This Course Includes:
- OIL – 3 Hour Online MA SAFE PE – Massachusetts State Law (1693)
This course covers Massachusetts law and regulations pertaining to Mortgage Loan Originator licensing and is structured to reflect the outline of the Massachusetts State License Exam. During this 3-hour pre-licensing course covering Massachusetts mortgage law, we will cover several laws including:
Online Instructor Led (“OIL”). This education is delivered in the Online Instructor Led format as required by the NMLS for online Pre-Licensure (“PE”) education. It is available on our website through any internet connection.
Important NMLS specifications include:
• Defined start and end dates (See Course Calendar at top of page).
• Interaction with the instructor and students through forum activities
• Progression as a cohort. At times you will wait for instructor feedback before continuing.
(Note: This is not an “Self-Study” course and does not allow for study at any pace or without instructor/classmate interaction)
The modules included are:
MGL 255E – Licensing of Mortgage Brokers and Lenders
o Division’s Regulation 209 CMR 42 – Licensing of Mortgage Lenders
MGL 255F – Licensing of Mortgage Loan Originators
o Division’s Regulation 209 CMR 41 – Licensing of Mortgage Originators
MGL 183 – Conveyance of Land by Deed
MGL 184 – General Provisions Related to Real Property
MGL 93A – Regulation of Business Practices for Consumer Protection
o Attorney General’s Regulations 940 CMR 8.00 – Unfair Practices
MGL 167E section 7 – Reverse Mortgage Loans
Division’s Regulation 209 CMR 32 – Consumer Credit Costs and Terms (aka The Massachusetts Truth-in-Lending Act)
Division’s Regulation 209 CMR 48 – Record Keeping Requirements
The course is divided into six sections:
Section 1: Massachusetts Mortgage Regulatory Agencies – Covers the Regulatory authority of the Division of Banks and the Office of the Attorney General
Section 2: State Law and Regulation Definitions – Summarizes the intent and purpose of each law, and provides a review of the unique definitions found therein.
Section 3: Massachusetts Loan Originator License Law and Regulations – Covers persons required to be licensed, licensee qualifications & the application process, the grounds for denying a license and license maintenance.
Section 4: Compliance – Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements and advertising
Section 5: Disciplinary Action – Discusses notifications, hearings and appeals, then suspension, revocation and rescission of licenses, then finally, penalties/fines and civil and criminal liability under MGL 255F and MGL 93A.
Section 6: Unique State Test Areas – Details Massachusetts requirements for reverse mortgages, the Community Reinvestment Act (CRA), and the 90 day right to cure after default.
Upon successful completion of this course you will have a strong understanding of the laws and regulations specific to mortgage loan originators and lenders in the state of Massachusetts. You will also have the information needed to pass the Massachusetts State Exam.