempt containing a new set of test questions. The final exam must be completed before the end of the 14-day class session to receive credit for passing the course.

NMLS functional specifications define that a 20-hour mortgage loan originator prelicense courses MUST be completed within 14 days of the course session start date. Students who do not pass the final exam before the enrollment period expires will be marked as failing the course. Refunds will not be issued for failed courses. Extensions to lengthen the 14-day enrollment period are NOT available. Students who fail the course can enroll for a new course session and must start from the beginning.

After successfully passing the final exam, OnlineEd will notify the Nationwide Mortgage Licensing System (NMLS) that the mortgage loan originator pre-eduction has been completed by the student. It is OnlineEd policy to have credit uploaded to the NMLS by the end of the following business day.

The student will have a printable course completion certificate available after passing the course final exam. The certificate is for the student's personal records and is not confirmation that the NMLS has received the notification that the student has completed the course.

Technical Requirements

This is an online, instructor-led mortgage loan originator pre-license course that contains online reading materials, audio presentations, and video presentations. Students will need to have a current internet browser and computer speakers. The instructor-led webinar sessions are presented using Citrix GoToMeeting software. A webcam is NOT required. An audio bridge call-in number along with confirmation of the webinar session times will be emailed to students when the class begins.

NMLS Unique ID is Required

You will need a NMLS Unique ID number in order for us to upload record of your course completion to the NMLS. 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:

https://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/Create-an-Individual-Account-Quick-Guide.pdf

Learning Module Outline

Segment 1: The Mortgage Lending Industry

Total study time: 30 minutes

This segment will give you an overview of the mortgage lending industry. Students will learn about various types of lenders and the parties who are involved in the mortgage lending process.

Segment 2: Basic Loan Finance Documents

Total study time: 30 minutes

This segment will explain the various promissory notes that are available. Students will also learn the three main types of security instruments used in residential purchase transactions.

Segment 3: Financing Terminology

Total study time: 1 clock hour

There are many terms and words used within the mortgage industry that aren't a part of the everyday person's vocabulary. This segment will outline many common words and loans used in the lending industry.

Segment 4: The SAFE Act

Total study time: 1 clock hour

After the passage of the SAFE Act, a national registration system was created that allowed states to use a centralized system to supervise the licensing of individuals and companies. This segment will explain the SAFE Act and its implications on the mortgage industry

Segment 5: Federal Laws Governing Mortgage Practice

Total study time: 4.5 clock hours

This segment will outline many of the important federal regulations and rules that students will need to comply with when working with borrowers on residential loan transactions.

Segment 6: Ethics and Consumer Protection

Total study time: 1 clock hour

Interacting with the public must always be done in an ethical manner. There are many courtesy standards that should be followed, as licensees are expected to protect the loan applicant's interests and not take an unfair advantage of an applicant in order to earn a commission.

Segment 7: Fraud and Money Laundering

Total study time: 1 clock hour

This segment will outline the ways in which loan fraud is used for illegal activities, the programs that companies are expected to create to detect fraud, and the various ways that criminals try to trick lenders (and mortgage loan originators) into financing their property purchases.

Segment 8: The Mortgage Loan Application

Total study time: 2.5 clock hours

This segment will outline both the standard loan application and the Loan Estimate disclosure. Students will also learn about credit scores and what to look out for when working with documents submitted by applicants to support their personal financial obligations.

Segment 9: Processing and Underwriting

Total study time: 30 minutes

Appraisals are often used to confirm that the property being used as collateral for the loan is adequate in case of borrower default. If the lender has to take the property and sell it, the property should be worth enough money for the lender to recoup its financial loss.

Segment 10: Closing

Total study time: 2 clock hours

In this segment students will learn about the CFPB's Closing Disclosure. This form is in conjunction with the earlier Loan Estimate and discloses the final details of the approved loan to the borrower.

Segment 11: Financial Calculations

Total study time: 30 minutes

Financial transactions naturally involve a lot of math calculations; the amount to be repaid monthly, how much interest a loan will accrue during its term, and so on. Students will also need to be able to take the income and debt values supplied by the loan applicant to determine if he or she will even meet the minimum qualifications for the loan being applied for.

