3 Hour NY SAFE: New York Mortgage Continuing Education

The New York State Department of Financial Services (DFS) requires New York mortgage licensees to complete a total of 11 continuing education hours each year: 3 hours of federal law, 2 hours of ethics, 2 hours of non-traditional mortgages, 1 hour of general elective, and 3 hours of New York specific education. This three-hour online course meets the New York state-specific mortgage licensee continuing education requirements for annual license renewal.

This course begins with an explanation of mortgage lending consumer protections in regards to high-cost home loans, subprime loans, fair lending, and home equity theft prevention. The second module of this course identifies and lists the various disclosures that will educate consumers on areas such as advertising home loan products, loan commitment, secondary mortgages, and late fees. The third and last module will review prohibited conduct.

Topics and Learning Objectives

This course is broken down into several learning topics. At the end of the course a 25-question final exam will be given. The topics included in this course are:

1. Mortgage Lending Consumer Protections

2. New York State Mortgage Disclosures

3. MLO Authority and Prohibited Conduct

4. Final exam

Total study time: 3 credit hours (150 minutes)

This course will prepare New York DFS-licensed MLOs to:

• Generalize what defines a loan as a high-cost home loan and the extra requirements that must be complied with when originating these types of loans.
• Identify the criteria that makes a loan categorized as a subprime loan.
• Review New York's fair lending regulations and the steps the Superintendent takes when investigating a fair lending complaint.
• List the protections given to consumers who are working with a distressed property consultant or equity purchaser.
• Summaries the various disclosures that must be given to consumers relating to applications, advertisements, loan commitments, prevailing rates, hazard insurance, agency, lock-in agreements, junior liens, and alternative mortgage loans.
• Give examples of events that require a crime report to be filed with the Superintendent.
• Review the licensing requirements for New York MLOs as well as prohibited conduct.
• Describe the recordkeeping and reporting requirements for licensee.

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