This course is designed to fulfill your 2019 Late CE requirements.

This course on Minnesota-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 Minnesota-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:

  • 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 first module is concerned with the overall regulatory framework. This module will start with 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. 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 15 question quiz covering material from the course. 

  • Course ID(s): 11477
  • 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.