Late CE 1 Hour PA SAFE: Pennsylvania Mortgage Continuing Education (16001)

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This course is approved for "Late CE" credit only.

​​​​​​​This course will cover several fundamental state regulations that Pennsylvania mortgage loan originators must be familiar with. A number of Pennsylvania laws govern certain aspects of the mortgage loan business, including the Mortgage Licensing Act, the Housing Finance Agency Law, the Consumer Equity Protection Act, and the Loan Interest and Protection Law (known as the “Usury Law”).

This course will also cover the Department of Banking and Securities' statements of policy regarding the first loan mortgage business, mortgage loan modifications, and reverse mortgages. It will also review the Pennsylvania Housing Finance Agency's emergency home loan program for borrowers who may need temporary help with delinquent mortgage loans.

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.

https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx

Topics and Learning Objectives

This course is broken down into several learning topics with a quiz at the end of each learning segment. At the end of the course a 15-question final exam will be given. The topics included in this course are:

1. The Mortgage Licensing Act
2. Statements of Policy
3. High-Cost Loans: The Consumer Equity Protection Act
4. The Housing Finance Agency Law
5. The Usury Law
6. Final Exam 

Total study time: 1 credit hour (50 minutes)

This course will prepare Pennsylvania MLOs to:

• Understand the authority granted to the Department.
• Recognize common definitions used in the Act and by the Department.
• Know who does and who does not need to be licensed, and the penalties for practicing loan origination activities without a required license.
• Recognize the guidelines issued by the Department to prevent dishonesty, fraud, and negligence when working with applicants for mortgage loans.
• List the prohibited practices when working to modify a consumer's existing residential mortgage loan
• Understand what a covered loan is and its requirements under the Consumer Equity Protection Act
• Identify the Pennsylvania Housing Finance Agency's programs for helping distressed homeowners
• Outline the state's usury laws and its restrictions on mortgage loan interest rates

NMLS ID Required

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:

• Login into NMLS

• Click on the Composite View tab.

• Click View Individual on the sub-header row.

• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center.