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20 Hour SAFE Comprehensive Applying Mortgage Knowledge to Exam Preparation (14-day OIL course)

Format | Online Instructor-Led

Credit Hours | 20

Category | Comprehensive

SKU | 4301US00010C00

$309.00

More Info

20 Hour SAFE Comprehensive Applying Mortgage Knowledge to Exam Preparation is a test-focused mortgage pre-licensing course, organized to review topics specifically outlined in the National Mortgage Loan Originator Test Content Outline. This online - instructor led 14-day course meets the federal mortgage training requirements found in the SAFE Mortgage Licensing Act of 2008 and helps to prepare students for the National Mortgage Loan Originator Test. There are four modules in this course, each aligned with the Test Content Outline: Federal Mortgage-Related Laws, General Mortgage Knowledge, Mortgage Loan Origination Activities, and Ethics. Topics in the Federal Mortgage-Related Laws section include RESPA, ECOA, TILA, the SAFE Act, and other federal laws and guidelines. In the General Mortgage Knowledge module, students will review mortgage programs, mortgage loan products, and terms used in the operation of the mortgage market. Focus areas in the Mortgage Loan Origination Activities module are application information and requirements, qualification (processing and underwriting), appraisals, title reports, specific program guidelines, closing, and financial calculations. The final module will discuss Ethics as it pertains to federal mortgage laws, appraisal practices, fraud, and ethical behavior.

National Mortgage License Guidelines

Puerto Rico Mortgage License Requirements

Learn about the Puerto Rico mortgage education needs and additional requirements for mortgage licensing.

In Puerto Rico, mortgage loan originators are required to:

 

  1. Complete a Criminal Background Check (CBC).
  2. Authorize a credit report through the NMLS that demonstrates financial responsibility.
  3. Fulfill all state and federal education requirements as designated by Puerto Rico.
  4. Take and pass a National Test.
  5. Sponsored by a Puerto Rico-licensed company.

Puerto Rico NMLS Pre-Licensing Education Requirements:

New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:

  • 3 hours of federal law
  • 3 hours of ethics
  • 2 hours of non-traditional mortgage lending training
  • 12 hours of electives

Puerto Rico Continuing Education Requirements:

State-licensed MLOs are required to complete 8 hours of NMLS-approved mortgage education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:

  • 3 hours of federal law
  • 2 hours of ethics
  • 2 hours of non-traditional mortgage lending
  • 1 hour of electives

MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.

Puerto Rico Mortgage Licensing:

NMLS Resources:

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