Sales/Enroll 888-360-8764
We have 4 formats: Live Classroom Instruction, Classroom Equivalent Webinars: for Pre-Licensing and Continuing Education, Online Instructor Led for Pre-Licensure, Self Study Continuing Education classes
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- Alabama Loan Originator License
agentcampus.com offers these Alabama mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
MortgageEducation.com
NMLS Provider No. 1400051
Address: 555 West 23rd Street, N10E New York, NY 10011
Customer Support:
(404) 496-4177
Who is required to have this license?
Any individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers/negotiates terms of a residential mortgage loan. This will include any independent contract loan processors or underwriters.
Who does not need this license?
- Individuals who are registered mortgage loan originators as defined in the Alabama SAFE Act.
- Individuals who are engaged solely as a loan processor or underwriter, as those terms are defined in the Alabama SAFE Act and who are exclusively W-2 employees for one mortgage company.
- Licensed real estate agents who do not receive compensation for mortgage loan origination activities performed incidental to their real estate brokerage activity.
- A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator.
- Loss mitigation specialist will not be required to meet the education, testing, background, and licensing standards until July 1, 2011 unless otherwise determined by the US Department of Housing and Urban Development.
- Retail sellers of manufactured or modular homes unless otherwise determined by the US Department of Housing and Urban Development.
Pre-requisites for license applications:
- Must be covered by a surety bond in favor of the State of Alabama through the company that you are working for or individually obtain a surety bond
- Cannot have been convicted of any felony in the last 7 years
- Can never have been convicted of a felony that involved an act of fraud, dishonesty, breach of trust or money laundering
- Credit checks will be obtained and reviewed by the Department
- 20 hours of pre-licensing education
- 8 hours of continuing education prior to renewal
- Must pass a test with a grade of 75% or higher which will be administered through the NMLS. The test will consist of a national component and a state component.
Alabama Mortgage Loan Originator License
SAFE ACT Requirements
- SAFE MLO Test – All applicants who file an application prior to 6/1/2010 must pass the National Component of the SAFE MLO Test by 6/1/2010. All new applicants on or after 6/1/2010 must pass the National and State Components of the SAFE MLO Test before submitting their application to Alabama. The AL State Component of the SAFE MLO Test will be available as of 6/14/2010. All applicants are required to pass the State Component of the SAFE MLO Test before submitting their license renewal request in 2011.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 6/1/2010.All new applicants on or after 6/1/2010 must submit fingerprints through NMLS for a criminal background check at time of application.
- Credit Report – All licensees must authorize a credit report by 6/1/2010. All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.
Alabama Mortgage Education Requirements
- SAFE Act Pre-License (required courses – SAFE CORE 8 hours) – Applicants who file prior to 6/1/2010 must complete 20 hours of NMLS approved education pre-licensure by 6/1/2010. All new applicants on or after 6/1/2010 must have completed 20 hours of NMLS approved pre-licensure education. State approved courses will no longer be accepted after 12/31/2009.
- SAFE Act Continuing Education (required courses – SAFE CORE 7 Hours) – All licensees must complete 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011 unless PE was completed after June 1, 2010. This course should be taken Yearly by 12/31.
MortgageEducation.com and 360Training Marketing Questions
What are the different course formats available to the student?
How long is the course good for? For Pre-license? For CE?
Course purchases are good “forever,” with the only barrier being if we discontinue a course. The course timing expiration varies:
- Classroom – scheduled
- Webinar- 2 to 5 Hours
- Online Instructor Led- 3 to 5 days
What is the vendor approval number?
Our NMLS Provider ID: 1400051
What are the course approval numbers?
Consult the NMLS Master Course Catalog for more detail
How can the Live Instructor help while the customer is taking the course? Is it 24X7?
When the students are in the Webinar based classes, the instructor is there the entire time to answer questions. With the Online Instructor Led, emails go to two instructors, both of whom have general knowledge and are generally available. Responses to activities in the courses occur twice a day. Tech Support – 9:30- 6:30 EST
What’s the Refund policy?
A request for refund, less a 15% processing fee, will be honored if requested within seven calendar days of purchase date. Additionally, for classroom courses, refund requests must be received no later than seven days prior to the course start date. No refunds will be issued for completed courses
How does the online course player work?
75%
What’s the passing score for Pre-license and for CE?
We use “articulate.” we have timed slide progression, interspersed with Knowledge Check, which are short four-question quizzes that require 100% to pass and continue
Are we going to take care of the Live classroom registrations if yes please specify how?
A mix of manual and technology based requests will be done on our end
Are there any pre-test requirements for Pre-licensing for each state if yes please specify.
Students may take the NMLS State and National Exams in any order they choose, and may take them before or after completing the Pre-Licensing Education
Are the printable certificates available upon completion?
If you are not taking these courses for Continuing Education Credit or State Certifications of any Kind, your Certificates will be available to you to Print from your Final exam box located on your “Welcome Page” instantly upon completion of the Final exam
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