Arizona Responsible Individual 12 Hour AZDFI Accepted Course Includes 8 Hour Arizona NMLS Approved Education

Responsible Individual 12 Hour AZDFI Accepted Course

This course includes the following:
1 Hour CE – Arizona Mortgage Professional’s Rulebook (2174)
7 Hour CE – SAFE CORE (1265)
Responsible Individual 4 Hour Federal Law Credit and Information
Responsible Individual – 12 Hour AZDFI Accepted Course (Includes 8 Hour AZ NMLS Approved Education)

This course is specifically designed for Arizona mortgage professionals who need 12 hours of education to satisfy their Responsible Individual requirement. THIS COURSE ALSO SATISFIES THE Arizona SAFE Required CE Requirement. Please see below for the AZDFI Responsible Individual requirement description and a summary of this course.

AZDFI Responsible Individual Continuing Education Requirement
As part of the mortgage banker and mortgage broker renewal process, the responsible individual (RI) must complete
12 units (1 unit = 50 minutes) of continuing education prior to 12/31 of each calendar year. A copy of the
certificate(s) must be sent to AzDFI with the renewal checklist (which will be available on NMLS in September).
The certificate must show each course and units taken. The education shall include courses in the following areas:
Arizona mortgage related law (i.e. title, appraisal, real estate, etc… as it relates to the mortgage industry)
Federal mortgage law
Mortgage related ethics
Non-traditional mortgage products
Other mortgage related courses that contribute to the maintenance and improvement of professional competence

The same courses can not be taken in two consecutive years.

Course Content Summary

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 New Arizona State Law.

State Specific Requirement – Arizona State Law

This course satisfies the state-specific continuing education requirement for Arizona Licensed Mortgage Loan Originators (MLOs). During this 1 hour course, we will provide an overview of the laws and regulations the Arizona Mortgage Professional must know and abide by.

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

Credit and Information Online Course

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.

ECOA – Equal Credit Opportunity Act (enacted in 1974, implemented by Reg B) Prohibits discrimination against mortgage applicants based on race, color, religion, national origin, age, and whether they were recipients of welfare.

FCRA & FACTA – Fair Credit Reporting Act and its recent amendment FACTA (enacted in years 1970 and 2003, respectively). Addressed proper procedures for lenders to retrieve, evaluate, store and dispose of mortgage applicant credit information.

Red Flag Rules (enacted in 2004 as an amendment to FCRA/FACTA) Established standards for financial institutions to implement in order to prevent identity theft

HMDA – Home Mortgage Disclosure Act (enacted in 1975, implemented by Reg C) Established requirements for lenders to submit a mortgage applicant’s data to the government

DNCIA – Do Not Call Implementation Act (enacted year 2003) Established a do-not-call directory.

Responsible Individual 12 Hour AZDFI Accepted Course