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
- Home
- |
- Massachusetts 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 natural person who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan.
Sole proprietors licensed as mortgage brokers or mortgage lenders by the Division, as well as owners, officers and directors of entities licensed as mortgage lenders or mortgage brokers, are required to be licensed as mortgage loan originators in Massachusetts if they meet the definition above.
Who does not need this license?
Employees whose responsibilities are limited to clerical and administrative tasks and who do not solicit borrowers, accept applications or negotiate the terms of residential mortgage loans on behalf of their employer. However, loan processors and underwriters who retained as independent contractors, are required to obtain a Mortgage Loan Originator License. A list of exempt individuals is provided in CHAPTER 44 OF THE ACTS OF 2009.
Individuals who hold a Massachusetts Community Development Mortgage Loan Originator license, and are employed by a community development corporation as defined in Massachusetts General Law chapter 40F, section 1 and organized under the General Laws.
Instructions
- 1. Total license costs: $530.00 annually. The license application investigation fee that is required to be paid once, at time of initial application, is $115.00.
- 2. All fees are collected through the NMLS and ARE NOT REFUNDABLE.
- 3. Jurisdiction-specific requirements must be received within 5 business days of the electronic submission of your application through the NMLS at the following:
What are the pre-requisites for license applications?
- Education: Prior to submitting a license application, applicants must complete a NMLS approved pre-licensing education course(s) that satisfied the Division’s regulation 209 CMR 41.04(2)(e) . [For any applicant who submits an application through October 31, 2009, they can take either a Division approved pre-licensing education course or an NMLS approved pre-licensing education course.]
- Testing: As of November 1, 2009, all new applicants, in addition to satisfying all other pre-requisites, must have also passed both the federal and Massachusetts component of the S.A.F.E. Act exams to qualify for application.
For more information regarding education, testing, and S.A.F.E. Act compliance please visit the
Division’s
FAQs.
Massachusetts Mortgage Loan Originator License
SAFE ACT Requirements
- SAFE MLO Test – Existing licensees as of 10/31/2009 must pass the National and State Components of the SAFE MLO Test by 10/31/2010. All new applicants on or after 11/1/2009 must pass the National and State Components of the SAFE MLO Test prior to submitting their application.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 10/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 10/31/2010.
Massachusetts Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 11/1/2009 must have completed 20 hours of NMLS approved pre-licensure education, including 3 hours of MA specific. Existing licensees as of 10/31/2009 must complete 20 hours of pre-licensure education by 10/31/2010, unless the licensee has complete 20 hours of state approved education prior to 10/31/2009. State approved courses will no longer be accepted after 10/31/2009.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education, including 1 hours of MA specific, in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Test) –(Education) – Currently licensed MLOs who have completed at least 20 hours of MA State approved education on or before 10/31/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
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
agentcampus.com Blog
