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11 Hours of 2021 New York MLO Continuing Education

New York CE 11 Hours Online Self-Study Bundle

Complete 11-hour package for NY MLO licensees. Includes the 3-hour state specific requirement

Complete these New York loan originator continuing education courses to renew your MLO license before the December 31, 2021 deadline.
$75.50

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Included Standard:

Online Course Includes Video Printable Certificate PDF & EPUB eBook

Optional Add-Ons:

Read-Along Audio MP3

Online Course

All learning is online. Start immediately. Learn on your own schedule.

Includes Video

Video segments highlight important points

Printable Certificate

Download and print your own certificate.

PDF & EPUB eBook

Includes PDF/EPUB eBook of all reading material for your tablet or Kindle.

Read-Along Audio MP3
Optional Add-On (+$5.00)

Have a narrator read the entire course to you as you make progress. You can also download the entire course in MP3 audio format. (National portion only)

This package of courses includes the required continuing education necessary to renew a mortgage loan originator's license in the State of New York. The New York Department of Financial Services requires licensees to take a total of 11 hours of continuing education each year: 8 hours in SAFE Act required topics, and 3 hours in NY-specific law and regulations.

Included in this course package are:

  1. 3 Hour NY SAFE: New York Mortgage Regulations (NMLS ID 12721) - This course explains several New York mortgage lending topics. We'll review the consumer protections granted to applicants and borrowers, various disclosures that must be given to consumers and when to give them, and finally MLO licensee regulations and prohibitions. Please review the Course Syllabus for details about this course.

  2. 8 Hour SAFE Comprehensive: 2021 Originator Essential (NMLS ID 12708) - This course covers the required topics as mandated by the federal SAFE Act for annual NMLS mortgage license renewal. The topics in this course include the NMLS-required topics of the Truth in Lending Act, the Equal Credit Opportunity Act, and various miscellaneous regulations; a review of laws that regulate the advertisement of mortgage products; an explain of nontraditional products such as to 203(k) loan, energy efficient mortgage, and the HomeReady® loan program; and an in-depth look at the new URLA form changes. Please review the Course Syllabus for more details about this course.

These courses are new for 2021 and meet the SAFE Act's "successive years" rule.

Package Summary

Price: $75.50 (USD)
+ $16.50 NMLS Credit Banking Fee
Credit Hours: 11
Category: Mortgage > Continuing Education > New York
Purpose: Complete 11-hour package for NY MLO licensees. Includes the 3-hour state specific requirement
Features: Online Text, Online Video, Printable Certificate, PDF eBook

Courses Provided By:

OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278

mail@onlineed.com

NMLS Course Provider ID: 1400327

Terms of Service:

Purchase of this package requires that you read and acknowledge a Terms of Service agreement before receiving credit for any courses contained in this package. Please review the following:


Courses Included In This Package:

3 Hour NY SAFE: New York Mortgage Regulations

NMLS Course ID: 12721

NMLS Sponsor ID: 1400327

Credit Hours Provided: 3

Category: CE Elective

View Course Syllabus

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 protection 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 the licensing and education requirements for MLOs.

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. Introduction (5 minutes)
  2. Module 1: Mortgage Lending Consumer Protections (35 minutes)
  3. Module 2: New York State Mortgage Disclosures (50 minutes)
  4. Module 3: MLO Licensing and Prohibited Conduct (40 minutes)
  5. Final exam (20 minutes)

Total study time: 3 credit hours

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

This course will remain available to students for 365 days after enrollment.

8 Hour SAFE Comprehensive: 2021 Originator Essentials

NMLS Course ID: 12708

NMLS Sponsor ID: 1400327

Credit Hours Provided: 8

Category: CE Comprehensive

View Course Syllabus

This course will instruct mortgage loan originators on a number of regulations that they will have to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).

Topics and Learning Objectives

This course consists of four sections and a final exam

  1. Federal Mortgage-Related Laws

  2. Ethical Mortgage Advertisement Practices

  3. Non-traditional Mortgage Products

  4. The Redesigned Universal Residential Loan Application (URLA)

  5. Final exam

Total study time: 8 credit hours (6 hours, 40 minutes)

Module 1: Federal Mortgage Related Laws

Study Time: 3 clock hours (150 minutes of federal law)

  • Equal Credit Opportunity Act (45 minutes)

  • Truth in Lending Act (70 minutes)

  • Miscellaneous Provisions (35 minutes)

Each year, the NMLS receives feedback from various agencies on problems and errors occurring in the mortgage industry. This feedback is then incorporated into your annual continuing education requirements as mandated by the NMLS. This module will cover a variety of conduct issues related to federal laws that are among the most frequently cited by examiners as industry problems.

We'll start this module covering the adverse action notice requirements of the Equal Credit Opportunity Act, 12 CFR 1002. Examiners are discovering that applicants are not receiving proper notification of adverse actions taken based on the information on their loan applications.

Next, we'll review several provisions of the the Truth in Lending Act. Specifically, we'll cover 12 CFR 1026.19 regarding proper disclosure of fees on the Loan Estimate and Closing Disclosure; 12 CFR 1026.25 regarding record keeping requirements; 12 CFR 1026.36 regarding the delivery of the special information booklet and NMLS ID disclosure requirements; and 12 CFR 1026.38 regarding proper disclosure of settlement costs.

Lastly, we'll review several miscellaneous NMLS topics: adverse action notices under the Fair Credit Reporting Act (15 USC 1681(m)), the Department of Veterans Affairs VA Circular 26-14-10, consumer consent to receiving digital records under the ESIGN Act (15 USC 7001), and the reporting requirements under the Home Mortgage Disclosure Act (12 CFR 1003).

Module 2: Ethical Mortgage Advertisement Practices

Study Time: 2 clock hours (100 minutes of ethics, fraud, and consumer protection)

  • The Mortgage Acts and Practices Advertising Rule (45 minutes)

  • TILA and RESPA Advertising Rules (20 minutes)

  • FTC Advertising Rules and Case Study (35 minutes)

This module is written with a focus on consumer protection. Most, if not all of the regulations of the mortgage and banking industry are implemented to protect the consumer. In this module you'll be provided with a better understanding of laws that protect consumers from untruthful mortgage advertising. Understanding what you can and cannot do in regard to advertising loan products is vital when dealing with the public and promoting your services. As an advocate for your customer it is up to you to be diligent in your understanding of the laws and regulations affecting our industry, how they affect you in your business, and how to adhere to them for compliance and consumer protection.

Module 3: Non-traditional Mortgage Products

Study Time: 2 clock hours (100 minutes of non-traditional mortgage)

  • The FHA 203(k) – A Program for Property Rehabilitation (30 minutes)

  • Energy Efficient Mortgage Programs (45 minutes)

  • Fannie Mae's HomeReady® Loan Program (25 minutes)

Besides a traditional conventional loan product, there are other options available when it comes to rehabilitating a home for purchase and refinance that may more perfectly fit the rehab loan needs of the borrower. This module will explain several non-traditional mortgage products, exploring other options available to borrowers such as the Federal Housing Administration's 203(k) property rehabilitation loan, four types of energy efficient mortgage products, and the Fannie Mae HomeReady® rehab loan product.

Module 4: The Redesigned Uniform Residential Loan Application

Study Time: 1 clock hour (50 minutes of elective topics)

As you’re presumably aware, the Uniform Residential Loan Application (URLA), referred to as Fannie Mae form 1003 and Freddie Mac form 65, has been redesigned to better fit today's consumers' needs. The purpose of this module is to familiarize the mortgage loan originator with the new forms.

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

This course will remain available to students for 365 days after enrollment.

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