NY SAFE Mortgage Loan Originator Course (NMLS Approved, ID#1400284)

New York Real Estate Institute has partnered with the Association of Mortgage Educators (NMLS Provider ID# 1400284) to offer the online courses for Mortgage Pre-licensing.

The NMLS-approved instructor-led Pre-licensing course provides all of the tools to help you successfully complete your online MLO Pre-licensing education.

The course has a specific start and end dates-and your instructor will help make sure you keep on track to complete your course. Keep in mind that there are no "scheduled" activities so you can participate when it's convenient for you.

The course allows you to print off downloadable versions of reading assignments for offline reading and reference. And, all of your NMLS fees are included!

Our NMLS-approved classroom course provides all of the tools to help you successfully complete your required MLO pre-licensing education - and prepare you for your exam. Our courses are flexible and convenient, allowing you to mix and match day sessions and night classes.

This course uses the Mortgage Lending Principles and Practices textbook specifically written to meet the core criteria established by the SAFE Act.

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 D epartment 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.

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 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 - $110

NMLS Unique Identifier - Each loan originator needs to obtain a unique identifier through NMLS.

Access the necessary forms for licensing in the state of New York at the NMLS Resource Center

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 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 - $110

NMLS Unique Identifier (Required for licensing)
Each loan originator needs to obtain a unique identifier through NMLS.

Access the necessary forms for licensing in the state of New York at the NMLS Resource Center