State Exam Test Prep: Massachusetts

Course State Exam Test-Prep: Massachusetts Price $47
$59

$47

This course includes the following:
State Exam Test Prep: Massachusetts

This course is designed to prepare you to pass the NMLS Massachusetts State Exam, with material and questions all tailored to the test outline!  This course includes:

1.  Over 150 test questions that simulate the state exam questions:

a.  You can take the test an unlimited amount of times

b.  The questions are randomized so each test is different

c.  Clickable wrong answers so that you know what section to review

2.  Printable and Online slides

3.  Notes that discuss each slide and provide further insight

The exam outline we follow is listed below.  Please enjoy the class!


SAFE Mortgage Loan Originator Test

Massachusetts State Component

Content Outline

(55 scored test questions; 10 unscored test questions)

 

I. Mortgage Regulatory Agencies (5%)
A. Massachusetts Division of Banks
B. Office of the Attorney General
C. Responsibilities and limitations

II. State Law and Regulation Definitions (10%)
A. General Laws Chapter 255E – Licensing of Mortgage Brokers and Lenders
B. General Laws Chapter 255F – Licensing of Mortgage Loan Originators
C. General Laws Chapters 183 and 184
D. General Laws Chapter 93A
E. General Laws 167E section 7 – Mortgages and Loans
F. Division’s Regulations 209 CMR 41.00, 42.00, 32.00, 48.00
G. Attorney General’s Regulations 940 CMR 8.00: Mortgage Brokers and Mortgage Lenders

III. Loan Originator License Law and Regulation (15%)
A. Persons required to be licensed

  1. Non-exempt
  2. Exempt

B. Licensee qualifications and application process

  1. Financial responsibility (credit report)
  2. Background check (criminal check)
  3. Pre-licensing education testing

C. Grounds for denying a license

  1. Criminal convictions
  2. Previous revocation
  3. Prohibition
  4. Character and fitness
  5. Financial Responsibility (credit)
  6. Adverse civil judgments

D. License maintenance

  1. Continuing education
  2. Personal information updates and required notifications
  3. Renewal
  4. Termination, reassignment, inactivation and reactivation

IV. Compliance (55%)
A. Loan Originator – Broker

  1. Prohibited conduct and practices
  2. Required conduct
  3. Fees and charges
  4. Disclosures and agreements
  5. Advertising
  6. Record keeping and reporting

B. Loan Originator – Lender

  1. Prohibited conduct and practices
  2. Required conduct
  3. Fees and charges
  4. Disclosures and agreements
  5. Advertising
  6. Record keeping and reporting

C. Loan Originator – General

  1. Prohibited conduct and practices

V. Disciplinary Action (10%)
A. General Laws Chapter 255F – Sections 7 through 13

  1. Notifications, hearings, and appeals
  2. Suspension and revocation of licenses
  3. Penalties/fines
  4. Civil and criminal liability

B. General Laws Chapter 93A

  1. Notifications, hearings, and appeals
  2. Suspension and revocation of licenses
  3. Penalties/fines
  4. Civil and criminal liability

VI. Unique State Test Areas (5%)
A. Reverse Mortgages
B. Community Reinvestment Act (CRA)
C. 90 Day Right to Cure After Default on a Mortgage Loan

Course State Exam Test-Prep: Massachusetts Price $47
$59

$47

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