NMLS 20 Hour SAFE Comprehensive Online Pre-Recorded New License Course + Test Prep

Important Product Information - Please Review Thoroughly

Scheduling the Course Track:

The course will appear in your account on the selected day and must be completed according to the course schedule, depending on the selected track. This is an NMLS requirement for all approved MLO courses.

Accelerated 5-Day Course Schedule (Access period starts at 9 AM on Monday or Friday):

Day 1 through Day 2 - Complete chapters 1-3, including 2 graded homework assignments (approx. 9 hours of course time)

Day 3 through Day 4 - Complete chapters 4-6, including 3 graded homework assignments (approx. 10.5 hours of course time)

Day 5 - Complete the course final exam (approx. 30 minutes of course time)

NEW: Standard 10-Day Course Schedule (Access period starts at 9 AM on Monday):

Day 1 through Day 2 - Complete chapters 1-2, including 1 graded homework assignment (approx. 6 hours of course time)

Day 2 through Day 6 - Complete chapters 3-4, including 2 graded homework assignments (approx. 6.5 hours of course time)

Day 7 through Day 9 - Complete chapters 5-6, including 1 graded homework assignments (approx. 7 hours of course time)

Day 9 through Day 10 - Complete the course final exam (approx. 30 minutes of course time)

NEW: Expanded 14-Day Course Schedule (Access period starts at 9 AM on Monday or Wednesday):

Day 1 through Day 2 - Complete chapter 1, including 1 graded homework assignment (approx. 3 hours of course time)

Day 3 through Day 4 - Complete chapter 2 (approx. 3 hours of course time)

Day 5 through Day 6 - Complete chapter 3 (approx. 3 hours of course time)

Day 7 through Day 8 - Complete chapter 4, including 2 graded homework assignments (approx. 3 hours of course time)

Day 9 through Day 10 - Complete chapter 5 (approx. 4 hours of course time)

Day 11 through Day 13 - Complete chapter 6 (approx. 3 hours of course time)

Day 13 - Complete the final graded homework assignment (approx. 30 minutes of course time)

Day 14 - Complete the course final exam (approx. 30 minutes of course time)

It is expected that you are able to complete the course according to your selected track. If you are unable to complete the course in accordance with the required schedule, you will be required to restart the class and pay a $75 reload fee. 

Postponed Future Start Date:

This option will allow you to purchase the course before scheduling a course track. To schedule your course, email [email protected] or call 877-403-1428 during business hours with your desired track, and we will schedule your course accordingly.

IMPORTANT NOTE: If you are unable to complete the course within the specified time, you will need to restart the course and pay a $75 reload fee. 

Adding State Electives to purchase

Add Additional State Electives from the "Select State" Drop Down Menu. CLICK HERE TO SEE IF YOUR STATE HAS ADDITIONAL REQUIREMENTS. Your state elective will be automatically loaded into your account after purchase.

INCLUDED: NMLS National SAFE Standard Test Prep Course

To help prepare you to successfully pass the NMLS National Exam with Uniform State Content, Mortgage Educators & Compliance has developed and created this online test prep course to help you score your best on the test! With first-time test takers only passing about 60% of the time, it is imperative that you have the best study materials available to you, and our test prep is top of the class! 

Includes:

• Over 300 sample questions
• Downloadable study documents
• Topic specific quizzes
• 3 Hours of Additional video content

You will have access to the Standard Test Prep course for 6 months. Another 6 month extension can be granted upon request. We recommend that you study for the exam for at least 20 hours, in addition to the 20 hour pre-license course. 

Make sure to add our new ULTIMATE TEST PREP PACKAGE in the drop down menu above, which includes our more extensive study course with more than 1500 practice questions, over 6 hours of additional video instruction, and our new mobile app MEC Pass+! This package 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 75% 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.

Course Credit Submission to the NMLS

The NMLS requires that education providers report education credit hours within 7 calendar days of course completion. Mortgage Educators & Compliance aims to report your online education credits faster than the 7 day window.

Course Information

This course meets the required 20 hours of NMLS-approved pre-license education needed to obtain a Mortgage Loan Originator license. It contains 3 hours of Federal Law, 3 hours of ethics, 2 hours of non-traditional mortgage lending, plus 12 hours of undefined electives. 

It is presented in an online instructor-led video course with supplementary literature and content. The course is made up of 6 chapters broken into 5 minute sections that require clicking to advance to the next video and includes a handful of small quizzes. After completing the introduction to the course, each section will start with an average duration of 5 minutes per section. Each 5 minute section will be followed by an activity. These activities can be either short quizzes or case studies focusing on certain concepts. There are also 5 short-response homework assignments that will be turned in to the instructor for a grade.

