AYPORealEstate.com

The 8 hours of content in this course will fulfill all of the education needed to renew your Minnesota 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
  • An assessment that consists of a five question quiz

The package starts off with national content, and begins by focusing on the federal laws and rules that apply to mortgage loans and mortgage loan originators. The federal regulations addressed in this portion of the course include the SAFE Act and the TILA-RESPA rule.

The second module of the course will cover ethics and consumer protection. Aside from ethics and ethical duties, this portion of the course will also talk about fraud in mortgage lending and fair lending practices.

The third module of the course will discuss non-traditional mortgage loan products like adjustable rate mortgages and reverse mortgages. Not only will this segment examine these types of mortgages, it will also look at some of the regulations governing them.

The national portion of the course will end with a 25 question final exam designed to test students on concepts from across the course.

The state-specific portion of the course begins with the overall regulatory framework. This module will start with an introduction on the topics to be covered, as well as recommendations for navigating the course. Next is a look at the SAFE Act and its influence on the regulations of Minnesota, with in-depth analysis of the licensing and renewal requirements for MLOs. The module will then examine responsibilities of mortgage brokers with regard to agency and relationship between borrower and lender, as well as record-keeping and trust accounts. Permissible charges, definitions and regulations around rate locks, discount points, and net tangible benefits are covered last.

The second module discusses areas which apply to an MLO's reputation. First off is a video reiterating items from the previous module to bring into this one. Then, required identifiers and disclosures in advertising are underlined. Prohibited practices, and the organizations with authority to create and/or enforce them comes next in two sections, with the latter focusing on the authority of the Department of Commerce Commissioner. In that last section, violations and penalties will be exemplified.

The course ends with a final quiz consisting of 15 questions pulled randomly from the Minnesota-specific content.

  • Course ID(s): 10811,10749
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.