NY SAFE Mortgage Loan Originator Course - NMLS Approved

A  20 hour class in NY SAFE Mortgage Loan Origination is approved by the
NY Deptartment of State for real estate continuing education credits.

Choose from CLASSROOM or ONLINE! 

When: NEXT class starts at NYC location on September 30, October 1 & 2 (morning and afternoon sessions). Another class will be offered before the end of the year. We also offer the class in Brooklyn at 157 Kings Highway, 2d Floor (date TBA and call NYREI for details). You will be allowed to mix and match day sessions with night classes. START TIMES: Mornings - 9:30AM; Afternoons - 1:15PM; Nights - 6PM

 

ONLINE Course Registration! (This course is offered in partnership with the Association of Mortgage Educators, Course ID #1370)

 

20 Hour NY SAFE Act Mortgage Loan Originator ONLINE Pre-licensing Course

New York Real Estate Institute has partnered with the Association of Mortgage Educators to offer the online courses for Mortgage Pre-licensing.

The NMLS-approved instructor-led Pre-licensing course provides all of the tools to help you successfully complete your online MLO Pre-licensing education.

The course has a specific start and end dates-and your instructor will help make sure you keep on track to complete your course. Keep in mind that there are no "scheduled" activities so you can participate when it's convenient for you.

The course allows you to print off downloadable versions of reading assignments for offline reading and reference. And, all of your NMLS Banking fees are included!

When: Course starts on Wednesdays

Course Only Cost: $299

Course Plus Exam Prep Cost: $325

ONLINE Course Registration!

Exam Prep ONLINE Courses for Mortgage Loan Originator Exams

The Exam Prep online self-paced courses are designed to prepare you with the knowledge you need to pass the National Loan Originator Test and the New York State Loan Originator Test, which are mandated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).

The practice tests resemble the content breakdown and types of questions you will see on the licensing Test. You can take as many practice tests as you want, anytime you want. Since the questions are randomized from large pool of questions, each test will be unique—you will never see the same exact questions in the same exact order.

Register now and make sure to pass the tests the first time!

When: Register and take the courses at anytime

National Exam Prep Online Course Cost: $99

New York Exam Prep Online Course Cost: $49

Package Cost: $129

ONLINE Course Registration!

20 Hour NY SAFE Act Mortgage Loan Originator CLASSROOM Course

Our NMLS-approved classroom course provides all of the tools to help you successfully complete your required MLO pre-licensing education - and prepare you for your exam. Our courses are flexible and convenient, allowing you to mix and match day sessions and night classes. 

This course uses the Mortgage Lending Principles and Practices textbook specifically written to meet the core criteria established by the SAFE Act.

When: April 8, 9 & 10th (morning and afternoon sessions). The next set of dates will be in May and will be night classes. You will be allowed to mix and match day sessions with night classes.

Class Room Registration
Cost:  $395
 

Textbook
Cost:  $40

 

 

About the Course

Course Highlights and Objectives for Online and Classroom-

This 20 Hour NY SAFE Comprehensive Mortgage Loan Originator course is designed to meet the core criteria established by the SAFE Act for national mortgage loan originators, including three hours on federal lending legislation, three hours on the critical topic of fair lending and ethics, and two hours on nontraditional lending products. In addition, the text presents elective topics selected to give students the information they need to successfully enter the mortgage lending field. This course provides a primer on the primary and secondary mortgage markets, as well as a review of the economic, legal, and valuation aspects of the real estate market. This text also details types of loan products and finance instruments—including conventional, government, and nontraditional financing tools—available today. Students will also learn the fundamentals of the residential mortgage lending process—from pre-qualifying potential borrowers, to understanding appraisals, to closing a loan.

The Secure and Fair Enforcement Mortgage Licensing Act also requires all states to implement a mortgage loan originator licensing process. The New York Legislature responded by passing New York Banking Law Article 12-E, Licensed Mortgage Loan Originators. This course also examines that and other laws and regulations in the State of New York related to consumer protection that affect the mortgage industry in general and mortgage loan originators specifically. It introduces the Banking Department and describes the scope of its authority. It also discusses specific New York law related to the licensing and activities of mortgage bankers, mortgage brokers, and mortgage loan originators. The three hours of state-specific topics are covered in the New York-Specific Supplement.

General Licensing Requirements-

For more information on NY requirements go to http://www.banking.state.ny.us/mbqa1.htm

 

All mortgage loan originators must complete 20 hours of NMLS approved education and become licensed under New York laws.

 

To become a loan originator you must have completed at least 20 hours of education during the two years immediately preceeding the time of application. You must also pass the loan originator exam on Federal and State laws and rules not more than one year before the granting of the license.

To access the testing service and learn more about taking a SAFE test, by downloading the MLO Testing Handbook
(http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Testing&Template=/CM/ContentDisplay.cfm&ContentID=23730 ).

 

The following test administration fees are in effect for the SAFE Act Mortgage Loan Originator Test:

        * National Component - $92

        * State Component - $69
NMLS Unique Identifier- Required for licensing 
( http://mortgage.nationwidelicensingsystem.org/Pages/Default.aspx )
Each loan originator needs to obtain a unique identifier through NMLS. If you have not obtained your unique identifier number, you need to log on to State Regulatory Registry (http://mortgage.nationwidelicensingsystem.org/Pages/Default.aspx ). 

Access the necessary forms for licensing in the state of New York at the NMLS RESOURCE CENTER (http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=NY )

 

For more information on NY requirements go to http://www.banking.state.ny.us/mbqa1.htm

Education Requirements

All mortgage loan originators must complete 20 hours of NMLS approved education and become licensed under New York laws.

To become a loan originator you must have completed at least 20 hours of education during the two years immediately preceeding the time of application. You must also pass the loan originator exam on Federal and State laws and rules not more than one year before the granting of the license.

To access the testing service and learn more about taking a SAFE test, by downloading the MLO Testing Handbook.

The following test administration fees are in effect for the SAFE Act Mortgage Loan Originator Test:

• National Component - $92
• State Component - $69

*NMLS Unique Identifier (Required for licensing)*

Each loan originator needs to obtain a unique identifier through NMLS. If you have not obtained your unique identifier number, you need to log on to State Regulatory Registry.

New York State Licensing Requirements

Access the necessary forms for licensing in the state of New York at the NMLS RESOURCE CENTER

About the Instructor:

 

Where do I take this course?

New York Real Estate Institute
139 West 35th, 2nd floor
New York, NY 10018
see map