This 8 hour package for mortgage loan originators in Massachusetts is designed to provide all of the mandatory education needed to renew your MLO license.This course is broken down into 5 modules. Each module contains:
- A section of training
- An activity in which students will read a short scenario and then answer questions about the scenario
- A quiz that consists of five questions
The first module of the course is about sweeping laws and rules that apply to mortgage loans and mortgage loan originators across the country. A review of the SAFE Act, NMLS registration, an overview of state licensing standards, Regulation Z, and Integrated Mortgage Disclosures will make the bulk of the module.
The second module deals with ethical considerations and consumer protection. Identity theft prevention and safeguarding client data start us off. Then, topics related to the Telemarketing and Consumer Fraud and Abuse Prevention Act take center stage. Several case studies will be presented, as will other recommendations on compliance with such laws as Regulation N. Fair lending practices and balancing one’s business aspirations with the health of the market are emphasized.
The third module examines non-traditional mortgage loan products like adjustable rate mortgages and reverse mortgages. Federal Housing Administration updates are first, then the Home Equity Conversion Mortgage program is featured, along with its changes. Various other types of loans and financing options are considered, including government programs, high-cost loans and their requirements, and portfolio loans.
A final exam will ask 25 questions randomly drawn from the general education portion of the package.
The state-specific course will 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. The next two sections focus on licensing standards governed by state statutes, as well as required and prohibited practices.
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. Potential license violations and penalties, requirements for surety bonds, privacy and confidentiality, and the yearly "reports of conditions" requirements for MLOs will be covered. Next is a brief review of the Massachusetts licensing standards, including fees, termination and reassignment, and license renewal and expiration. Finally, we'll explore the Acts of 2020 as it pertains to housing, real 2020 and 2021 enforcement actions, and the CFPB announcement on the self-assessment tool.
An additional 15 question final exam about the state modules will finish off this package.
Show Course ID: 1
- Course ID(s): 12925 & 12935
- Approved By: NMLS
Instructor Bio
Mary Tillery is the instructor for all of our MLO continuing education courses. She has been sharing her expertise with fellow mortgage loan originators for more than 35 years as a lending educator. Learn more about Mary’s background here.