Mortgage Loan Originator's Course

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Mortgage Loan Originators Licensure Quick Facts

All new MLOs applicants must:

Register with the NMLS and obtain a unique ID Number

Successfully complete an NMLS approved 20-hour pre-license course

Pass an NMLS administered state and national exam to qualify for licensure.

Submit fingerprints to the NMLS during the license endorsement application process.

Pass a national background check

Submit authorization for the NMLS to obtain a credit report.


Pre-Licensing Education Requirements

New state-licensed MLOs are required to complete 20 hours of NMLS approved education. This education must include:

   a. 3 hours of Federal law and regulations;
   b. 3 hours of ethics, this shall include instruction on fraud, consumer protection, and fair lending issues;
   c. 2 hours of training related to lending standards for the nontraditional mortgage product marketplace; and
   d. 12 hours of undefined instruction on mortgage origination (referred to as electives).


State Examination Requirements

State-licensed loan originators pass a qualified written test developed by NMLS and administered by an approved test provider. As required by the SAFE Act, the test is designed to adequately measure an individual's knowledge and comprehension in appropriate areas, to include:

Ethics;

Federal law and regulation pertaining to mortgage origination;

State law and regulation pertaining to mortgage origination;

Federal and State law and regulation, including instruction on fraud, consumer protection, the  nontraditional mortgage marketplace, and fair lending issues.

The SAFE Test includes two components, a National Component and a Unique California State Component. A MLO license endorsement applicant wishing to satisfy the SAFE test requirements for licensure, must pass each component with a test score of not less than 75 percent correct answers to questions. MLO license applicants wishing to seek licensure in more than one state or jurisdiction, must pass the unique State Component test in each of those states.

The California BRE does not have a requirement for instruction on state-specific law.


Renewal and Continuing Education Requirements

Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include:

   a. 3 hours of Federal law and regulations;
   b. 2 hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;
   c. 2 hours of training related to lending standards for the nontraditional mortgage product market; and
   d. 1 hour of undefined instruction on mortgage origination (referred to as an elective).

The deadline to complete CE is December 31st of each year. MLOs with CA-BRE are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.

If you are having trouble using NMLS or need assistance in using it, phone the NMLS Call Center at (240) 386-4444.


Our Online Pre-Licensing Courses & Exam Preparation

We have teamed up with Cape School to give you an affordable and convenient way to learn and pass the MLO exam!

Our 20 Hour SAFE Comprehensive Principles of Mortgage Lending Online Course is designed to allow students the convenience of studying at home or office, while having the opportunity to communicate with an instructor and other students who are progressing through the course at the same time. The course has a start date and an end date, study at the hours that fit your schedule. The course is divided into lessons, in topic order, as recommended by the NMLS. Features include: Chat, Message Boards, Audio/Visual Lesson Reviews to help retain information learned in each lesson, and interactive exercises developed to reinforce important material. Each lesson must be completed before proceeding to the next lesson. The student must complete all quizzes and exercises to complete the course, then pass a final exam with a score of 70% or better. System requirements: - A browser with Internet access (High Speed Recommended) - Speakers for the audio portions of the course - Adobe Flash Player 8 or higher - Adobe Acrobat Reader 8 or higher.

Principles of Mortgage Lending Textbook - This book was designed to meet the core criteria established by the SAFE Act for national mortgage loan originators.

California Mortgage Law Study Guide Textbook - This book was designed to meet the CA state specific criteria established by the SAFE Act for mortgage loan originators needing to take the CA State component with the NMLS.

NMLS TesTaker - Online Exam Simulator - Cape’s NMLS TesTaker is an online exam simulator designed to help you pass your NMLS examination the first time! The TesTaker generates 100 question tests with the same ratio of questions/topics found on the NMLS exam. Once you have completed a test, you will receive your results showing pass percentages on each of the four topics. The topics are:
  - Federal Laws (35%)
  - General Knowledge (25%)
  - MLO Activities (25%)
  - Ethics (15%)

California Mortgage Law Exam Prep Online Course - This California Mortgage Law Exam Preparation Online course is based on The California Mortgage Law Study Guide Textbook. It is designed to meet the CA state specific criteria established by the SAFE Act for national mortgage loan originators needing to take the CA State test with NMLS. You may repeat any missed questions, or browse questions by NMLS topic. After answering each question, you will receive an in-depth explanation for the answer to the question.

National Mortgage Law Exam Prep Online Course - This Mortgage Law Exam Preparation Online course is based on The Principles of Mortgage Lending textbook. The course reviews the core prelicense educational requirements for mortgage loan originators as defined by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). Upon successful completion of this course you will have a strong understanding of the mortgage loan originator industry and the laws that govern it. This is an exam preparation tool only and is not for credit.

To register or find out more information about our MLO courses and exam preparation materials, please click here now!

 

Pricing

Course # Textbook Prep Materials

Price

CAMXDLWTXTCA-0 *Principles of Mortgage Lending Textbook

$44.10

CAMXDLLTXT20-0 *California Mortgage Law Study Guide Textbook

$35.90

NMLOPQ *National MLO Practice Questions $20
CAMLOPQ *California MLO Practice Questions $20
Course # Interactive Online Prep Courses

Price

CAMXDLISAFXP-0 National Mortgage Law Exam Prep Online Course

$84.15

CAMXDLICAXPR-0 California Mortgage Law Exam Prep Online Course

$41.65

CAMXDLITESTT-0 TesTaker

$58.65

Course # Value Packages

Price

CAMXDLISAFXPPK-0 *California Mortgage Law Exam Prep Professional Package - National Mortgage Law Exam Prep Online + TesTaker +
Principles of Mortgage Lending Textbook + CA Mortgage Law Exam Prep Online
$131.75
 

Pre-Licensing Classes

Price

  Basic Package - Online Class + Filing Fee $246.02
  *Professional Package - Online Class + TesTaker + CA Online Prep Course + Principles of Mortgage Lending Textbook + Exam Guarantee

$296.15

  Continuing Education Courses

Price

  8 Hour Online CE (Credits: 3 law, 2 ethics, 2 non-traditional, 1 elective) + Filing Fee

$58.75

  **8 Hour Live Instruction CE (Credits: 3 law, 2 ethics, 2 non-traditional, 1 elective) + Filing Fee**

**Please Call for Availability and Schedule**

$95

*Plus a shipping and handling charge of $10-$12


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