11 Hours of 2021 New York MLO Continuing Education
Complete 11-hour package for NY MLO licensees. Includes the 3-hour state specific requirement
New York CE 11 Hours Online Self-Study Bundle
Complete 11-hour package for NY MLO licensees. Includes the 3-hour state specific requirement
Included Standard:
Online Course Includes Video Printable Certificate PDF & EPUB eBookOptional Add-Ons:
Read-Along Audio MP3All learning is online. Start immediately. Learn on your own schedule.
Video segments highlight important points
Download and print your own certificate.
Includes PDF/EPUB eBook of all reading material for your tablet or Kindle.
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:
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.
These courses are new for 2021 and meet the SAFE Act's "successive years" rule.
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 |
OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com
NMLS Course Provider ID: 1400327
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:
NMLS Course ID: 12721
NMLS Sponsor ID: 1400327
Credit Hours Provided: 3
Category: CE Elective
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.
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:
Total study time: 3 credit hours
This course will prepare New York DFS-licensed MLOs to:
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:
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.
NMLS Course ID: 12708
NMLS Sponsor ID: 1400327
Credit Hours Provided: 8
Category: CE Comprehensive
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).
This course consists of four sections and a final exam
Federal Mortgage-Related Laws
Ethical Mortgage Advertisement Practices
Non-traditional Mortgage Products
The Redesigned Universal Residential Loan Application (URLA)
Final exam
Total study time: 8 credit hours (6 hours, 40 minutes)
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).
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.
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.
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.
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:
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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