Course Highlights
and Objectives for Online and Classroom-
This 20 Hour NY SAFE
Comprehensive Mortgage Loan Originator course is
designed to meet the core criteria established by
the SAFE Act for national mortgage loan originators,
including three hours on federal lending
legislation, three hours on the critical topic of
fair lending and ethics, and two hours on
nontraditional lending products. In addition, the
text presents elective topics selected to give
students the information they need to successfully
enter the mortgage lending field. This course
provides a primer on the primary and secondary
mortgage markets, as well as a review of the
economic, legal, and valuation aspects of the real
estate market. This text also details types of loan
products and finance instruments—including
conventional, government, and nontraditional
financing tools—available today. Students will also
learn the fundamentals of the residential mortgage
lending process—from pre-qualifying potential
borrowers, to understanding appraisals, to closing a
loan.
The Secure and Fair Enforcement Mortgage Licensing
Act also requires all states to implement a mortgage
loan originator licensing process. The New York
Legislature responded by passing New York Banking
Law Article 12-E, Licensed Mortgage Loan
Originators. This course also examines that and
other laws and regulations in the State of New York
related to consumer protection that affect the
mortgage industry in general and mortgage loan
originators specifically. It introduces the Banking
Department and describes the scope of its authority.
It also discusses specific New York law related to
the licensing and activities of mortgage bankers,
mortgage brokers, and mortgage loan originators. The
three hours of state-specific topics are covered in
the New York-Specific Supplement.
General Licensing
Requirements-
For more information on NY requirements go to
http://www.banking.state.ny.us/mbqa1.htm
All mortgage loan originators
must complete 20 hours of NMLS approved education
and become licensed under New York laws.
To become a loan originator you
must have completed at least 20 hours of education
during the two years immediately preceeding the time
of application. You must also pass the loan
originator exam on Federal and State laws and rules
not more than one year before the granting of the
license.
To access the testing service and learn more about
taking a SAFE test, by downloading the MLO Testing
Handbook
(http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Testing&Template=/CM/ContentDisplay.cfm&ContentID=23730
).
The following test
administration fees are in effect for the SAFE Act
Mortgage Loan Originator Test:
* National Component -
$92
* State Component - $69
NMLS Unique Identifier- Required for licensing
(
http://mortgage.nationwidelicensingsystem.org/Pages/Default.aspx
)
Each loan originator needs to obtain a unique
identifier through NMLS. If you have not obtained
your unique identifier number, you need to log on to
State Regulatory Registry (http://mortgage.nationwidelicensingsystem.org/Pages/Default.aspx
).
Access the necessary forms for
licensing in the state of New York at the NMLS
RESOURCE CENTER (http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=NY
)
For
more information on NY requirements go to
http://www.banking.state.ny.us/mbqa1.htm
Education Requirements
All mortgage loan originators must complete 20 hours of
NMLS approved education and become licensed under New
York laws.
To become a loan originator you must have completed at
least 20 hours of education during the two years
immediately preceeding the time of application. You must
also pass the loan originator exam on Federal and State
laws and rules not more than one year before the
granting of the license.
To access the testing service and learn more about
taking a SAFE test, by downloading the
MLO Testing Handbook.
The following test administration fees are in effect for
the SAFE Act Mortgage Loan Originator Test:
-
National Component - $92
-
State Component - $69
Each loan originator needs to obtain a unique identifier
through NMLS. If you have not obtained your unique
identifier number, you need to log on to
State Regulatory Registry.
New York State
Licensing Requirements
Access the necessary forms for licensing in the state of
New York at the
NMLS RESOURCE CENTER
