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
- |
- Michigan 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?
This license is required of any individual, who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application, offers or negotiates terms of a residential mortgage loan, and who is not an employee of a depository financial institution or a subsidiary of a depository financial institution.
Who does not need this license?
- An individual registered as a mortgage loan originator that is an employee for a depository institution, a subsidiary of a depository institution that is owned and controlled by that depository institution and is regulated by a federal banking agency, or an institution regulated by the farm credit administration.
- An individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of that individual.
- An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as his or her residence.
- 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, mortgage broker, or other mortgage loan originator or by any agent of a lender, mortgage broker, or other mortgage loan originator.
Pre-requisites for license applications?
- Surety Bond:
- If no mortgage loan was closed in the preceding year or if the loans closed is less than $12,000,000.00, the bond amount is $10,000.00.
- If the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $12,000,000.00 or more and less than $24,000,000.00, a $25,000.00 bond is required.
- If the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $24,000,000.00 or more, the bond is $50,000.00.
- Fingerprints
- Criminal background check
- Fingerprints will be submitted through NMLS for FBI criminal background check
- Criminal background check results will be available to the State.
- The criminal background check fee is $39.
- Credit check: A credit report on the applicant will be obtained through the NMLS.
- Testing: A passing score of 75% or better on both the NMLS approved National Test and the NMLS approved State Test. The test can be re-taken up to three consecutive times, provided there is a 30 day time lapse after the preceding test. If the test is failed after the third consecutive time, you have to wait at least 6 months before taking the test again. The fees per test are:
- National Component – $92
- Each Unique State Component – $69
- Education: The applicant shall complete 20 hours of education through an NMLS approved education provider in a course that includes all of the following:
- Three hours of federal law and regulations.
- Three hours of ethics, including instruction on fraud, consumer protection, and fair lending issues.
- Two hours of training related to lending standards for the nontraditional mortgage product marketplace.
Michigan Mortgage Loan Originator License
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 7/31/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 7/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 7/31/2010.
Michigan Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 7/31/2010 must have completed 20 hours of NMLS approved pre-licensure education. Existing licensees must complete 20 hours of NMLS approved pre-licensure education by 7/31/2010. State approved courses will no longer be accepted after 7/30/2010.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All Licensees must take hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – The state of Michigan will certify pre-education for persons who are currently registered as loan officers and who have completed at least 20 hours of Michigan approved education on or before 7/30/2010. Persons whose pre-education that has been certified need not take the NMLS approved pre-licensure education. Refer to your state agency for more information.
- Certification (Test) – Persons currently registered as loan officers who have passed the MI mortgage test are eligible to participate in the testing certification process and will not need to take the Michigan Component of the SAFE MLO Test. The state of Michigan will certify the Michigan component. 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
