California-DFPI MLO Pre-License Package
20-Hour National MLO Pre-License Course
This 20-hour comprehensive course on mortgage loan origination practice fulfills the national core and elective requirement for pre-license education. Prospective mortgage loan originators must take national and state-specific credit hours before applying for their license.
Important note: The 20-hour national course is instructor-led and includes assessments that must be graded before a student can continue. Students must complete the course within 14 days after starting.
This course is composed of:
- 5 hours on Federal Mortgage-Related Laws
- 5 hours on Loan Origination Activities
- 4 hours on Traditional and Non-Traditional Mortgage Products
- 3 hours on Ethics
- 3 hours on Uniform State Content
The course begins with a thorough exploration of laws, rules, and regulations governing mortgage loan activity, the authorities that enforce and oversee the practice, and a comparison of the SAFE Mortgage Licensing Act and NMLS' Model Act.
Then, we discuss qualifying activities as an MLO that require licensure and the differences between various loan professionals in the industry.
The third module details the types of mortgage loan products available to borrowers. Courses outline qualification requirements, laws governing fair lending practices, and key concerns to know about.
The fourth module includes an overview of prohibited practices, industry standards, ethical theories, and how to incorporate ethics into one's practice.
Finally, we explain universal details about how each state is recommended or required to handle licensing, oversight, and enforcement of MLOs practicing in their borders.
To promote comprehension, students complete a 10-question quiz and a short activity after each module. A 50-question final exam will wrap up the course. Practice tests are available as extra preparation for the licensure test.
Course ID: 13849
Approved by: NMLS — Nationwide Multistate Licensing System
2-Hour CA-DFPI SAFE Course
This 2-hour course on California laws fulfills the state elective requirement for pre-license education. These required hours cover various topics such as federal law, loan applications, and ethics.
We'll begin with a review of regulations applicable to mortgage lending, authorities providing oversight of MLOs in the state, and how to earn and maintain licensure. Then, we'll discuss prohibited activities and the consequences of violations.
In the second module is a detailed overview of charges, fees, and what is allowed on a mortgage loan. Next is a look at adjustments to precomputed charges and escrow account requirements.
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.
Course ID: 14123
Approved by: NMLS — Nationwide Multistate Licensing System
National MLO Exam Prep
After completing the pre-license education required to take the licensing exam, students may benefit from taking practice exams. This package of practice tests helps prospective mortgage loan originators study and know generally what to expect for the licensing exam. In accordance with the SAFE MLO licensure exam outline provided by Prometric and NMLS, each of the following major topics is asked about in the following quantities:
- Federal Mortgage-Related Laws (24%)
- Mortgage Loan Origination Activities (27%)
- General Knowledge (20%)
- Ethics (18%)
- Uniform State Content (11%)
Each practice test will ask 120 questions and may be taken multiple times.
California-DFPI MLO Pre-License & Exam Prep Package
Mortgage loan originator (MLO) students looking for a simple solution to their pre-licensing requirements should consider the California-DRE MLO Pre-License & Exam Prep Package. This cost-saving bundle provides everything you need to become a licensed MLO in California, including:
- The complete 20-Hour National MLO Pre-License Course
- The 2-Hour California-DFPI SAFE Course
- The National MLO Exam Prep study tool