NMLS Late CE state elective.
+ $3.00 NMLS Credit Banking Fee
NMLS Course ID: 15523
NMLS Sponsor ID: 1400327
Credit Hours Provided: 2
Category: CE Elective
This course is approved for "Late CE" credit only.
This course will cover several fundamental state regulations that Oregon mortgage loan originators must be familiar with. Being familiar with important laws in Oregon's residential mortgage loan industry will ensure that mortgage loan originators are compliant with the state's expectations of MLO behavior.
This five-module course starts out with a description of the Department of Consumer and Business Services (DCBS) and its Division of Financial Regulations (DFR). We'll then review licensing requirements, financial statements, reporting changes to the DCBS, and MLO restrictions on working for a single entity in the second module of the course. The third module covers consumer disclosures in certain residential mortgage transactions, handling client trust funds, and regulations with advertising mortgage products. The fourth module covers various prohibited acts that licensees cannot participate in during the course of business, and the fifth module explains the DCBS investigation process.
Licensees who do not complete their annual mortgage license training may be placed in a Reinstatement Period and are prohibited from practicing mortgage loan origination activities until their licenses are reactivated and their continuing education requirements have been completed. Licensees have until the end of February to bring their licenses up to date. A penalty Reinstatement Fee may apply when renewing your license. A license will expire if it is not renewed during the Reinstatement Period.
Not every state agency allows for reinstatement of a license. Check the Annual Renewal Information page on the NMLS website to verify if the agency you are licensed under allows for reinstatement, when the last date of reinstatement is, and what the applicable penalty fees may be.
This mortgage loan originator renewal license course is broken down into several learning topics. At the end of the course a 15-question final exam will be given. The topics included in this course are:
Total study time: 2 credit hours (100 minutes)
The Oregon Division of Financial Regulation (DFR) is tasked with authorizing those who are working in the mortgage industry. The DFR is just one of several state agencies under the Department of Consumer and Business Services (DCBS). In this module we will review both agencies.
In this module we'll go over general loan and licensing regulations. You'll review the licensing requirements for MLOs, mortgage bankers, mortgage brokers, and mortgage lenders, and understand when an individual is exempt from obtain a mortgage loan originator's license. We'll also go over financial records and reporting changes to licensee information to the DCBS.
Several disclosures are required to be given to consumers who are involved in a mortgage transaction. In this module we'll review consumer protections relating to certain types of residential mortgage loans. We'll also go over the licensee's responsibilities when accepting funds to be held in trust for the benefit of the borrower. We will also go over proper mortgage advertising practices.
In this module we'll review the various acts that licensees are prohibited from participating in as defined by Oregon law.
The Director of the Department of Consumer and Business Services has the authority to investigate potential Oregon law violations against mortgage licensees, invoke civil penalties and fines for discovered violations, and even order license suspension, revocation, or cease and desist orders. This module will review the investigation process available to the DCBS and possible sanctions against licensees for license violations.
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 until midnight on December 31st, 2024
+ $3.00 NMLS Credit Banking Fee
|Vocational Training > Mortgage > Continuing Education > Oregon > CE Elective
|NMLS Late CE state elective
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