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Mortgage Education

California Loan Originator License

AL Mortgage Loan Originator License

agentcampus.com offers these mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are approved by the National Mortgage Licensing System (NMLS) and will satisfy all the required education hours for your state. Should you have any questions, please contact MortgageEducation.com.

MortgageEducation.com
NMLS Provider No. 1400051

Address: 555 West 23rd Street, N10E New York, NY 10011

Customer Support:
(404) 496-4177

Types of Licenses issued

A mortgage loan originator is an individual who, for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.

A residential mortgage loan means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling which contains one to four residential units. Dwelling includes an individual condominium unit, cooperative unit, mobile home and trailer, if it is used as a residence.

Who is required to have this license?

Any person who provides services as a mortgage loan originator in California must apply for and receive a mortgage loan originator license by July 31, 2010. The license must be renewed annually by December 31.

Who does not need this license?

Mortgage loan originator does not include:

  • An individual who performs purely administrative or clerical tasks on behalf of a person meeting the definition of a mortgage loan originator. The term “administrative or clerical tasks” means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan, to the extent that the communication does not include offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms.
  • An individual who solely renegotiates terms for existing mortgage loans held or serviced by his or her employer and who does not otherwise act as a mortgage loan originator, unless the United States Department of Housing and Urban Development or a court of competent jurisdiction determines that the SAFE Act requires that employee to be licensed as a mortgage loan originator under state laws implementing the SAFE Act.
  • An individual that is solely involved in extensions of credit relating to timeshare plans.
  • An individual licensed as a mortgage loan originator pursuant to the California Real Estate Law and the SAFE Act.
  • A registered mortgage loan originator who is an employee of a depository institution, a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the Farm Credit Administration.

Prerequisites for license applications:

  • All applicants must apply for a license through the NMLS by filing a Form MU4 and receiving a sponsorship by a company holding a valid unique identifier with NMLS and which is licensed by the California Department of Corporations.
  • Authorization to provide criminal records information through the FBI criminal records to NMLS.
  • Authorization to obtain an independent credit report obtained by NMLS from a consumer credit reporting agency.
  • An applicant must demonstrate financial responsibility, character and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly and efficiently.
  • Twenty hours of prelicensing education including three hours of federal law and regulations, three hours of ethics, and two hours of training related to nontraditional mortgage products. Prelicense education must be courses which have been approved by NMLS.
  • Passing of written tests including both federal and state components. The written tests must be taken through test providers approved by NMLS.
  • Coverage by a surety bond provided by the mortgage loan originator’s employer.
  • Background checks including FBI fingerprint checks and civil and administrative records checks.

The following conditions would preclude an applicant from obtaining a license as a mortgage loan originator or from annually renewing a license:

  • An applicant has had a mortgage loan originator license revoked in any governmental jurisdiction unless there was a subsequent formal vacation of the revocation.
  • The applicant has been convicted of, or pled guilty or nolo contendere to a felony in a domestic, foreign or military court during the seven-year period preceding the date of the application, or at any time preceding the date of application if such felony involved an act of fraud, dishonesty or a breach of trust or money laundering.
  • A showing that the individual is not financially responsible by showing a disregard in the management of his or her own financial condition. This may include: current outstanding judgments, except for medical expenses, current outstanding tax liens or other government liens and filings, foreclosures within the past three years or a pattern of seriously delinquent accounts within the past three years.

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California Mortgage Loan Originator License
 

SAFE ACT Requirements

Department of Corporations:

  • SAFE MLO Test – All new applicants must pass the national and state components of the SAFE MLO Test by June 15, 2010 in order to ensure that applications will be processed by July 31.
  • Criminal Background Check – All applicants must submit fingerprints through NMLS for a criminal background check by June 15, 2010 in order to ensure that applications will be processed by July 31.
  • Credit Report – All applicants must authorize a credit report through NMLS by May 28, 2010. All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.

Department of Real Estate:

  • SAFE MLO Test – Existing licensees must pass the national and state components of the SAFE MLO Test by September 15, 2010 in order to be issued a MLO license endorsement by January 1, 2011.
  • Criminal Background Check – All applicants must submit fingerprints through NMLS for a criminal background check by September 15, 2010 in order to be issued a MLO license endorsement by January 1, 2011.
  • Credit Report – All applicants must authorize a credit report through NMLS by December 31, 2010. All licensees will be required to authorize a credit report through NMLS between October 2010 and March 1, 2011.

California Mortgage Education Requirements

  • SAFE Act Prelicense (required courses – SAFE CORE 8 hours)
    • Department of Corporations: All new applicants on or after January 4, 2010 must complete 20 hours of NMLS-approved prelicensure education by June 15, 2010 in order to ensure that applications will be processed by July 31.
    • Department of Real Estate: All new applicants on or after September 1, 2011 must have completed 20 hours of NMLS-approved prelicensure education. Existing real estate licensees will not need 20 hours of NMLS-approved prelicense education if all other MLO requirements are met by August 31, 2010. *A real estate license is needed in order to qualify as a MLO through the California Bureau of Real Estate (CA BRE). Specific state-approved courses will continue to be required to obtain a real estate license.
  • SAFE Act Continuing Education (required courses – SAFE CORE 7 hours)
    • Department of Corporations: All licensees must complete eight hours of NMLS-approved continuing education in 2010 in order to renew for 2011.
    • Department of Real Estate: All licensees must take eight hours of NMLS-approved continuing education in 2011 in order to renew for 2012.
  • Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of CA BRE state-approved education on or before August 31, 2010 may be eligible to participate in the PE certification process and may not need to take the NMLS-approved prelicensure education. Refer to your state agency for more information.

MortgageEducation.com and 360training.com Marketing Questions

What are the different course formats available to the student?

We have four formats: Live Classroom Instruction, Classroom Equivalent Webinars: for Prelicensing and Continuing Education, Online Instructor-Led for Prelicensure, and Self-Study Continuing Education classes

How long is the course good for? For Prelicense? 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 National Mortgage Licensing System (NMLS) Master Course Catalog for more details.

How can the Live Instructor help while the customer is taking the course? Is it 24/7?

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?

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.

What’s the passing score for prelicense and for CE?

75%

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 prelicensing 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 prelicensing 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.