|This course includes the following:|
8 Hour Online CE with West Virginia State Law
This course covers SAFE Continuing Education Requirements for any state that does not require a state law course or a number of hours above 8. Specifically, this online course includes 3 Hours on Federal Law and Regulations, 2 Hours on Ethics, 2 Hours on Nontraditional Mortgages and 1 hour on West Virginia State Law. The modules included are:
West Virginia State Law
This course satisfies the state-specific continuing education requirement for West Virginia Licensed Mortgage Loan Originators (MLOs). During this 1 hour course, we will provide an overview of the laws and regulations the West Virginia Mortgage Professional must know and abide by.
The course is divided into three sections:
Section 1: License Maintenance – Discusses the newest state requirements for licensing renewal and includes license maintenance standards.
Section 2: Disciplinary Action – Details the license revocation and disciplinary action process.
Section 3: Compliance – Describes the general state rules mortgage brokers must be aware of in any origination, including both generic prohibited and required rules of conduct as well as rules specific to fees, disclosures and advertising.
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.
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