Non-Traditional Mortgages

General Information

• Approved Credit Hours: 3 hours
• Approving Regulator Name: Minnesota Commerce Department
• Course Availability: 365 days from enrollment

Course Description

This course provides a survey of non-traditional mortgage products. Although real estate agents do not originate mortgage loans, understanding what mortgage products are available to clients will help real estate licensees provide a better client experience. It will also provide awareness of potential difficulties in the real estate transaction when clients opt for non-traditional mortgages.

Course Topics

In this course, you'll gain a general overview of the following non-conventional mortgage products:

1. Adjustable-rate mortgages (ARMs)
2. FHA and VA loans
3. The Good Neighbor Next Door program
4. The HomeReady® mortgage loan
5. The HomeStyle® Renovation loan
6. Energy efficient mortgage programs

Instructor & Customer Support

For questions about the course content, please contact the Instructor.

Course Instructor: Elizabeth Tigner
Contact Information: instructor.etigner@onlineed.com
Instructor Hours: Monday - Friday 8:30AM – 5:00 PM PT excluding holidays
Instructor Policy Response Time: within 1 business day

If you have questions about your account or course navigation, please contact the course provider:

OnlineEd
Phone: 1-(503)-670-9278
Email: mail@onlineed.com
Chat and additional options: https://www.onlineed.com/system/pages/contact.php

Minnesota Disclosures

This educational offering is recognized by the Minnesota Commissioner of Commerce as satisfying 3 hours of credit toward continuing real estate education requirements.

Student information will not be sold or distributed to any third party without prior written consent of the student. Taking the course does not constitute consent.

Course Timed Outline

This course covers the following topics:

Chapter 1: Adjustable-Rate Mortgages (18 Mins)

• ARM Indices (3 Min)
• Payments, Cap Rates (2 Min)
• CHARM Booklet (1 Min)
• Types of ARMs (6 Min)
• Video Review (1 Min)
• Chapter 1 Quiz (5 Min)

Chapter 2: FHA and VA Loans (37 Mins)

• FHA Loans (15 Min)
• Video Review (2 Min)
• VA Loans (14 Min)
• Video Review (1 Min)
• Chapter 2 Quiz (5 Min)

Chapter 3: Good Neighbor Next Door (15 Mins)

• Program Discounts; Revitalization Areas (3 Min)
• General Program Requirements (2 Min)
• Occupancy Annual Certification (1 Min)
• Additional Requirements (2 Min)
• Video Review (2 Min)
• Chapter 3 Quiz (5 Min)

Chapter 4: HomeReady Mortgage Program (17 Mins)

• A Quick Comparison; Key Features (2 Min)
• Boarder/Non-Occupant Income (2 Min)
• General Guidelines; Income Limits (2 Min)
• Homeownership Counseling (2 Min)
• Cash, Credit Scores; Mortgage Insurance (3 Min)
• Video Review (1 Min)
• Chapter 4 Quiz (5 Min)

Chapter 5: HomeStyle Renovation Loan (22 Mins)

• Overview, Borrowers and Property Types; Improvements (6 Min)
• Program Benefits (1 Min)
• Lenders, Contractors, Appraisals (5 Min)
• Rehab Costs (2 Min)
• Fannie Mae Form 1035, HSR Transaction (3 Min)
• Chapter 5 Quiz (5 Min)

Chapter 6: Energy Efficient Mortgage Programs (26 Mins)

• How Energy Efficient Mortgages Work (1 Min)
• FHA EEM (6 Min)
• VA EEM (3 Min)
• Fannie Mae EEM (5 Min)
• PACE Programs (4 Min)
• Video Review (2 Min)
• Chapter 6 Review (5 Min)

Final

• Ethics Final Exam (15 Min)

 Total Time

• Total Course Time (150 mins ≈ 3 hours)

Completion & Attendance Requirements

Completion Requirements. Continuing education credit is awarded upon successful completion of all required course components and, where applicable, satisfaction of regulatory seat time requirements.

Stay Active in the Course. The course platform electronically monitors active participation. Time tracking will pause during periods of inactivity. You may exit and return to the course at any time. Your progress will be saved.

