|This course includes the following:|
20 Hour NMLS-Approved Pre-licensing Education
This course covers SAFE Prelicense Education Requirements for any state without state-specific education. Specifically, this course includes the required 3 Hours on Federal Law and Regulations, 3 Hours on Ethics, 2 Hours on Nontraditional Mortgages and other courses that will complete your 20 hour requirement.
Ethics, Fair Lending and Fraud
This part of our course provides an ethical foundation and summary for Fair Lending Laws, a summary of fraud schemes and preventative measures and, lastly, focuses on a couple of key topics in Fair Lending. Specifically, this course includes the following modules:
- How Laws Enforce Ethics – this module covers the ethical and economic basis for laws and discusses the purpose of various fair lending laws in the mortgage industry.
- More on HOEPA and Predatory Lending – this module details the topic of predatory lending, showing the various methods that have been used and the general prohibitions HOEPA outlines to protect consumers from these practices
- More on Yield Spread Premiums – this module delves deeper into the hot topic of Yield Spread Premiums
- Mortgage Fraud – this module covers the common mortgage schemes that have been practiced as well as some basic preventative measures
Nontraditional Mortgages Requirement – ARMs and IOs
This part of our course summarizes various types of adjustable rate and interest only non-traditional mortgages that have been introduced over the last 30 years. This course is taught in context of the 2007 housing meltdown and includes the features, pros/cons and pitfalls of each type of loan.
Specific loans covered include:
- Adjustable rate mortgages (ARMs)
- Interest Only mortgages (IOs)
- Negative Amortization mortgages
Federal Law RESPA and SAFE
- RESPA –Real Estate Settlement Procedures Act (enacted in 1974 implemented by Reg X). Establishes specific disclosure requirements in the real estate settlement process and prohibits specific practices such as kickbacks.
- o Our discussion includes key insights into the new GFE and discusses the differences between the new and old GFE.
- SAFE Act– Secure and Fair Enforcement Act for Mortgage Licensing (enacted in2008). This act is a key component of the Housing and Economic Recovery Act of 2008 (Title V). The SAFE Act sets forth requirements for the licensing and registration of all mortgage loan originators and mandates the creation of a National Mortgage Licensing System and Registry (NMLSR).
Federal Law: Credit and Information
In this course, we are going to cover a number of Federal Laws and regulations that deal with the extension of credit to borrowers based on information about the borrower and the handling and use of consumer information in the mortgage industry. Specifically, we will cover ECOA, FCRA/FACTA/Red Flag Rules, HMDA and the DNCIA as well as some of the key associated disclosures.
Federal Law: TILA
In this course, we cover the Truth-in-Lending Act, generally known as TILA. Along with the discussion of TILA, there are several important amendments. One we will cover in depth is HOEPA. We also include the newest MDIA updates. Knowing TILA well will be critical for your business with regards to regulators, litigation and reputational challenges.
This course additionally details the Truth-In-Lending Disclosure, the Right to Rescission Form and the Section 32 Truth-In-Lending Disclosure
This course provides the “key elements” a loan officer needs to understand as they enter the mortgage industry. It focuses on the most critical part of the business – qualifying a customer and making the right type of loan for the right client.