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SAFE Mortgage Licensing Actby Paul Donohue Protecting consumers from mortgage fraud is a federal law, which was established in 2008 and is known as The Secure and Fair Enforcement Mortgage Licensing Act, or SAFE Mortgage Licensing Act. The SAFE Mortgage Licensing Act requires that an employee of a bank or other financial institution that is regulated by a federal banking agency or the FCA (collectively, Agency-regulated institutions) and who acts as a residential mortgage loan originator to register with the NMLS, obtain a unique identifier, and maintain this registration. It also stipulates that agency-regulated institutions must require their employees who act as residential mortgage loan originators to follow written policies and procedures designed to ensure compliance with these requirements. As part of the SAFE Mortgage Licensing Act, every mortgage loan originator must meet National and state testing and continuing education requirements in addition to registering in the NMLS. Abacus Mortgage Training provides a variety of pre-licensing and continuing education courses as well as test preparation courses designed to help MLOs stay in compliance with the SAFE Act. Pre-License Requirements The National requirement for compliance with the SAFE Mortgage Licensing Act is 20 hours of pre-licensing education. Additional pre-licensing requirements may vary by state. You can complete the 20-hour pre-licensing course offered by Abacus Mortgage Training during one two-day event either through a live classroom setting or remotely via virtual classroom over the web. Course topics include: Introduction to Mortgage Lending and Mortgage Principles, Credit Scoring, Types of Loans and Methods of Financing, Mortgage Fraud and Identity Theft, Loan Application and Mortgage Math, Introduction to Federal Laws and Disclosures, Federal Laws - Our New Duties, Nontraditional Mortgage Products, Ethics and Consumer Protections, Mortgage Processing and Property Appraisal, Underwriting and Closing the loan. The course provides a review of course materials and an intensive cramming session so you can take the exam with confidence. Continuing Education Once licensed and registered, each MLO must complete at least 8 hours annually of continuing education to stay in compliance with the SAFE Mortgage Licensing Act. Some states may require additional CE credits – be sure to verify the requirements where you live. Abacus' 8-hour SAFE Comprehensive CE Exam Preparatory course familiarizes MLOs with the SAFE Act, Fair Credit Reporting Act and the Red Flags Rule, Non-traditional Mortgage Products Overview and Ethics and Consumer Protections. Test Preparation The NMLS test isn't easy. As of August 2010, more than 72,000 people have failed the test. That includes both national and state first-time and repeat candidates. Our SAFE Smart Exam “Cram” prepares individuals who want to become an MLO for national and state tests. The 20-hour exam course includes video of Paul Donohue, the author, teaching the course and a “Quiz Trainer” that includes more than 700 practice questions to challenge your mastery of the mortgage industry. With the 2008 passage of the SAFE Mortgage Licensing Act, it is essential to be prepared for the NMLS exam. Abacus Mortgage Training has been educating professionals for mortgage licensure since 2002 and can give you the preparation you need.
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