Seat Time Requirements. Per Minnesota regulations, CE courses require minimum seat time for course completion. If you complete the instructional material early, you must remain actively logged in until the required time has elapsed before credit can be awarded.  The state regulator recognizes a 50-minute clock hour – accounting for 10 minutes of break time every hour - so you must spend at least 2 hours and 30 minutes in this course.

You’ll have a far better experience if you read the materials and don’t attempt to rush through.

Maximum Credit Per Day. Students may complete a maximum of 8 credit hours in a single day.​​​​​​​

Assessments

Each unit will end in a multiple-choice quiz to test your knowledge. Quizzes require a score of at least 70% to proceed to the next unit. You can take quizzes as many times as needed.

According to your state regulations, completion of the course requires passing a final examination. You must pass the exam with a minimum score of 70%. Students that fail a final exam may retake the final exam with unlimited attempts. 

The final exam is closed-book. Once the final exam starts, students may not access, review, or return to any course material, including the textbook, online content, interactions, and quizzes. Students must complete the final exam without accessing outside materials or navigating back into the course content.

Course Completion Survey

Students are encouraged to submit a survey upon completion of the course. This short survey helps us improve the course material and student experience. It is required by most regulatory agencies. Your thoughtful feedback is appreciated.

Certificates & Credit Reporting

Upon successful completion of all course requirements, a certificate of completion will be issued.  You are responsible for maintaining a copy of your certificates of completion and renewing your license with the state regulator. 

Schools are required to report course completions to Pulse Portal. OnlineEd reports completions every business day. Please allow 24-28 hours for your completions to show in your account on the Pulse Portal system. You can log into your account at the following website: https://www.pulseportal.com.

Technology Requirements

Courses may be accessed from a computer, tablet, or mobile device with a stable internet connection.  We recommend the most recent browser versions.  This includes all modern browsers and operating systems including Microsoft Edge, 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.  For accurate time tracking and progress recording, access courses in one browser window at a time. 

Course Prerequisites

There are no prerequisites for this course.

Refund & Cancellation Policy

All tuition and fees paid for the course are refundable when: (a) the course of instruction is discontinued by OnlineEd and such discontinuation has prevented a student from completing the course; or (b) the enrollment of the student was procured as a result of any misrepresentation in promotion materials of the school, or representation made by an owner or employee of the school. All refunds will be completed within 30 days after the effective date of enrollment termination. Refunds will not be given to any student after the student has successfully registered in a course or courses, as once registered, student has access to the registered courses. In hardship cases, OnlineEd may issue a refund at its sole discretion. OnlineEd does not issue retroactive partial refunds for courses that are subsequently discounted or put on sale after a student makes a purchase.

Academic Integrity and Identity Verification

Students must complete all coursework independently. OnlineEd prohibits misrepresentation of identity or allowing another individual to complete coursework on your behalf. Failure to comply with academic integrity policies may result in denial of credit.

Student Conduct Policy

Students are expected to show respect, courtesy, and consideration when interacting with school staff and students. Students are expected to conducting themselves in a professional, legal, and cooperative manner that is not disruptive, harassing, intimidating, or dangerous. Deviation from these standards may result in disciplinary action.

Non-Discrimination Policy

OnlineEd does not discriminate for admission on the basis of race, color, religion, sex, sexual orientation, national origin, marital status, age or disability. Any person who feels they have been unlawfully discriminated against may file a complaint with the School Director, either by email (schooldirector@onlineed.com) or by postal mail (ATTN: School Director, 14355 SW Allen Blvd. Suite 240, Portland, OR 97005). If OnlineEd determines that any employee of OnlineEd has engaged in discriminatory activity, such employee shall be disciplined.

Grievance Policy

If a student has a grievance against OnlineEd, its staff or students, the aggrieved student shall contact the School Director by email or mail, stating the nature of the grievance. The School Director shall evaluate the grievance and respond to the student based upon their findings.

Policies on Cheating and Misrepresentation

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.
 
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.

Publisher

This course is developed and delivered by OnlineEd, LLC.

OnlineEd
14255 SW Allen Blvd., Suite 240
Portland, OR 97005
(503) 670-9278
https://www.OnlineEd.com/
mail@OnlineEd.com

Mission Statement

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.