At the end of each chapter, there is a chapter quiz, with an End of Course Assessment at the end of the course. Students must complete all videos, quizzes, assignments, and the End of Course Assessment in order to receive credit for the course. After completing the course, students will receive a certificate of completion and their hours will be submitted to the NMLS within 7 calendar days.

This mortgage training course is offered in three separate tracks, the accelerated 5-day course,10-day course or the extended 14-day course. These tracks allow both MEC and you, the student, to remain compliant with NMLS regulations by taking and completing the course within a specific start and end date. Please select a course track before adding the course to your cart. Courses begin weekly on Mondays, Wednesdays, and Fridays, depending on your selected track. You must complete the course within the allotted time period or your course will have to be reset and you will start from the beginning. A $75 reload fee is required to restart your class, or to change tracks. If you change tracks you will be required to restart the course from the beginning.

Meet Your Instructor: David Luna

David Luna is the President of Mortgage Educators & Compliance and has more than 35 years of experience in the mortgage lending industry. With an unmatched sense of wit, a natural flair for teaching, and a well of knowledge from decades in the industry, David is the best the mortgage education industry has to offer! 

David has been a consultant for Fannie Mae and Freddie Mac as well as several large banks. David has made appearances on NBC, CBS, and ABC as well as been featured in Mortgage Technology Magazine, National Mortgage Press, and dozens of newspaper publications. David has also been named one of the 2020 50 Most Connected Mortgage Professionals by Mortgage News Network.

NMLS SAFE 20 Hour Pre-License Course Outline

Chapter 1: Becoming an MLO

In this chapter, we will start our journey to becoming an MLO. Before we can tackle the ins
and outs of the products, programs, and process, we need to understand what an MLO is,
what other players exist in the industry, and how to even become an MLO. This chapter sets
the foundation for students to successfully complete the licensing process and understand
the required license maintenance practices.

Chapter 2: Learning the Products and the Programs

Now that students know what an MLO is and what their responsibilities are, we will move
on to learning about the products and programs under various government and
government-sponsored agencies. We will begin with a conversation about the types of
products that an MLO might be able to offer a borrower like fixed-rate, adjustable-rate, and
various other types of loans. We will then transition into the programs under Fannie Mae

and Freddie Mac, the FHA, VA, and USDA. We will end our conversation discussing non-
traditional mortgage products like subprime and non-QM loans.

Chapter 3: Introduction to Federal Law

In this chapter, we are going to dive headfirst into federal law. This chapter will give
students a foundational understanding of every federal law that dictates the practices of
the mortgage industry. We will look at each of these laws individually in preparation for
putting them in context throughout the process in the remaining chapters.

Chapter 4: Processing and Underwriting

Moving forward from the foundation of federal law, we will dive headfirst into the
mortgage origination process. We begin our conversation at the beginning with the initial
interview, advertising, and the initial application. We will break down the 1003, the initial
Loan Estimate and all the initial disclosures. We will end our conversation discussing
qualifications of the borrower from income to assets, to the credit report.

Chapter 5: Closing and Funding

Chapter 5 will with analyzing the mortgage, the appraisal and funding and then what
happens at closing. We will talk about funding and closing and what can happen even after
the loan closes. We will discuss in depth the Closing Disclosure, the right of rescission,
settlement and closing agents, and escrow accounts, and an explanation of documents. The
chapter will also discuss foreclosures and transfer of servicing, all of which happen after
the loan has closed. This chapter will end with a thorough review of all math equations that
have been discussed throughout the first 5 chapters of this course.

Chapter 6: Mortgage Ethics

Throughout the course we have tackled some ethical dilemmas and federal laws that relate
to ensuring that the mortgage industry behaves ethically. In this final chapter, we will go
into more depth about what ethics is, what types of fraud exist in the industry, UDAAPs,
predatory lending, and steering as well as fair lending. By the end of this chapter, students
should have a good grasp of what they should avoid as they enter their new careers.

Final Learning Path & End of Course Assessment

The Final Learning path or chapter in the course consists of two final case studies, the
last homework assignment, and the end-of-course assessment. The end-of-course
assessment is a 25-question final exam with a pool of 50 questions addressing all
information covered in the course. Students will have 15 minutes to complete this end-of-course assessment. The final learning path is 25 minutes.