Segment 12: Specific Loan Programs

Total study time: 2 clock hours

There are a variety of loan programs available for applicants to qualify for. This segment will give students an overview of a variety of loan programs that borrowers can apply for.

This course will remain available to students for 14 days after enrollment.

3 Hour NY SAFE: New York Mortgage Lending Laws

NMLS Course ID: 12870

NMLS Sponsor ID: 1400327

Credit Hours Provided: 3

Category: PE Elective

View Course Syllabus

​​​​​​​

This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in New York under the New York Department of Financial Services (DFS). This 3-hour course covers New York-specific rules and regulations as mandated by DFS, and is required as part of the 20 hours of prelicensure education needed to become a New York-licensed mortgage loan originator.

This online self-study course will teach you about:

  • New York licensing requirements.
  • Fair lending concerns specific to New York.
  • Guidelines and laws for special mortgage situations in New York.
  • Disclosures, advertising laws, appraisals, and reporting requirements.

Topics and Learning Objectives

This course consists of three modules and a final exam:

  1. High-Cost and Subprime Loans, Fair Lending, and Distressed Properties

  2. Disclosures, Fees, Advertising, Appraisals, and Crime Reports

  3. Licensing Requirements, Prohibited Conduct, and Department Disciplinary Actions

  4. Final exam

Total study time: 3 credit hours

Module 1: High-Cost and Subprime Loans, Fair Lending, and Distressed Properties

This module will review special loan situations that require extra care and attention from any loan originator. These include high-cost and subprime loans, fair lending issues, distressed properties, and home equity theft prevention.

Module 2: Disclosures, Fees, Advertising, Appraisals, and Crime Reports

Module 2 will explore activities and material that are appropriate and required when engaging with prospective New York State mortgage customers, as required though New York State General Regulations Parts 38, 80, and 82, Sections 254-B and 254-D of New York State Real Property Law, and Part 300 of the New York State Superintendent’s Regulations. In proceeding with General Regulations Part, 38, it is important that we first clarify some definitions.

Module 3: Licensing Requirements, Prohibited Conduct, and Department Disciplinary Actions

Aside from working in the capacity of a mortgage lender for an exempt entity, anyone desiring to engage in mortgage origination activities by arranging for financing secured by one-to-four-family, residential dwellings located throughout New York State, must first secure a valid New York State Mortgage Loan Originator’s license.

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, then
  • 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.

Mortgage Loan Originator Prelicense Exam Prep

This course is a study guide to help licensee applicants prepare for the mortgage loan originator licensing exam. Each chapter of this course contains a study exam of test questions that students can use to help retain the information taught during the 20-hour national prelicense course. 

The topics covered in this course are:

  • Segment 1: The Mortgage Lending Industry        
  • Segment 2: Basic Loan Finance Documents        
  • Segment 3: Loan Types and Terminology        
  • Segment 4: The SAFE Act        
  • Segment 5: Federal Laws Governing Mortgage Practice        
  • Segment 6: Ethics and Consumer Protection        
  • Segment 7: Fraud and Money Laundering        
  • Segment 8: The Mortgage Loan Application        
  • Segment 9: Processing and Underwriting        
  • Segment 10: Closing        
  • Segment 11: Financial Calculations        
  • Segment 12: Specific Loan Programs

Each chapter's study exam presents a large number of questions for students to test themselves on. As each question is graded as correct, the number of questions available in the chapter's prep test will be reduced until the student has correctly answered all of the questions in the chapter. Progress can be reset at any time if the student wants to be presented with all of the chapter's test questions again.

At the end of the course is a test based on the same timing requirements as the NMLS MLO licensing exam. The test will present 125 questions in a random order. Students will have 190 minutes to achieve a 75% or higher passing score. This sample exam may be attempted as many times as desired.

Completing this module is not necessary for earning credit towards completing the prelicense education requirements to earn a mortgage loan originator license. 

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.