1 Hour Course
Show Course ID: 1
Course ID: 10757
Approved By: NMLS
This course on Massachusetts-specific education fulfills 1 hour of annual continuing education for licensed MLOs in the state. A total of 8 hours must be completed each year, which includes 3 hours of federal law, 2 hours of non-traditional mortgage lending, 2 hours of ethics (including fraud, consumer protection, and fair lending issues), and 1 hour of Massachusetts-specific education. This is a stand-alone course, and can be taken either on its own or in connection to other courses offered to fulfill your CE requirements.
This course is broken down into 2 modules. Each module contains:
The first module is concerned with the overall regulatory framework. This module will start with a look at the SAFE Act and its influence of the regulations of Massachusetts. The module will then examine how Massachusetts licenses MLOs including both new licenses and license renewal. From there, the module will examine the practices of MLOs including notification of significant events, prohibited practices, the process for challenging alleged violations of the law.
The second module narrows in on Chapter 255F of Title IV of the Massachusetts General Laws. This module starts by looking at the provisions of this chapter that address MLO licensing. The first segment of this module will also discuss how the Commissioner of Banks administers and enforces this chapter. After that, the module will look at the provisions of this chapter that cover surety bond coverage for MLOs. Then, this segment of the module will look at the provisions that talk about confidentiality of information, investigations by the Commissioner, reports of condition, and unique MLO identifiers.
The course is completed with a final exam consisting of 15 questions randomly drawn from the class.