8 Hour Course
Show Course ID: 1
Course ID: 10749, 10781
Approved By: NMLS
The 8 hours of content in this course will fulfill all of the education needed to renew your New Mexico license.
This course is broken down into 5 modules. Each module contains:
The first module of the course focuses on 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 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 quiz consisting of 15 questions randomly drawn from the second section of the course.