logo

Contact OnlineEd
(866)-519-9597


Find this page again at:
https://www.onlineed.com/system/pages/courses.php?package=595&f=show_details&state=Massachusetts&field=9

1 Hour MA SAFE: Massachusetts Mortgage Lending Laws

This 2018 course meets the DOB's state-specific requirement for MLO annual license renewal through the NMLS.

$20.50

Add To Cart Read More

Online Course
Printable Certificate
PDF & EPUB eBook
Add To Cart

At A Glance:

Price: $20.50 (USD)
+ $1.50 NMLS Credit Banking Fee
Purpose: 1-hour Massachusetts state-specific course for licensed mortgage loan originators
Features: online text, printable certificate, PDF eBook
Hours: 1 Hour
Category: Mortgage > Continuing Education > Massachusetts > CE Elective
Sponsor /
Delivery:
OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com

Terms of Service:

1-hour Massachusetts state-specific course for licensed mortgage loan originators

NMLS Course ID: 7891

NMLS Sponsor ID: 1400327

View Course Syllabus

The Massachusetts Division of Banks (DOB) requires mortgage licensees in this state to take a one-hour course on Massachusetts mortgage lending rules as part of the licensees' annual continuing education requirement for license renewal. This course covers five Massachusetts mortgage topics for licensee continuing education.

This five-module course begins with an overview of the structure and goals of the Division of Banks.

We'll then move onto module 2, covering mortgage loan originator licensing and explaining various prohibited acts that MLOs are not to do when originating residential mortgage loans.

Module 3 examines the licensing of mortgage bankers and mortgage lenders, and identifies the enforcement abilities of the Commissioner of the Division of Banks.

The fourth module summarizes the prohibited acts when dealing with high-cost mortgages and higher-priced mortgages within this state.

The last module outlines the lender's obligation when working with a borrower who is in default.

Topics and Learning Objectives

This course consists of three modules and a final exam:

  1. Module 1: Ethical Overview and Introduction to the Division of Banks (5 minutes)
  2. Module 2: Licensing of Mortgage Loan Originators (10 minutes)
  3. Module 3: Licensing of Mortgage Brokers and Mortgage Lenders (9 minutes)
  4. Module 4: Prohibited Acts and Practices (10 minutes)
  5. Module 5: Foreclosure Prevention Options (6 minutes)
  6. Final exam (10 minutes)

This course will prepare Massachusetts-licensed MLOs to:

  • Describe the purpose of the Massachusetts Division of Banks (DOB)
  • Define the four divisions that are under the DOB
  • Paraphrase various definitions outlined in MGL Chapter 255F
  • Generalize when a candidate might not need to obtain an MLO license
  • Summarize the criteria looked at by the Division of Banks (DOB) when reviewing an applicant
  • Discuss the mortgage loan originator license renewal process
  • List prohibited actions that licensees cannot do when practicing mortgage origination
  • Explain the licensee oversight authority of the DOB
  • Explain the Commissioner's enforcement authority over mortgage brokers and mortgage lenders
  • Describe the reporting and record keeping requirements for broker and lender licensees
  • Describe when a transaction is defined as a higher-priced or high-cost mortgage loan
  • Recognizes the prohibited acts when originating these special loan products
  • Identify acts that are prohibited when originating any type of loan product in this state
  • Describe the steps that creditors must follow when starting foreclosure against a Massachusetts homeowner

Total study time: 1 clock hours

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.

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: