1 Hour MN SAFE: 2020 Mortgage Loan Originator Regulations #11852
The 1 Hour MN SAFE: MLO Licensing and Regulation course meets SAFE Act continuing education requirements for licensed entities through review and analysis of Minnesota's Residential Mortgage Originator and Servicing Licensing Act. In this course, we outline requirements and prohibitions related to licensure.
Please note that the SAFE Act specifically prohibits the taking of the same course in successive years.
Upon completion of this course, you will be able to:
- Summarize the Minnesota Residential Mortgage Originator and Servicing Licensing Act
- Explain Minnesota law on the lending authority of financial institutions related to residential mortgage lending
- Discuss the authority of the Minnesota Department of Commerce to conduct examinations and investigations
- Restate Minnesota specific definitions, such as residential real property
- Outline the mortgage broker duties and an agency relationship with a borrower
- Know the interest rate and discount point agreements and net tangible benefit analysis to borrowers
- Know fee and charges permitted
- Illustrate the requirements for proper advertising standards that should include social media and company/MLO webpages
Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles and real-world examples, with audio and/or video recordings of industry experts.
The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. This course will take no less than one hour to complete.
Tuition and Registration
Tuition for this course is $63.00 and includes the Credit Banking and Admin Fee applicable to this course.
Students have until December 31 in the year in which the course is purchased to complete the course.
You may complete the course at any time during this period. However, course providers are afforded seven calendar days to credit the student’s NMLS account following successful completion of the course. It is strongly advised that you complete the course at least one week prior to the December 31 deadline.
NOTE: The SAFE Act specifically prohibits the taking of the same course in successive years.
For more information or to register by phone, call your Regional Account Executive at (800) 848-4904 or visit http://elliemae.com/allregs.