|This course includes the following:|
ARIZONA RESPONSIBLE INDIVIDUAL (RI) 4 Hour Credit and Information Online Course:
This course is specifically designed for Arizona mortgage professionals who already took the 8 Hours of NMLS education which included Arizona State Law and need 4 more hours of education to satisfy their Responsible Individual 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.
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.