8 Hour SAFE Comprehensive: 2012 Originator Essentials (For California Real Estate Licensees):
For MLO and Real Estate license renewal in California. (Provides DRE and NMLS credits)
DRE Sponsor Number: 4056
Course Description
Mortgage Loan Originators working in the current market are fully aware how new rules and regulations have an affect on their day-to-day business. Being knowledgeable on updated federal regulations will assist the MLO with making sound, ethical decisions that will positively impact their consumers. This course will instruct the mortgage loan originator on the importance of protecting the consumer within the mortgage industry.
In addition to providing guidelines for ethical conduct, this course will present a variety of examples of fraudulent mortgage lending activities and how to detect these activities on mortgage lending applications. Mortgage fraud has cost the industry millions of dollars and has negatively affected lenders, appraisers, MLOs, and consumers. It is important for a mortgage loan originator to have the hindsight to detect potential fraud from occurring, which can prevent future fraud and help to rebuild trust in the mortgage industry.
This course will also introduce the Veterans Affairs (VA) home loan program, available to members of the US military services. MLOs will be instructed on how to check a veteran's qualifications, how to use the VA's WebLGY system, and the most common types of forms used for VA home loans.
At the conclusion of this course, mortgage loan originators will review the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act) and its mandated MLO education requirements.
Key Course Objectives
The course consists of four primary sections:
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Protection for Consumers Under the Dodd-Frank Act (3 Hours Federal Law)
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Ethics in Mortgage and Keys to Detecting and Preventing Mortgage Fraud (2 Hours Ethics)
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Understanding the VA Home Loan (2 Hours Nontraditional Mortgage)
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Understanding and Complying with the SAFE Act (1 Hour Elective)
Total study time: 8 hours
The overall objective of this course is to educate the mortgage loan originator on changes in regulation that will help the MLO to be more proficient in their job, to assist and protect the consumer, and to better understand the importance of their role in the mortgage lending industry. A mortgage loan originator who is knowledgeable on common warning signs of potential fraudulent activity on loan applications will be better at protecting themselves, the lender, and the general public. This course will also teach the mortgage loan originator information he or she can use to help a military service member apply for the Veterans Affairs Home Loan program, including a walk-through of the steps necessary to submit information requests to the VA. Finally, this course will review the Safe and Fair Enforcement of Mortgage Licensing Act (SAFE Act) and its licensing requirements for mortgage loan originators.
Overview of Module 1: Protection for Consumers Under the Dodd-Frank Act
The objective of this module is to provide a better understanding of the Dodd-Frank Act, how these changes impact the mortgage industry, and how the Dodd-Frank Act can help protect consumers. It is up to everyone involved in the mortgage industry to be diligent in their understanding of the laws and regulations affecting the mortgage industry, how they affect the business, and how to adhere to them for compliance and consumer protection.
Objectives:
At the conclusion of this section, you will be able to:
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Identify changes made as a result of the Dodd-Frank Act.
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List various titles of the Dodd-Frank Act and how they relate to the mortgage industry.
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Define the compliance standards regarding the newly appointed Consumer Finance Protection Bureau (CFPB).
Overview of Module 2: Ethics in Mortgage and Keys to Detecting and Preventing Mortgage Fraud
In this module we will discuss ethics and fraud in mortgage lending and how they affect the mortgage industry. This module will give a detailed explanation of the purpose, red flags of possible fraud, and appraisal independence under the Dodd-Frank Act. This lesson discusses ethical practices and consumer protection responsibilities of the mortgage loan originator. It will also outline various ethical standards as they relate to a compliance approach of ethical lending, review various industry code of ethics, and provide checklists of possible red flags of mortgage fraud.
Objectives:
At the conclusion of this section you will be able to:
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Identify top red flags for mortgage fraud in the mortgage industry.
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List various types of mortgage fraud.
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Define the new appraisal independence requirements of the Dodd-Frank Act.
Overview of Module 3: Understanding the VA Home Loan
The objective of this module is to provide a better understanding of the VA Guarantee Loan product and how this important product offers a great financing option for qualified veterans.
Objectives:
At the conclusion of this section, you will be able to:
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Identify forms used for VA Home Loan.
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Recognize the opportunities of the VA Home Loan.
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Describe the basic guides of the VA Home Loan.
Overview of Module 4: Understanding and Complying with the SAFE Act
This module is written with a focus on consumer protection. Most, if not all of the regulations of the mortgage and banking industry are implemented to protect the consumer.
The objective of this module is to provide you with a better understanding of the SAFE Act, the requirements for licensing, and how this law helps protect consumers. As an advocate for your customer it is up to you to be diligent in your understanding of the laws and regulations affecting our industry, how they affect you in your business, and how to adhere to them for compliance and consumer protection.
Objectives:
At the conclusion of this section, you will be able to:
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Understand the requirements of the SAFE Act as it relates to licensing as a mortgage loan originator.
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Know the requirements for obtaining and retaining a national license with the Nationwide Mortgage Licensing System and Registry.
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Define what the licensing requirements are of a state licensed mortgage loan originator and the registration requirements are for a registered mortgage loan originator.
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Recognize how education, reporting, and personal history are important for licensure and consumer protection.
Required Information
NMLS ID
You must have an NMLS ID number to receive credit for this course. You will need this number before you begin the course.
If you already have an NMLS ID but don't remember what it is:
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Login into NMLS
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Click on the Composite View tab.
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Click View Individual on the sub-header row.
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The number that appears in parentheses after your name is your NMLS ID number.
