This 1 hour course on New Mexico laws and regulations 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.
We'll begin with a review of the national SAFE Act and the NMLS established thereafter. Then we'll dive into the laws and rules that govern MLOs in the state of New Mexico. Topics include license standards, licence exemptions, continuing education, fees, and surety bonds.
Then we'll turn our attention to the laws that MLOs utilize on a daily basis. These pertain to the practice of loan originating and include disclosures to borrowers, records an MLO must keep, unique identifier display requirements, and more.
We'll also cover prohibited practices for MLOs. This crucial information will include the laws on enforcement, what constitutes a violation, and the penalties one could incur. In closing, we'll look at the process of enforcement that ensues when a director is contemplating action against an MLO. Together, this will provide a clear understanding of how one remains in compliance.
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): 12071
- 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.