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NMLS SAFE ACT Training

Overview

Indecomm-Mortgage U was the first NMLS education provider approved by the State of Michigan under the Loan Officer Registration Law. A leader in NMLS approved training; we offer an exceptional, timely and relevant learning experience in both Live and Self-Paced Online formats. We recognize your need to focus on learning the real world of mortgage originating and preparing for the NMLS Mortgage Loan Originator pre-license test.
 

NMLS Pre-Licensure Training

We conduct the 20 hour loan officer pre-registration course and subsequent update seminars in various formats and locations. Our 20 Hour Safe MI Comprehensive Mortgage Loan Originator course is approved to meet all federal Pre-licensure education requirements. All participants of the 20 Hour Safe MI Comprehensive Mortgage Loan Originator course receive:
  • Our exclusive comprehensive manual that has grown on the experience of over 16 years of training originators on general mortgage knowledge and mortgage compliance
  • Email and light phone support after the training from Indecomm-Mortgage U instructors
We stand behind our education program by offering a free retake policy.

Find out more or register now 20 Hour MI SAFE Comprehensive Mortgage Loan Originator


 

NMLS SAFE ACT Continuing Education Training

Indecomm-Mortgage U offers NMLS approved live and self-paced online courses to earn the 8 hours of continuing education as required under the SAFE Act. While NMLS issues the approval it is individual state law that dictates the actual number of hours a loan originator must complete. Some states require more than 8 hours of education. Refer to the NMLS State Specific Education Requirements for state required education.
 
The following courses fulfill the 8 hour requirement for:
  • 3 hours of Federal law and regulations
  • 2 hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues
  • 2 hours of training related to lending standards for the nontraditional mortgage product market
  • 1 hour elective

Self-Paced Online

– 8 Hour SAFE Comprehensive CE – Felonies, GFEs and FHAs – Course ID 3053

Live Classroom

– 8 Hour SAFE Comprehensive CE – Felonies, GFEs and FHAs – Course ID 3012

– 8 Hour SAFE Comprehensive CE – 2011 – Course ID 2750

Visit our Course Roster for Details and Sign up for or Newsletter to find out about upcoming classes.
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Loan Originator Licensee Requirements – Federal SAFE ACT Requirements

If you are a NEW Loan Officer

      1. Complete a 20 hour course approved by the NMLS and conducted by an approved NMLS company.
      2. Pass the Federal exam
      3. Pass a separate State of Michigan exam
      4. Complete a fingerprinted background check according to NMLS requirements.
      5. Complete the application process within NMLS. Go to the NMLS website for complete details at www.stateregulatoryregistry.org
      6. The NMLS will run a credit report and credit analysis will be a part of the approval process
      7. Submit a bond in the minimum required amount. (From 10/7 OFIR letter, a $10,000 bond is required for a new loan originator applicant and for originator licensee)

Requirements for Loan Originators at Depository Institutions

Loan originators at depositories must be registered with NMLS but are not required to be licensed.
Registration requirements are:
      1. Complete a fingerprinted background check according to OFIR requirements. Previous background and fingerprint checks cannot be reused. This process must be redone specifically for the new license.
      2. Complete the application process within NMLS. Go to the NMLS website for complete details at www.stateregulatoryregistry.org
      3. The NMLS will run a credit report and credit analysis will be a part of the approval process. Individual states and regulators are considering whether additional requirements will apply to originators at depository institutions.
 

Definition of Originator

“To negotiate, arrange, or offer to negotiate or arrange a mortgage loan between a mortgage lender and 1 or more individuals”, or “to place, assist in placing, or find a mortgage loan for 1 or more individuals”.
 
This definition is very broad and includes anyone involved in providing more than just basic information about mortgage lending. The definition is not meant to include processors. However, in Michigan a person who is a contract processor or underwriter must be licensed under the law.
 

Retake Policy

The Retake Policy is designed for individuals who had difficulty in absorbing all the information in the class and need to attend again, in a timely manner, in order to understand the information that was presented. It is not designed for “Refreshers”. Individuals can retake the same class at no additional charge if the request is made within ninety days. Registrant must retake the class within six months from the call (or the next time the class is offered). Registration (or the “seat) is not guaranteed unless the student wishes to pay again and is subject to rescheduling if the class sells out. The student will need to wait until the next available date. No materials are to be given. If a retake request is made after ninety days from class date, attendee must pay ½ of cost of class to retake it and will then receive the current course materials.