Mortgage Loan Originator 8 Hour Continuing Education Course

This is an 8-hour SAFE Comprehensive course requirement to meet the SAFE Mortgage Licensing Act mandate for state licensed mortgage loan originators. The course is designed to provide an extensive overview of the core subject areas (3 hours of Federal regulations, 2 hours Ethics, including Fraud, Fair Lending and Consumer Protection and 2 hours of Non-traditional Lending and 1 hour of General Elective).

After completing this course, students will be able to:

• Module 1: Federal Laws During this module, you will review and be asked to demonstrate the following:
  • Analyze why stating “Unknown Reason” and not providing the principal reason for denying an application is a violation of the E.C.O.A.
  • Identify the significance of ensuring borrowers receive the notice of right to rescind.
  • Review Prohibited Fees Charged for Rapid Recheck or Expedited Rescore Fees.
  • Address requirements to disclose the credit score used in taking adverse action along with related information, including up to four key factors that adversely affected the consumer’s credit score.
  • The ‘Notice of Right to Cancel’ (i.e. rescission notice) was not completed in compliance with Regulation Z § 1026.23(b.)
  • Discuss tolerance requirements if borrowers are charged more than the amount originally disclosed in the Loan Estimate (LE) than on the final Closing Disclosure (CD).
    • Explore conditions that apply to any change of circumstance disclosure that would have validated the additional charge.
  • Examine timing guidelines for disclosing the TILA Loan Estimate and who has responsibility for this disclosure.
  • Analyze why loan files must indicate the borrowers were provided with a copy of the appraisal report or other valuation.
  • Describe the significant of providing the Post Closing Disclosure (CD) to Borrowers for Change in Third- party Charges
  • Ensure appraisal and applicable valuation disclosures are provided to borrowers within three (3) business days of application. 125 minutes

• Module 2: Ethics, Fraud and Consumer Protection During this module, you will review and be asked to demonstrate the following:
  • Review marketing agreements regulations
  • Participate in a Frequently Asked Questions (FAQs) section about RESPA Section 8 violations
  • Participate in a Frequently Asked Questions (FAQs) section about the Bank Secrecy Act 90 minutes
  • Breakout Session 1 Facilitated student interaction 10 minutes

• Module 3: Traditional and Nontraditional Mortgage During this module, you will review and be asked to demonstrate the following:
  • Examine reverse mortgages
  • Discuss recent FHA updates
  • Review VA updates 90 minutes
  • Breakout Session 2 Facilitated student interaction 10 minutes

• Module 4: Data Point: 2022 Mortgage Market Activity and Trends (Part 1) During this module, you will review and be asked to demonstrate the following:
  • Review mortgage applications and originations and mortgage outcomes by demographic groups and loan types
  • Examine denial rates, monthly mortgage trends and activities by state, and lending institutions. 50 minutes

• Comprehensive Final Exam

NMLS Course Policy Manual