2 Hour Michigan SAFE: Understanding Michigan Mortgage Law (#10986)
2 Hour MI SAFE: Understanding Michigan Mortgage Law Online Self-Study Pre-Licensing Education [Course #10986]
Course Format: OSS (Online Self-Study)
Credit Hours: 2 Elective PE Credit
NMLS Approval #10986
This 2-hour Michigan Mortgage Law pre-licensing education course is conducted in an online setting. Students are able to move through online courses at their own learning pace. My Mortgage Trainer, Inc. uses their Learning Management System (LMS) which supports multiple browsers.
Additionally, this course is delivered in two (2) modules of content and can be accessed at any time. The course will utilize case studies and practice quizzes to help you better comprehend the course material. As required by the NMLS, the class completes with a final exam and survey.
This course will cover key topics such as the Mortgage Loan Originator Licensing Act, the Mortgage Brokers, Lenders, and Servicers Licensing Act, The Secondary Mortgage Loan Act, The Consumer Mortgage Protection Act, and the Mortgage Lending Practices Act. By the end of the course you will be able to:
- Know that a license will not be issued if Applicant is convicted of a felony within a 10- year period preceding the date of application. MCL 493.139, section 9(1)(c)(i) of the Mortgage Loan Originator Licensing Act (MLOLA); and
- Understand the license renewal requirements and the penalty for late renewal. Know that the license renews annually on 12/31 (MCL 493.145, section 15 of MLOLA), and the late penalty is $25/day ($1,000 maximum fee) if received after December 31 (MCL 493.149, section 19 of MLOLA)