1 Hour Course
Show Course ID: 1
Course ID: 10781
Approved By: NMLS
This course on New Mexico-specific education fulfills 1 hour of annual continuing education for licensed MLOs in the state. A total of 1 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 New Mexico-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:
The course begins with an overview of the agencies regulating MLOs in New Mexico, which are the Financial Institutions Division, the NMLS, and the federal SAFE Act. We then look at licensing requirements, defining what a mortgage loan originator is and is not, and the exemptions to licensure.
Following this are general MLO practices, such are the requirement of surety bonds, completing mortgage call reports, and showing the unique identifier on important documents and advertisements. We then look at the various prohibited practices an MLO is restricted from, and the consequences of committing those acts, which include investigations, hearings, administrative orders, and license revocation.
The course is completed with a final exam consisting of 15 questions randomly drawn from the class.