So, a prospective licensee who completes his education today has three years to use the education for licensing.
Note: The pre-licensing education that an MLO receives is valid for licensing application for a three-year period from the date of completion. Twelve (12) hours of alternative subjects related to the mortgage industry. Two (2) hours of training related to lending standards of the nontraditional mortgage. Three (3) hours of ethics, which shall include instruction on fraud, consumer protection and fair lending issues.
#Oncourse learning mlo license#
MLO license applicants must complete twenty (20) hours of education: Three (3) hours of federal law. SAFE Ethics - Introduction to Mortgage Fraud Arizona State Elective: Licensing and Regulation for the AZ MLO Mortgage Loan Originator License Issuance Unlicensed loan origination activity is subject may result in: Disciplinary action Criminal action Only a natural person may hold an MLO license.
03/10/15 Refer to page 97Ħ Mortgage Loan Originator License Issuance. 
On behalf of a borrower, negotiates with a lender or noteholder to obtain a temporary or permanent modification in an existing residential mortgage loan agreement” See A.R.S.
Offers or negotiates the terms of a residential mortgage loan.
03/10/15 Refer to page 96Īrizona State Elective: Licensing and Regulation for the AZ MLO Mortgage Loan Originators Loan originator “Any natural person, who for compensation or gain or in the expectation of compensation or gain, does any of the following: Takes a residential loan application. All monies have been accounted for under the terms of the escrow instructions.” If a loan involves a sale, a fourth requirement is included: Property ownership must be transferred and recorded. All documents relating to the mortgage loan have been recorded. 03/10/15 Refer to page 95Īrizona State Elective: Licensing and Regulation for the AZ MLO Arizona Mortgage Loan Origination Mortgage Loan In Arizona, the term mortgage loan, is defined as “a loan secured by a mortgage or deed of trust or any lien interest on real estate located in this state created with the consent of the owner.” Mortgage Loan Closing Under Arizona statute, a mortgage loan closing is “the day by which All documents relating to the mortgage loan have been executed. 03/10/15ģ Key Terms Clerical or Support Duties Unique IdentifierĪrizona State Elective: Licensing and Regulation for the AZ MLO Key Terms Clerical or Support Duties Unique Identifier Institutional Investor Non-Institutional Investor Responsible Individual Continuing Education Unit SAFE Comprehensive:. For California, the Consumer Affairs agency must be selected from their state website ( Researchers must then move through the following pages, Licenses, Press Release, and Board of Real Estate to arrive at the Disciplinary Actions page to research the case law. As an example, to research Florida case law, first visit the Florida Office of Financial Regulation website and proceed to the Final Administrative Actions page where a search engine will be presented. Some case law may be easily researched and other states are extremely protective of case law and extended research may be required. Each state may use varying versions of this department name. If further research is desired in regards to specific case law, research is best performed by visiting each specific state’s department of financial institutions website. Therefore, if further research is desired, names will differ in the actual case law from that presented within the course. 03/10/15Ģ Arizona State Elective: Licensing and Regulation for the AZ MLOĭisclaimer Disclaimer: Names of all persons, companies, and entities in any documented example have been changed. Presentation on theme: "Licensing and Regulation for the AZ MLO"- Presentation transcript:ġ Licensing and Regulation for the AZ MLOĪrizona State Elective: Licensing and Regulation for the AZ MLO Chapter 4 Licensing and Regulation for the AZ MLO SAFE Comprehensive:
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