3 Hour SAFE PE Massachusetts State Law – ONLINE INSTRUCTOR LED

3 Hour SAFE PE Massachusetts State Law – ONLINE INSTRUCTOR LED


This course includes the following:
ONLINE PE – 3 Hour SAFE PE – Massachusetts State Law (1693)

Since this course is an online instructor led (“OIL”) course, you will have access to instructors through office hours, forums and email.   You will be able to work on this course anytime and anywhere you have a high speed internet connection.

By NMLS specifications,you will have to pause and wait for instructor feedback at times during the course.   Our flexible system allows you to purchase and then wait as long as you want before starting any module. Once you enter a module, you will have three to five days to finish.

3 Hour SAFE PE – Massachusetts State Law


This course covers Massachusetts law and regulations pertaining to Mortgage Loan Originator licensing and is structured to reflect the outline of the Massachusetts State License Exam.  During this 3-hour pre-licensing course covering Massachusetts mortgage law, we will cover several laws including:

  • MGL 255E – Licensing of Mortgage Brokers and Lenders
    o    Division’s Regulation 209 CMR 42 – Licensing of Mortgage Lenders
  • MGL 255F – Licensing of Mortgage Loan Originators
  • o    Division’s Regulation 209 CMR 41 – Licensing of Mortgage Originators
  • MGL 183 – Conveyance of Land by Deed
  • MGL 184 – General Provisions Related to Real Property
  • MGL 93A – Regulation of Business Practices for Consumer Protection
    o    Attorney General’s Regulations 940 CMR 8.00 – Unfair Practices
  • MGL 167E section 7 – Reverse Mortgage Loans
  • Division’s Regulation 209 CMR 32 – Consumer Credit Costs and Terms (aka The Massachusetts Truth-in-Lending Act)
  • Division’s Regulation 209 CMR 48 – Record Keeping Requirements

The course is divided into six sections:

Section 1: Massachusetts Mortgage Regulatory Agencies – Covers the Regulatory authority of the Division of Banks and the Office of the Attorney General

Section 2: State Law and Regulation Definitions – Summarizes the intent and purpose of each law, and provides a review of the unique definitions found therein.

Section 3: Massachusetts Loan Originator License Law and Regulations – Covers persons required to be licensed, licensee qualifications & the application process, the grounds for denying a license and license maintenance.

Section 4: Compliance – Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements and advertising

Section 5: Disciplinary action – Discusses notifications, hearings and appeals, then suspension, revocation and rescission of licenses, then finally, penalties/fines and civil and criminal liability under MGL 255F and MGL 93A.

Section 6: Unique State Test Areas – Details Massachusetts requirements for reverse mortgages, the Community Reinvestment Act (CRA), and the 90 day right to cure after default.

Learning Objectives

Upon successful completion of this course you will have a strong understanding of the laws and regulations specific to mortgage loan originators and lenders in the state of Massachusetts. You will also have the information needed to pass the Massachusetts State Exam.

3 Hour SAFE PE Massachusetts State Law – ONLINE INSTRUCTOR LED


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