4 Hour NJ SAFE: New Jersey Mortgage Lending Laws
Mandatory New Jersey state-specific component for DOBI mortgage licensee applicants
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This course presents New Jersey law and rule requirements relating to originating mortgage loans securing residential real property located throughout the State of New Jersey. The purpose of this training is to prepare NJ Mortgage Loan Originator license candidates with the necessary information to ensure fair, ethical, and compliant mortgage loan origination activities.
+ $6.00 NMLS Credit Banking Fee
|Category:||Mortgage > License Training > New Jersey > PE Elective|
|Purpose:||Mandatory New Jersey state-specific component for DOBI mortgage licensee applicants|
|Features:||Online Text, Online Audio, PDF eBook, Printable Certificate|
NMLS Course Provider ID: 1400327
Purchase of this package requires that you read and acknowledge a Terms of Service agreement before receiving credit for any courses contained in this package. Please review the following:
NMLS Course ID: 12718
NMLS Sponsor ID: 1400327
Credit Hours Provided: 4
Category: PE Elective
This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in New Jersey under the New Jersey Department of Banking and Insurance (DOBI). This 4-hour course covers New Jersey specific rules and regulations, and is required as part of the 20 hours of prelicensure education needed to become a New Jersey mortgage loan originator.
This course consists of five modules and a final exam:
Total study time: 4 credit hours (200 minutes)
In this module we will summarize the organization and purpose of the State of New Jersey Department of Banking and Insurance (DOBI).
In this module, we will cover the foundational basics for understanding your role as a mortgage loan originator. We will define the residential mortgage loan, and the important players in the issuance of a residential mortgage loan. Then, we will define the vital role of the mortgage loan originator. Finally, we will address the federal and state laws that regulate your professional activities as a mortgage loan originator.
New Jersey law requires that any person who participates in the following transactions must first obtain an New Jersey Mortgage Loan Originator license:
In this module, we will cover New Jersey mortgage loan originator licensure.
In this module, we will first outline New Jersey law regarding MLO licensure for a person with an existing criminal background. You will see that New Jersey has a strict definition of what types of criminal background will prohibit licensure. Then we will dive deeper into New Jersey law that outlines the expected professional behavior of an MLO, including the prohibited acts as defined by law. This section will conclude with a description of what can happen if an MLO violates the law.
In this module we will address specific requirements surrounding the relationship between the MLO and the residential mortgage loan applicant. We will start with a review of the regulations regarding the MLO and advertising for new clients. Advertising for a mortgage loan is highly regulated by New Jersey law, and it is important to take note of what is required in the advertisement, and what is prohibited.
After addressing advertising, we will then address several other additional funding opportunities that can arise after the initial residential mortgage is funded, which are call secondary mortgages. Then, we will address the options and requirements that can be given to the mortgage loan application in order to insure the mortgage loan. Finally, we will address the fees that the MLO can charge the loan applicant, as defined by New Jersey law.
You must have an NMLS ID 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:
If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center
This course will remain available to students for 365 days after enrollment.
To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.