Minnesota NMLS-Approved Mortgage Continuing Education

Understanding Origination Regulations provides a review of relevant issues facing mortgage loan originators today, specifically those outlined by NMLS as required topics for continuing education. Students will examine provisions of the TILA-RESPA Integrated Disclosure Rule, including a look at the Loan Estimate and Closing Disclosure, as well as several laws that reinforce ethical obligations of mortgage licensees like Regulation N and the Bank Secrecy Act. Students will also review rules for the origination of FHA and VA loans.

Maintaining Mortgage Industry Awareness provides a review of relevant issues facing mortgage loan originators today, specifically those outlined by NMLS as required topics for continuing education. Students will examine provisions of the Truth-in-Lending Act, the TILA-RESPA Integrated Disclosure Rule, and the Qualified Mortgage Rule, including issues related to considering the triggers, tolerances, and thresholds that enable loan originators to determine when disclosures are due and what information is required. In addition, students will take a look at the Real Estate Settlement Procedures Act, specifically rules related to lead agreements, marketing services agreements, co-marketing, desk licensing agreements, and affiliated business arrangements. Students will also review several nontraditional mortgage products, such as adjustable-rate mortgages and fixed-rate mortgages with terms of 15 and 40 years. Finally, students will review mortgage laws and regulations specific to the state of Minnesota. This course is NMLS-approved for eight hours of continuing education required for Minnesota mortgage loan originators, as specified by the S.A.F.E. Mortgage Licensing Act and Minnesota law. Annual S.A.F.E. Act continuing education requirements for Minnesota loan originators include three hours of federal law, two hours of ethics, two hours of nontraditional mortgage lending, and one hour of Minnesota-specific laws and regulations, for a total of eight hours.

This course will focus on the laws and rules that regulate mortgage loan originators and mortgage loan originator companies doing business in Minnesota. The topics included in this course are presented according to those outlined by the state as subjects that must be included in order to satisfy the continuing education requirements for mortgage loan originators. In Module 1, students will review information related to examinations and investigations, important definitions related to mortgage activities, and required conduct for licensees. Additionally, students will review rules pertaining to disclosures, advertising, and fees and charges. In Module 2, students will look at provisions of the law related to lending authority and regulation of residential mortgage loan transactions, as well as prohibited activities for licensees. Finally, students will review disciplinary action that may be taken when a licensee violates Minnesota mortgage law.