2 Hour MI SAFE: State Law Pre-Licensing Education Course
This is a Michigan-specific classroom equivalent (CEQ) pre-licensing education elective course for new mortgage loan originators (MLOs). This course satisfies the 2 hour Michigan mortgage pre-licensure education requirement.
By the end of this course, learners will be able to:
- Relate the powers of the Director and agency structure of the MI-DIFS
- Restate the key definitions including the definition of a mortgage loan originator, broker, lender, servicer, and loan processor or underwriter
- Determine what entities are exempt and which are not exempt from licensure
- Describe the application process for a mortgage loan originator including the requirements for pre-licensing education, the qualified written exam, and surety bond
- Understand the renewal process including continuing education requirements and licensing fees
- Know that a license will not be issued if the applicant is convicted of a felony within a 10 year period preceding the date of application
- Understand the license renewal requirements and the penalty for late renewal.
- Know that the license renews annually on 12/31 and the late penalty is $25/day ($1,000 maximum fee) if received after December 31
- Relate what is considered a prohibited practice
- Discuss the requirements of the Consumer Mortgage Protection Act and Mortgage Lending Practices Act
- Understand the Secondary Mortgage Loan Act
- Describe the disciplinary action process from investigation to penalties
- Restate the penalties for fraud
Chapter 1: Regulatory Authority in Michigan; Licensing of MLOs, Lenders, Brokers, and Services
Chapter 2: Compliance and Disciplinary Action
