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20 Hour SAFE Comprehensive with California DBO Elective

Become a licensed MLO under the California DBO. Includes both national and DBO state-specific requirement.

$249.00

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Online Course
Includes Video
Includes Audio
Downloadable Workbook
Instructor Support
Printable Certificate
PDF & EPUB eBook
Live Webinar Course
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At A Glance:

Price: $249.00 (USD)
+ $33.00 NMLS Credit Banking Fee
Purpose: Become a licensed MLO under the California DBO. Includes both national and DBO state-specific requirement.
Features: online text, online video, online audio, downloadable workbook, proactive instructor, printable certificate, PDF eBook, Webinar
Hours: 22 Hours
Category: Mortgage > License Training > California
Sponsor /
Delivery:
OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com

Courses Included:

Sessions Available:

All times are listed in Pacific Time (PST)

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

November 19 - November 23

  • November 19, 12:00pm - 1:00pm PST
  • November 20, 12:00pm - 1:00pm PST
  • November 21, 12:00pm - 1:00pm PST
  • November 23, 2:00pm - 3:00pm PST

November 26 - November 29

  • November 26, 12:00pm - 1:00pm PST
  • November 27, 12:00pm - 1:00pm PST
  • November 28, 12:00pm - 1:00pm PST
  • November 29, 12:00pm - 1:00pm PST

December 3 - December 6

  • December 3, 12:00pm - 1:00pm PST
  • December 4, 12:00pm - 1:00pm PST
  • December 5, 12:00pm - 1:00pm PST
  • December 6, 12:00pm - 1:00pm PST

December 10 - December 13

  • December 10, 12:00pm - 1:00pm PST
  • December 11, 12:00pm - 1:00pm PST
  • December 12, 12:00pm - 1:00pm PST
  • December 13, 12:00pm - 1:00pm PST

2 Hour CA-DBO SAFE: California Mortgage Lending Laws

November 23

  • November 23, 12:00pm - 2:00pm PST

November 30

  • November 30, 10:00am - 12:00pm PST

Terms of Service:

This package contains two courses required for individuals who want to become licensed mortgage loan originators under the regulation of the California Department of Business Oversight (DBO). Students are required to take a standard national study component and a DBO-specific 2-hour course.

  • 20 Hour SAFE Comprehensive: Mortgage Loan Originator Prelicensure Course (NMLS ID 6121) - This course starts by teaching you the basics about what a mortgage loan is, goes into the federal laws and ethical practices that you will be expected to comply with, covers how to get a mortgage loan originator's license via the Nationwide Mortgage Licensing System (NMLS), and explains several nontraditional mortgage loans you may not be familiar with. We'll also show the step-by-step process to filling out a mortgage application, making note of factors that potentially could become issues with your customer's loan, and then walk through the loan underwriting process to loan closing.

  • 2 Hour CA-DBO SAFE: California Mortgage Lending Laws (NMLS ID 6888) - This DBO-specific course will cover the specific State of California licensing requirements and the additional CA mortgage lending laws that must be followed.

Please see the course details below to download a copy of each courses' syllabus.

The 20-hour prelicense course is presented in an online instructor-led format. The course is made of online reading materials and activities, along with scheduled instructor sessions that will be available for each of the four days the course takes place. The instructor sessions are provided through a webinar software and a dial-in audio telephone number. You can use the instructor session to ask questions about the course content. 

The 2-hour DBO course is presented in a live lecture format presented over the internet, often referred to as a webinar. You will attend the webinar session by using the provided webinar software and a dial-in audio telephone number. The final exam for the course will be granted after the instructor and facilitator verify that you have attended the 2-hour webinar session.

Bonus: Mortgage Loan Originator Prelicense Exam Prep

Included in this bundle is a supplemental online study guide to help you retain the information covered during the instructor-lead 20-hour prelicense course. Each segment from the prelicensure course has a corresponding chapter in the exam prep guide, containing additional test questions to help you remember the segment topics. At the end of the study guide is an exam based on the same requirements as the actual licensing exam: 125 questions in 190 minutes with a minimum 75% passing score. The exam prep module does not contain any state-specific material.

The exam prep study guide does not have to be completed to pass the MLO education requirement, but may be useful for preparing to take the NMLS mortgage loan originator licensing exam.



This Package Includes:

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

NMLS Course ID: 6121

NMLS Sponsor ID: 1400327

Hours Provided: 20

View Course Syllabus

This 20-hour 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

The learning 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 course is structured to be completed in a 4-day class, Monday through 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 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 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 sessions are presented using Citrix GoToMeeting software, but a webcam is not required. An audio bridge call-in number along with the session dates and times will be given to the 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:

http://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 purchase.

2 Hour CA-DBO SAFE: California Mortgage Lending Laws

NMLS Course ID: 6888

NMLS Sponsor ID: 1400327

Hours Provided: 2

View Course Syllabus

This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in California under the Department of Business Oversight (DBO). This 2-hour course covers California specific rules and regulations, and is required as part of the 20 hours of prelicensure education needed to become a California mortgage loan originator.

Students will attend a live / real-time webinar with an instructor. The course will last 2 hours held on one day and will include slide show presentation by the instructor, Q&A sessions, group discussion, and quizzes. Once the student is confirmed to have participated in all actives, a 15-question final exam will be made available outside of the webinar software.

Technical Requirements

This is a webinar course. Students will need to have a current internet browser and computer speakers or a phone in order to hear the instructor speaking. The webinar is presented using Citrix GoToMeeting software, but a webcam is not required. An audio bridge call-in number along with the session dates and times will be given to the students when the class begins.

Topics and Learning Objectives

This course consists of two sections and an exam:

  1. California Finance Lenders Law (50 minutes)

  2. California Residential Mortgage Lending Act (40 minutes)

  3. Final exam (10 minutes)

Total Study Time: 2 clock hours

Part 1: California Finance Lenders Law (CFLL)

Individuals are required to be licensed as mortgage loan originators before participating in residential mortgage lending under California law. This section of the course will cover the licensing requirements for mortgage loan originators under the CFFL.

Part 2: California Residential Mortgage Lending Act (CRMLA)

The activities of licensed mortgage loan originators and the origination or offering of financial products for residential real property are subject to California law. This section of the course covers the California residential lending laws the MLOs must comply with.

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

NMLS functional specification define that a 2-hour mortgage loan originator prelicense courses MUST be completed within 12 hours of the course session start time. 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 12-hour enrollment period are NOT available. Students who fail the course can enroll for a new course session and must start from the beginning.

This course will remain available to students for 1 days after purchase.

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 purchase.

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.
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: