This 1 hour course on Minnesota laws 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 this 1 hour of state-specific content.
The first module is concerned 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 an in-depth peek into MLO licensing. This section also includes a discussion on surety bonds and the Standards of Conduct found in Minnesota law.
The second module looks at the diverse responsibilities of MLOs. This includes a lesson on fiduciary relationship, recordkeeping, and advertising, as well as escrow and trust account, net tangible benefits, and permitted fees. This module wraps up with a discussion on law enforcement and prohibited acts and practices MLOs should be aware of.
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): 12960
- 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.