2 Hour WV SAFE: West Virginia Mortgage Continuing Education

• Course Provider:
  OnlineEd, LLC.
  14355 SW Allen Blvd., Suite 240
  Portland, OR 97005
  1-866-519-9597
  mail@onlineed.com
  https://www.onlineed.com
• NMLS Course Provider ID: 1400327
• Course Approval Date: April 30, 2025
• Date of Course Content: April 22, 2025
• Approved NMLS Course ID: 17456

​​​​​​​The West Virginia Division of Financial Institutions (WVDFI) requires mortgage licensees in this state to take a two-hour course on West Virginia mortgage lending rules as part of the licensees' annual continuing education requirement for license renewal. This course covers topics relating to West Virginia mortgage regulations.

This five-module course will begin with an overview of the WVDFI and its Board of Banking and Financial Institutions. We'll then cover mortgage disclosure and advertising rules, conditions and limitations on certain mortgage transactions, and regulations relating to residential mortgage loans. Finally we'll review licensing requirements and prohibited conduct.

Topics and Learning Objectives

This 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:

1. The Division of Financial Institutions
2. Disclosures and Advertising
3. Conditions and Limitations for Certain Mortgage Transactions
4. Residential Mortgage Loans
5. License Maintenance and Renewal
6. Final exam

Total study time: 2 credit hours (100 minutes)

This course will prepare West Virginia DOFI-licensees to:

• Describe the purpose of the West Virginia Division of Financial Institutions (WVDFI)
• Identify the powers of the Board of Banking and Financial Institutions
• Describe the Tangible Net Benefit requirements and demonstrate proper completion of the WV statutorily required form.
• Discuss the records that must be maintained per CSR 106-5.
• Illustrate the requirement that an MLOs NMLS unique identifier is displayed on all advertising, including social media.
• Know the late payment penalty maximum charge of $30.00 and describe the requirement that this be disclosed correctly on all loan disclosures.
• Explain the loan-to-value limitation of 100%, unless program is specifically exempted by statute.
• Know that no application fees may be collected. Explain that third party pass through fees may be collected for the actual amount of the service provided.
• Recite fee limitations.
• Explain that no instrument evidencing or securing a primary or subordinate loan may contain a requirement that the final installment be greater than any other installment (balloon).
• Explain the restriction on use of the term banker.
• Discuss the explanation and documentation required if a non-local appraiser (greater than 75 miles) is used.
• Examine the determination of ability to repay (or exemption from the requirement). If debt-to-income ratio exceeds 50%, a written assessment containing certain information must be signed by the lender or lender’s representative and the borrower.
• Describe the requirements regarding the Good Funds Settlement Act.
• Outline the requirements for Lender licensing and Broker licensing under the act
• Recognize the reasons in which the Commissioner of Financial Institutions may deny, revoke, or suspend an issued license
• Describe the registration, education, and testing requirements for mortgage loan originator applicants
• Review the supervisory powers the Commissioner has over its licensees

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:

https://mortgage.nationwidelicensingsystem.org/knowledge/Products/nmls/pubs/ugIndState/software/mu-guides/mu2-4/mu-ind/nmls-mu4-request_an_individual_nmls_account.html

Technical Requirements

Students only need a computer with a functioning and accessible internet connection. This course works on all modern browsers including Microsoft Edge, Google Chrome, Mozilla Firefox, Apple Safari, and Opera. Students are responsible for internet access service charges.

Completion Requirements

This is an online mastery-based course. Students must complete all reading assignments, media activities, and pass incremental assessments to make progress. Students will be tested throughout each section to determine if they are meeting the objectives.

Completion of the course requires passing a final examination of 15 multiple choice questions with a minimum score of 70%. Students that fail a final exam may retake the final exam as many times as needed to pass. The course is expected to take approximately 2 clock hours to complete.

Issuance of Credit

After successfully passing the final exam, OnlineEd will notify the Nationwide Multistate Licensing System (NMLS) that the continuing education has been completed by the student. It is OnlineEd policy to have credit uploaded to the NMLS by the end of the following business day.

The student will have a printable course completion certificate available after passing the course final exam. The certificate is for the student's personal records and is not confirmation that the NMLS has received the notification that the student has completed the course final exam.

Policies on Cheating and Misrepresentation

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.

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.

Breaks

Students are free to stop for a break at any time during the course for any length of time. Progress in the course is saved automatically. Breaks and periods of inactivity will not count towards the required seat time. Students will automatically be logged out after 6 minutes of inactivity and the inactive time will not count towards seat time.

Availability

This online course is available all day, every day after enrollment unless there is scheduled system maintenance. Courses are made available to students immediately upon purchase. Technical support is available during normal office hours of 9:00 am to 5:00 pm Pacific Standard Time on Monday through Friday, excluding holidays. Online access to this course is available until midnight Pacific Time on December 31, 2025 unless stated otherwise.

Course content will continue to be available to students for 180 days after course completion.

Instructor Support

NMLS policy states that online self-study courses (OSS) do not include instructor support. Technical support questions should be directed to OnlineEd.

Refund 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.

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.

Rules of Conduct for Students

The NMLS requires that all persons taking continuing education courses read and agree to the Rules of Conduct for Students:

https://mortgage.nationwidelicensingsystem.org/knowledge/products/nmls/pubs/testingHbk/education/mlo_testing/MTEB/ROC_preLicenseStudents.html?hl=rules%2Cconduct%2Cstudents