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8 Hour SAFE Comprehensive: 2015 Originator Essentials

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At A Glance:

Price: $79.00 (USD)
+ $12.00 NMLS Credit Banking Fee
Purpose: NMLS-required 8-hour online continuing education course for general 2015 mortgage loan originator license renewal
Features: online text, online video, printable certificate, PDF eBook
Hours: 8 Hours
Category: Mortgage > Continuing Education > CE Comprehensive
Sponsor /
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278

NMLS-required 8-hour online continuing education course for general 2015 mortgage loan originator license renewal

NMLS Course ID: 5218

NMLS Sponsor ID: 1400327

View Course Syllabus

This course will instruct mortgage licensees on a number of regulations that they will have to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).

The first module of this course will go over each section of the new loan disclosures that will be implemented in October 2015: the Loan Estimate and the Closing Disclosure. It is anticipated that these two new forms of loan disclosures will make it easier for consumers to understand the terms of their loan as well as allow them to easily shop for other lenders.

The second module of this course will outline the various federal fair housing laws that mortgage professionals must comply with. Specifically, this section of the course will go over the prohibited practices outlined in the federal Fair Housing Act, and the rules for the extension of credit provided by the Equal Credit Opportunity Act (ECOA). This module will also go over several fair housing violation case studies and the punishment issued against each offender.

The third module of this course is an overview of the Fannie Mae HomeStyle® Renovation home loan. This loan product allows borrowers to roll the cost of home renovations into the mortgage loan used to purchase the property. This is similar to the FHA 203(k) renovation loan program, but with several major differences.

The fourth module of this course is a review of acts and practices that must be complied with when advertising mortgage products. The CFPB outlines its 19 MAP rules in Regulation N and expects all mortgage professionals to comply with their advertising guidelines.

Topics and Learning Objectives

This course consists of four primary sections:

  1. TILA-RESPA Integrated Disclosure (TRID) (3 Hours Federal Law)

  2. Fair Lending (2 Hours Ethics)

  3. The Fannie Mae HomeStyle® Renovation Loan (2 Hours Non-Traditional Mortgage)

  4. Mortgage Advertising Practices (1 Hour Elective)

Total study time: 8 hours

Module 1: TILA-RESPA Integrated Disclosure (TRID)

Study Time: three 50-minute clock hours

  • Introduction to the Loan Estimate (80 minutes)

  • Introduction to the Closing Disclosure (60 minutes)

  • Additional Issues (10 minutes)

The purpose of this module is to walk you through each section of the Loan Estimate and the final Closing Disclosure, outlining how the form is to be completed as well as how it has been simplified for consumers to understand.

Module 1 Objectives

When you have completed this module, you will be able to:

  1. Explain the Loan Estimate's general requirements

  2. identify what information you must collect to complete the form

  3. Outline the delivery time of the estimate

  4. Explain the good faith requirements and tolerances

  5. Describe how to make necessary revisions and corrections within the property time frames

  6. Explain the general form requirements of the Closing Disclosure

  7. Outline and explain any additional disclosures that may be required

Module 2: Fair Lending

Study Time: two 50-minute clock hours

  • Fair Housing Laws (10 minutes)

  • The Fair Housing Act (30 minutes)

  • The Equal Credit Opportunity Act (25 minutes)

  • Fair Lending Case Studies (35 minutes)

The purpose of this module is to emphasis the importance of discrimination protections in the lending industry. The section will begin with a brief overview of the federal laws, and then go into depth with the Fair Housing Act and the Equal Credit Opportunity Act (ECOA). As discrimination is harmful to the mortgage industry, this section will summaries several cases of discrimination that occurred throughout the lending trade.

Module 2 Objectives

When you have completed this module, you will be able to:

  1. List and describe the various federal laws are known as the Fair Housing Law

  2. Discuss how state and local laws can expand upon the protections granted in the federal Fair Housing Laws

  3. Give specific examples of lending practices that may violate federal, state, and local fair housing laws

Module 3: The Fannie Mae HomeStyle Renovation Loan Program

Study Time: two 50-minute clock hours

  • The HomeStyle Renovation loan program (60 minutes)

  • The 203(k) loan program (40 minutes)

The purpose of this module is to outline the requirements for Fannie Mae's renovation loan program, both lender qualifications and property eligibility. Borrowers can use a portion of their mortgage loan to make renovations or improvements to their property such as structural changes, landscaping, painting, and even the addition of luxury items. The variety of available renovations on the HomeStyle Renovation (HSR) loan is greater than the Fair Housing Administration's 203(k) renovation loan program. This module will also go over the 203(k) and its other versions as a comparison to the HomeStyle Renovation loan.

Module 3 Objectives

When you have completed this module, you will be able to:

  1. Recognize the HSR qualifications for borrowers and property types

  2. Describe how a lender can apply with Fannie Mae to offer the HomeStyle Renovation loan

  3. Outline the steps necessary for a HomeStyle Renovation loan, from beginning to final inspection

  4. Utilize the Maximum Mortgage Worksheet to apply for a HomeStyle Renovation loan

  5. Compare the HSR loan to the FHA's 203(k), Streamlined 203(k), and Energy Efficient Mortgage

Module 4: Mortgage Advertising Practices

Study Time: one 50-minute clock hour

  • CFPB Mortgage Advertising Practices Rule (15 minutes)

  • Reasonable Person Standard, Advertising Terms, Taxes, and Insurance (10 minutes)

  • CFPB Red Flags (10 minutes)

  • Disclaimers, Record Keeping, and Examples of Misleading Phrases (15 minutes)

The purpose of this module is to demonstrate the importance of following the CFPB's rules regarding the ethical and understandable advertisement of loan products. The CFPB's Regulation N outlines a wide variety of guidelines that those in the industry are expected to follow, which are designed to protect consumers who may see, hear, or read an advertisement for a financial product.

Module 4 Objectives

When you have completed this module, you will be able to:

  1. Identify CFPB rules on mortgage advertising, including the scope, definitions, and prohibited representations for mortgage loan advertising.

  2. Identify examples of possible violations of the CFPB's advertising rules.

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