This 1 hour course on Massachusetts laws and regulations fulfills the state elective requirement for annual renewal. Licensed mortgage loan originators in the state must take 8 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and 1 hour of state-specific content.
We'll begin with a review of the SAFE Mortgage Licensing Act and NMLS' Model Act. After which we'll cover the Massachusetts implementation of the SAFE act, as well as the regulatory authorities for MLOs in the state. Finally, we'll look at all of the recent amendments and additions to the governing laws and regulations for MLOs in Massachusetts.
First in the second module is an overview of the sections under Massachusetts General Law chapter 255F, followed by an in-depth look at specific sections of importance. Some of these topics include potential license violations and penalties, requirements for surety bonds, privacy and confidentiality, and the yearly "reports of conditions" requirements for MLOs. Next is a brief review of the Massachusetts licensing standards, including fees, termination and reassignment, and license renewal and expiration. Finally, we'll review important sections of 209 CMR 41.00, regarding prohibited acts and services, the challenge process available to MLOs, and where and when MLOs must disclose their license number.
To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 15-question final exam will wrap up the course.
Show Course ID: 1
- Course ID(s): 12038
- Approved By: NMLS
Mary Tillery, loan originator and Sales Manager at Guild Mortgage, in Grants Pass Oregon, has been actively involved in home lending since 1986. She has originated everything from first time homebuyers, to complex construction financing and reverse mortgages, besides all forms of more traditional lending. Mary combines her depth of knowledge with a sincere desire to know, love and serve her clients. She has been teaching home buying classes for 20+ years and loves to share her knowledge with not just her clients, but with people in the industry who are interested in growing.