News

MLO pre license SAFE ACT Class in Maine

Sep 14, 2010
Posted In: General

The Manufactured Housing Association of Maine, in partnership with Financial Strategies is offering the Mortgage Loan Originators (MLO) required Pre-licensure Course October 19-20-21, 2010 in the Freeport Comfort Inn, Freeport, ME.    We would like to extend an invitation to your members to attend this course. Registration form is attached.

The SAFE Act, enacted in 2009, requires that any one who for compensation or gain, takes a credit application, negotiates rates, down payment or terms of a residential home loan or makes an offering of a residential home loan be registered on the National Mortgage Loan Registry system (NMLS).  The first requirement to become an MLO is to take the 20-hour Pre-licensure course.    Other requirements include obtaining a passing score on both the National and State components of the SAFE Test.

Once a person passes the SAFE Test they would be required to provide fingerprints for both an FBI and State criminal background check, provide fingerprints and credit authorization to NMLS for background checks.  A surety bond would be required dependent upon the dollar volume of loans completed in the previous year.

Since the manufactured home chattel industry is not licensed by the New York State Banking Department, the Department is in the process of setting up an exempt category from the requirement to be a W2 employee of a licensed lending entity.

This MLO Pre-licensure course is set up for the Manufactured Housing industry and all students will be from the industry.   The October course includes the required 20-hour pre-licensure course, the state specific course, a 4-hour Exam Study Session, Study Kit and Practice Exams.  Discounted price for members of a State Association for the 3-day program is $325.  Non-members may attend the course for $650.   A minimum number of 20 students is required and no more than 45 students may be accepted.

Please click here for the registration link

For additional information on MLO requirements, visit the following website http://www.maine.gov/pfr/consumercredit/MNLS/index.htm

For additional information on the MLO Pre-licensure course,  contact  Karen Brown-Mohr, MHAM ED  207 761-4221 or kbrownmohr@aol.com.