If you do not have an NMLS ID number and need to obtain one:
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Create one using the instructions available in the NMLS Resource Center
California DRE Information
Students will be expected to provide a valid DRE license number, expiration date, and California driver's license number (or other equivalent photo-ID number). Students will be asked to select and answer three security questions. This information will be required to take final exams and to verify student identity.
How to Take This Online Course
The course contains segments that include reading, video, questions, quizzes, discussions, and a final exam. Students are expected to progress through all activities to make course progress.
Students will be provided course content online. Each section will provide an overview of the regulation or loan program followed by examples and interactive activities to help students better understand each lesson. Students will be tested throughout each section to determine if they are meeting the objectives of each section and developing a working knowledge that will help them to successfully use what they are learning.
The goal is to provide the basis for regulations or loan programs combined with the details that will help mortgage loan originators to stay compliant with the Dodd-Frank regulations, make better ethical decisions, be more familiar with the VA Home Loan program, and review the SAFE Act.
Technical Requirements
Students only need a computer or mobile device with an internet connection. This course works on all modern browsers and operating systems including Microsoft Internet Explorer, Google Chrome, Mozilla Firefox, Apple Safari, Opera, iPhone / iOS, and Android-based mobile devices, smartphones, and tablets. The course is entirely web-based and does not require any software to be downloaded or installed. Use of this course requires Javascript to be enabled in your web browser.
Testing and Completion Expectations
This is an online mastery-based course. Students must complete all reading assignments, media activities, and pass incremental assessments in order to make progress.
Completion of the course requires passing a final examination of 25 multiple choice questions with a minimum score of 70%. Students will be allotted 25 minutes to complete the final exam. Course credit will not be issued until the final exam has been successfully passed. If the first final exam attempt is failed, students may take a second attempt with a different bank of questions. Failure to pass the second attempt will result in a failed grade and no course credit may be given.
The course is expected to take at least 8 clock hours to complete. Seat-time is monitored and students are expected to be interacting with the system at all times
Issuance of Credit
After successfully passing the final exam, OnlineEd will notify the Nationwide Mortgage Licensing System (NMLS) that the continuing eduction has been completed by the student. It is OnlineEd policy to have credit uploaded to the NMLS by the end of the following business day.
The student will have a printable course completion certificate available after passing the course final exam. The certificate is for the student's personal records and is not confirmation that the NMLS has received the notification that the student has completed the course final exam.
Policies on Cheating and Misrepresentation
Misrepresentation of personal identity is strictly forbidden for all OnlineEd courses. Falsifying personal information, forgery, and misrepresentation may result in immediate suspension. Additional actions by state and federal agencies may include loss or suspension of a license, failure to grant a license, fees, or criminal prosecution.
Cheating on courses that supply completion certificates, designations, or official credit is not tolerated. OnlineEd is not obligated to continue to furnish credit or continued support for students caught cheating on any part of the coursework or testing.
Breaks
This course is a self-paced online course. Students are free to stop for a break at any time during the course for any length of time. Progress in the course is saved automatically. Breaks and periods of inactivity will not count towards the required seat time. The final exam has a time limit and students are encouraged to be ready to take the final exam in one sitting without interruptions or breaks.
Availability
This online course is available all day, every day after enrollment unless there is scheduled system maintenance. Courses are made available to students immediately upon purchase. Instructor and technical support are available during normal office hours of 8:00am - 5:00pm Pacific Standard Time on Monday through Friday, excluding holidays. Access to this course is available for 365 days from enrollment unless stated otherwise.
If this course is not completed within the given amount of time, a reinstatement fee may be charged.
Instructor Support
You will be assigned an instructor when you register. You may contact your instructor by email if you have questions regarding the content. Technical support questions should be directed to OnlineEd, Inc. and not your instructor. Students are not required to use this service. OnlineEd reserves the right refuse instructor support to students that abuse this service.
Refund Policy
No refunds are available for this course. Cancellation requires no notification and students may discontinue the course at any time
Introduction to the Provider and Instructor
Ginger Bell
Ginger Bell is an experienced trainer, course developer, business owner, and software developer. Ginger has consulted for many companies including Dale Carnegie Training, Mentor Graphics, IBM, OnlineEd, Mortgage Success Source, The Todd Duncan Group, the State of Oregon Mortgage Lending Education Board, and Plaza Home Mortgage.
Ginger has more than 25 years of experience leading workshops in public speaking, leadership, customer service, sales and mortgage, and regulatory compliance. Ginger specializes in working with industry professionals to write and obtain state approval for continuing education courses and has developed proprietary software for organizations to track and manage continuing education requirements.
Ginger has over 15 years of experience in the mortgage and banking industry. She is a National Association of Mortgage Brokers (NAMB) approved instructor and serves on the Oregon Association of Mortgage Professionals Board of Directors. In 2009, Ginger was awarded the Presidential Award by both the California Association of Mortgage Professionals and the Oregon Association of Mortgage Professionals for her commitment to bringing quality education to the mortgage industry. Ginger often speaks on the subject of continuing education, compliance, and The S.A.F.E. Act and is sought after to assist in developing various accreditation courses in both the mortgage and real estate industry.
Ginger's commitment is to providing quality resources and solutions for effective training and education.
Contact information: ginger@onlineed.com
OnlineEd
OnlineEd, Inc. is an NMLS approved course provider based in Portland, Oregon and has been offering courses over the Internet since 1998.
NMLS Provider ID: 1400327
This course is developed and published by OnlineEd, Inc. Completion certificates and other school functions will also be handled by OnlineEd, Inc.
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