Mortgage New License Training | NMLS Education 2021
Taught by 40 Year Mortgage Industry Expert, David Luna
The online instructor led NMLS approved course #2161 fulfills the comprehensive mortgage license education requirement you need to obtain a mortgage loan originator license. All states require a minimum of 20 hours of mortgage education from a NMLS approved mortgage school. This special bundle package also includes test prep for the National Exam with UST.
Mortgage Educators and Compliance is excited to offer our online instructor led bundle course with test preparation practice exams for the low discounted rate of $239.97 (USE COUPON CODE AT CHECKOUT: MAYPL OFFER ENDS THIS MONTH) Speak with a Licensing Specialist: (801) 676-2520
Join our Facebook study group for additional help
What is the NMLS?
The Secure and Fair Enforcement Act also known as the "SAFE" Act was passed in 2008 requiring universal state education and testing requirements. The Nationwide Multi-State Licensing System and Registry ("NMLS") was created as a licensing and registration resource for prospective and current licensees along with consumers to use when searching for a mortgage company. The required education must be completed through a NMLS accredited or approved provider. The most popular and common format for pre-license courses is online instructor led.
Is MEC the right mortgage school for me?
Mortgage Educators and Compliance has been an approved education provider with the NMLS since 2009 (Provider # 1400062 which can be verified on the NMLS approved provider list). MEC passes thousands of students each year through the 20 hour education course and the national exam. MEC not only delivers updated and relevant content but has instructors that are currently in the mortgage industry to help you become the mortgage professional you want to be. We include our test prep course to help you pass the national exam on the first try. Customer service is our first priority and our online courses are easy to navigate providing you a start to finish positive learning experience.
Does this course work and is valid in my state?
Each state requires a minimum of 20 Hours of NMLS approved pre-license education, with some states requiring additional elective hours. This course will work in any state for the comprehensive education requirement however your state may require additional or specific hours that must also be completed. For an updated state-specific education chart as of January 2020 use the link provided to find out if your state has specific requirements outside of the 20 Hour SAFE Course. (NMLS Education Quick Link WEBSITE)
The minimum pre-license education for new mortgage loan originators is outlined in the SAFE Act as follows:
3 hours of federal laws and regulations
3 hours of ethics and fraud
2 hours of lending standards related to non-traditional mortgage products
12 hours of undefined instruction on mortgage origination
Make sure to add our new Test Prep Ultimate Package!
This includes our First Time Pass Guarantee! If you do not pass the NMLS National Exam after satisfying the requirements below, $110 or the package purchase price, whichever is less, will be refunded back to you within 45 days of receipt of such request. MEC shall only provide one refund per purchase.
In order to be eligible for a refund you must have:
1. watched all Test Prep Ultimate study videos and have passed all the practice unit
quizzes as well as the final exam (with unlimited retakes) with an 80% or better
score (the “Test Prep”);
2. taken and failed the NMLS National Exam no more than 30 calendar days after
completing the Test Prep; and
3. sent a refund request to MEC at [email protected], with a copy of the
test results attached, within 30 days of the failed test.
MEC's Course Format
This course is broken up into 5 minute sections. Each section contains pre-recorded videos followed by activities and small quizzes. We offer interactive video along with our presentation to improve the learning experience. We have weekly scheduled start dates allowing you access to the materials 24/7 once the course and chapter is loaded into your online account. The course has 7 total chapters which take approximately 2-3 hours each to complete. The course content topic outline follows the NMLS national exam topics.
Mortgage MEC NMLS #2161 Online Course Content Online :
- Chapter 1 - Becoming an MLO
- Chapter 2 - Learning the Products and the Programs
- Chapter 3 - Initial Application
- Chapter 4 - Processing and Underwriting
- Chapter 5 - Closing and Funding
- Chapter 6 - Mortgage Ethics
- End of Course Assessment
Take advantage of our very affordable NMLS approved education bundle which focuses on preparing you to pass the NMLS national exam on the first try for $269 $239. (Use coupon code: MAYPL at checkout) Choose from several start dates each week and flexible 5 or 12 day track dates. All NMLS approved online instructor led courses are required to have a defined time frame of completion of either 5 or 12 calendar days with a start and end date. There is a live instructor leading each course track that may be used to answer questions by phone, email or live chat.
Did you know that approximately 50% of the NMLS National Exam is not covered by the 8 hours of "core" topics mandated by the NMLS? Therefore, the 20 hour NMLS-approved course you choose to prepare you to pass the National NMLS Exam does matter!
At Mortgage Educators and Compliance, we have opted to allocate the 12 elective hours in 2018 to address the 50 percent of the Exam NOT covered in the "core" 8 hours. This includes detailed content concerning both loan origination activities and general mortgage knowledge. We also use a portion of the 12 hours to expand upon the most difficult section of the National NMLS Exam: Federal Laws and Regulations.
In order to provide you with the greatest opportunity to pass the National NMLS Exam with USC, we built the entire 20 hour course around the NMLS National Component With USC Outline. All topic and subtopics addressed on the outline are covered in great detail in our 20 Hour SAFE Comprehensive OIL Course. Also, all licensees who sign up for our 20 Hour National SAFE Comprehensive pre-licensure course bundle will receive FREE access to our online NMLS national test prep with USC prep course which includes over 500 practice questions and a 370+ page textbook. (a $99 value).
