|This course includes the following:|
20 Hour Prelicensing NMLS-Approved Education
This course covers SAFE Prelicense Education Requirements for any state without state-specific education. Specifically, this course includes the required 4 Hours on Ohio State Law, 3 Hours on Federal Law and Regulations, 3 Hours on Ethics, 4 Hours on Nontraditional Mortgages and other courses that will complete your 20 hour requirement.
Ohio State Law
This course covers Ohio Law relevant to Mortgage Loan Originators (MLOs). The course meets the 4 hour Ohio state specific educational requirement. Please note that the official requirements for Ohio State Law education do not reflect the Ohio State Exam.
In this course, we cover the Ohio Mortgage Broker Act (OMBA) and The Ohio Consumer Sales Practices Act.
Ethics, Fair Lending and Fraud
This 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
Federal Law: RESPA and SAFE
In this course, we are going to cover RESPA and the SAFE act. As with most laws, these laws are, in the end, aimed at preventing industry behavior that negatively impacts consumers such as fraud and information that is not uniform and comparable. Knowing these laws well will be critical for your business with regards to regulators, litigation and reputational challenges. The two laws covered are:
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 the below.
Federal Law: TILA
In this course, we are going to cover the Truth-in-Lending Act, generally known as TILA. Along with any discussion of TILA, there are several important amendments. One that we will spend a fair amount of time on is HOEPA. We have also included the newest updates resulting from MDIA. 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
Nontraditional Mortgages Overview
This course summarizes a broad selection of 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 mortgage
• Construction permanent mortgages
• Reverse Mortgages
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.
We cover the “Three C’s” of Credit, Collateral and Capacity, various documentation required for loans and give an overview of some basic loan products.