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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- Minnesota 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 (i) takes a residential mortgage loan application or (ii) offers or negotiates terms of a residential mortgage loan must obtain a mortgage loan originator license.
In addition, any loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a license under Chapter 58A.03, subd. 3.
Who does not need this license?
- Employees of depository institutions and certain subsidiaries who are registered in the system established by the Federal Banking Agencies
- Loan processors and underwriters who are employees of a mortgage originator company
- Individuals that only perform real estate brokerage activities and are licensed under Minnesota Statutes Chapter 82, unless that person is compensated by a lender, mortgage broker, or other mortgage loan originator or by an agent of the lender, mortgage broker, or mortgage loan originator
- Individuals solely involved in the extension of credit relating to timeshare plans, as defined in 11 USC 101(53D)
- Individuals negotiating a residential mortgage loan for their own residence
- Individuals negotiating a residential mortgage loan involving a member of his or her immediate family
- A licensed attorney negotiating a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client
- An employee of a nonprofit organization exempt from taxation under section 501 (c)(3) that is not otherwise engaged in the financing of housing for low- and moderate-income households
Pre-requisites for license applications?
- Criminal background check
- Credit check
- Testing
- Education
Minnesota Mortgage Loan Originator License
Minnesota Mortgage Education Requirements
Section 58A.06 of Minnesota Statutes requires individuals who engage in residential mortgage origination or make residential mortgage loans, to complete at least 20 hours of pre-licensure (PE) education which has been approved by the NMLS. The training must include at least:
- 3 hours of federal law and regulations;
- 3 hours of ethics, which includes instruction on fraud, consumer protection, and fair lending issues; and
- 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
In addition to initial education requirements, each individual must complete 8 hours of continuing education (CE) annually. The education must include:
- 3 hours of federal law and regulations;
- 2 hours of ethics, including fraud, consumer protection, and fair lending; and
- 2 hours of standards governing nontraditional mortgage lending.
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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