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
- Review implications for charging excessive third-party fees and charging advanced fee.
- Address required consistencies with appraisals and ensure compliance with higher-priced mortgage loan requirements..
- Examine lenders’ requirement to provide all borrowers with Loan Estimates that accurately states the late payment charge for the loan program
- Identify provisions under the Equal Credit Opportunity Act (ECOA) that address providing timely adverse action notices, notification not sent within 30 days, components of notification, and statement of specific reason.
- Analyze how to provide an accurate and complete and corrected Closing Disclosure
- Module 2: Ethics, Fraud and Consumer Protection
- Identify provisions of the Telemarketing and Consumer Fraud and Abuse Prevention Act
- Review Scams, Tricks & Fraud that target the elderly
- Describe FinCEN’s mandate from Congress
- Participate in a Frequently Asked Questions (FAQs) section about the Bank Secrecy Act
- Module 3: Traditional and Nontraditional Mortgage
- Discuss recent FHA updates
- Review VA updates
- Module 4: Data Point: 2021 Mortgage Market Activity and Trends
- 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
- Final Exam
NMLS Course Policy Manual