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8 Hour Online SAFE CE (Includes Pennsylvania State Law)
This course covers SAFE Continuing Education Requirements for Pennsylvania.Specifically, this online course includes 3 Hours on Federal Law and Regulations, 3 Hours on Ethics, 2 Hours on Nontraditional Mortgages and 1 hour on Pennsylvania State Law. The modules included are:
Pennsylvania State Law
This course covers SAFE Continuing Education Requirements for Pennsylvania. Specifically, it discusses:
The Housing Finance Agency Law (December 3, 1959; P.L.1688, No.621)- This law, enacted in 1959, created Pennsylvania’s Housing Finance Agency. The Agency’s charge was to broaden the market for housing forlow and moderate income families and elderly persons as a public corporation. We discuss the agency as well as its mandated programs.
The Loan Interest and Protection Law (January 30, 1974; P.L.13, No.6)- This module covers Pennsylvania’s definitions and rules for the maximum lawful interest rate & legal interest rate, exceptions to the maximum lawful interest rate, protective provisions, remedies and penalties and other general provisions.
Federal Law Requirement – 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).
Ethics 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 2007housing 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
Course 8 Hour Online SAFE CE (Includes PA State Law)