NMLS Course ID: 13071
NMLS Sponsor ID: 1400327
Credit Hours Provided: 1
Category: PE Elective
This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Oklahoma under the Oklahoma Department of Consumer Credit (OKDOCC). This 1-hour course covers Oklahoma specific rules and regulations as mandated by the OKDOCC, and is required as part of the 20 hours of prelicensure education needed to become an Oklahoma-licensed mortgage loan originator.
This course consists of two modules and a final exam:
The Uniform Consumer Credit Code
The Oklahoma SAFE Act
Total study time: 1 credit hour
This module will provide a brief overview of the Uniform Consumer Credit Code (UCCC), 14A O.S., and explain:
exclusions to the code,
the definition of "consumer loan" as used in the code, and
when disclosure is required by the Federal Consumer Credit Protection Act.
This code outlines the law related to retail installment sales, consumer credit, small loans, and usury in Oklahoma.
The purpose of the code is to protect consumers, adhere to federal law, encourage consumer access to credit, encourage fair credit practices, and educate consumers.
In this module, we will discuss the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act (referred to as the SAFE Act for the rest of the course). We will look at the purpose of the SAFE Act before talking about several sections of the act that deserve further discussion and explanation.
We will cover topics involving definitions, exemptions, license and registration requirements, written agreements with a lender, trust accounts, authorized penalties including cease and desist orders, and specific violations of the act.
The module will end with a real case study from Oklahoma involving violations of the SAFE Act and the penalties that the violator faced.
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.
+ $1.50 NMLS Credit Banking Fee
|Vocational Training > Mortgage > License Training > Oklahoma > PE Elective
|Mandatory Oklahoma state-specific component for DOF mortgage licensee applicants
Purchase of this package requires that you read and acknowledge an Enrollment Agreement before receiving credit for any courses contained in this package. Please review the following:
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.