|This course includes the following:|
This course includes two components and does not expire. First, it includes 20 hours of NMLS Approved education that will satisfy the SAFE Act required education for all Mortgage Loan Originator applicants. Second, it includes the 40 Hour Utah Department of Real Estate Approved course, provided by our partnership with Stringham Schools.
The 40 hours of Utah required education are presented in an online self-study format. The 20 hours of SAFE Act required education are presented in an Online Instructor-Led (“OIL”) format. You will be able to work on both of these courses anytime and anywhere you have a high speed internet connection.
For the OIL course, you will have access to instructors through office hours, forums and email. By NMLS specifications, you will have to pause and wait for instructor feedback at times during the course. Our flexible system allows you to wait as long as you want before starting any module. Once you enter a module, you will have three to five days to finish.
20 Hours NMLS-approved education for the SAFE Act requirement: This course covers SAFE Pre-licensure Education Requirements for any state without state-specific education. Specifically, this online course includes the required 3 Hours on Federal Law and Regulations, 3 Hours on Ethics, 2 Hours on Nontraditional Mortgages and 12 hours of electives. We emphasize federal law due to the rigor and focus on federal law in the National Exam. The modules included are:
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 in 2008). 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 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 mortgages
4 Hour SAFE – Federal Law: TILA
In this course, we cover the Truth-in-Lending Act, generally known as TILA. Along with the discussion of TILA, there are several important amendments. One we will cover in depth is HOEPA. We also include the newest MDIA updates. 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
4 Hour SAFE – 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 ECOA, FCRA/FACTA/Red Flag Rules, HMDA and the DNCIA as well as some of the key associated disclosures.
2 Hour SAFE – Loan Basics
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.
40 Hours of Utah DRE Required Education. This component provides the 40 hours of Utah required pre-licensure education. It is provided by our partner, Stringham Schools. The course is available online in a self-paced format, includes audio/visual presentations and includes a textbook, which will be mailed to the address you provide. It requires the use of a financial calculator.
The course is divided into 2 hour modules and includes the below topics:
Appraisal & Valuation
Contract Law 1
Contract Law 2
Deeds and Transfer
Ethics & Professionalism
Federal Lending Laws
Foreclosure & Credit
Loan Types & Leverage
RESPA and Loan Fraud