Below are some things you should know about the test and education breakdown.
NMLS National Exam with UST
The National NMLS Exam tests you in five major categories:
- Federal Law (24%)
- General Mortgage Knowledge (20%)
- Loan Origination Activities (27%)
- Ethics (18%)
- Uniform State Content (11%)
- Federal Law (24%)
Required Education NMLS APPROVED COURSE #2161
The SAFE Act mandates that all individuals take 20 hours of Pre-license education to receive their mortgage license. Although 20 hours are required, only 8 of the 20 hours have topics prescribed by the NMLS governing body. The 20 hours are broken down as follows:
8 Core Hours:
- 3 hours of Federal law and regulations;
- 3 hours of ethics, this shall include instruction on fraud, consumer protection, and fair lending issues;
- 2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and
12 hours of undefined elective instruction on mortgage origination:
Our NMLS approved 20 hour online instructor led bundle is comprehensive and has several available start dates and times to choose from.
Start your mortgage career today!
EMAIL [email protected] for any further questions.
Do you need to be licensed in the state of Mississippi?
Here are the requirements on how to do so
Purchase the Mississippi mortgage pre-licensing bundle, this bundle includes both NMLS approved 20 and 4 hour online courses. We also prepare you to take the national test with our comprehensive test prep courses with over 1,000 practice questions!
This bundle is now available for only $399 $279!
Use Coupon Code: MSPEDEAL at Checkout!
Just need the 4 hour Connecticut elective? Purchase the stand alone!
Mississippi 4 Hour PE Online Course $99 $69
Use Coupon Discount Code: MSPEDEAL at Checkout!
Use Coupon Discount Code: "MSPEDEAL"
Under Mississippi law, each individual that wants to become licensed as a mortgage loan originator needs to fulfill NMLS approved pre-license education, and successfully pass the national exam. Mississippi requires 20 hours of NMLS approved pre-license education.
Confused about what you need to do?
to be contacted by one of our account representatives.
Get Your Mortgage Loan Originator License in 2024!
Massachusetts Bundle
Starting at: $399 Now Only $269!
Use Promo Code: MAPEDEAL
Licensed in another state and want to add Massachusetts??
Now Only $74.98!
Use Promo Code: MAPE75
How to Get an NMLS Mortgage License in Massachusetts
Are you wondering how to become a loan officer in Massachusetts? Here’s a step by step guide to help obtain your NMLS license in Massachusetts.
|
Step 1 |
Step 2 |
Step 3 |
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Apply For Your NMLS Account and ID Number |
Complete Your NMLS Pre-License Education |
Need to Pass the SAFE MLO National Test |
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The first step to obtaining your Massachusetts mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website. |
Massachusetts requires new state-licensed MLOs 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, 9 hours of electives, and 3 hours of Massachusetts-specific law. |
With your education complete, you need to schedule an appointment for the National Test Component exam and take the NMLS test. Find out more on how to take your NMLS exam here. |
||||||||
Step 4 |
Step 5 |
Step 6 |
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Complete Background Checks and Pay All Fees |
Apply for Your Massachusetts Mortgage License |
Associate Your NMLS Account with Your Employer |
||||||||
To finalize your application and receive your license, you will need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check here. |
After receiving a passing score on your NMLS mortgage exam, you need to apply for your Massachusetts NMLS license. You can find more information on this step here. |
Your license will still be pending in Massachusetts until you have an employer sponsorship, which lets the government know that an employer is supervising your license. Learn how to associate your NMLS account with your employer here. |
Massachusetts Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 9 Hours |
| Massachusetts Specific Law | 3 Hours |
| Total 20 Hours | |
Although it hasn't been enacted yet, be on the lookout for the PE Expiration Policy in Massachusetts. Is states - If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Massachusetts should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Massachusetts:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Massachusetts License Fee | $500 |
| Massachusetts Investigation Fee | $115 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $696.25 |
On an annual basis, Massachusetts MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Massachusetts Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Massachusetts is December 31st. MLO's in Massachusetts are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Massachusetts mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
Do you need to be licensed in the state of Indiana?
Here are the requirements on how to do so
Purchase the Indiana-SOS mortgage pre-licensing bundle which includes both NMLS approved 20 and 2 hour online courses. We also prepare you to take the national test with our comprehensive test prep courses with over 1,000 practice questions!
This bundle is now available for $379 $269!
Use Coupon Code: INSOSPEDEAL at Checkout!
Just need the 2 hour Indiana-SOS elective? Purchase the stand alone!
Indiana-SOS 2 Hour PE Online Course $39.98
Use Coupon Discount Code: INPE39 at Checkout!
Under Indiana-SOS law, each individual that wants to become licensed as a mortgage loan originator needs to fulfill NMLS approved pre-license education, and successfully pass the national exam. The Indiana SOS requires 20 hours of NMLS approved pre-license education.
Confused about what you need to do?
to be contacted by one of our account representatives.