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8 Hours of 2020 Kentucky MLO Continuing Education

Kentucky CE 8 Hours Online Self-Study Bundle

Complete 8-hour package for Kentucky MLO licensees. Includes the 1-hour DFI state specific requirement.

Complete these Kentucky loan originator continuing education courses to renew your MLO license before the November 30, 2020 deadline.
$50.50
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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

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 Kentucky. The Kentucky Department of Financial Institutions (DFI) requires licensees to take a total of 8 hours of continuing education each year: 7 hours in SAFE Act required topics, and 1 hour in KY-specific law and regulations.

Included in this course package are:

  1. 1 Hour Kentucky SAFE: Kentucky Mortgage Regulations (NMLS ID 11900) - This course goes over Kentucky mortgage licensee regulations. We'll start with an overview of the organization of the DFI and licensing requirements. We'll then cover Commissioner authority, licensee conduct, and fee limitations. Please review the Course Syllabus for more details about this course.

  2. 7 Hour SAFE Core: 2020 Originator Fundamentals (NMLS ID 11694) - 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 conduct issues related to federal laws that are among the most frequently cited industry problems; a review of ethics in mortgage lending along with common mortgage fraud schemes; and an explain of the benefits of the Fannie Mae HomeStyle® loan program Please review the Course Syllabus for more details about this course.

These courses are new for 2019 and meet the SAFE Act's "successive years" rule.

Summary

Price: $50.50 (USD)
+ $12.00 NMLS Credit Banking Fee
Credit Hours: 8
Category: Mortgage > Continuing Education > Kentucky
Purpose: Complete 8-hour package for Kentucky MLO licensees. Includes the 1-hour DFI 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

Courses Included:

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:

1 Hour KY SAFE: Kentucky Mortgage Regulations

NMLS Course ID: 11900

NMLS Sponsor ID: 1400327

Credit Hours Provided: 1

Category: CE Elective

View Course Syllabus

The Commissioner of the Kentucky Department of Financial Institutions (DFI) requires mortgage licensees in this state to take a one-hour course on Kentucky mortgage lending rules as part of the licensees' annual continuing education requirement for license renewal. This course covers Kentucky mortgage topics for licensee continuing education.

The first module of this course outlines the branches within the DFI and reviews several definitions outlined in Kentucky Revised Statute (KRS) chapter 286, the regulation that defines mortgage lending services in this state. We'll review initial licensing requirements and the steps needed to maintain the authorized license.

The second module explains compliance requirements and disciplinary actions available to the commissioner. We'll outline prohibited conduct that licensees should avoid as well as explain conduct that are expected during the lending process. This course will also define the limitations on fees and the state usury regulations, actions that might result in license suspension, and the commissioner's available penalties that can be ordered against guilty licensees.

Topics and Learning Objectives

This course consists of two modules and a final exam:

  1. Module 1: Kentucky DFI, State Law Definitions, and State License Law (13 minutes)
  2. Module 2: Compliance and Disciplinary Actions (27 minutes)
  3. Final exam (10 minutes)

Total study time: 1 credit hour

This course will prepare Kentucky-licensed MLOs to:

  • Generalize the structure of the Kentucky DFI
  • Describe the powers and duties of the Commissioner of the DFI
  • Review important term definitions, including those specific or unique to Kentucky regulations
  • Identify the licensing and registration exemptions covered in Kentucky law
  • Identify the requirements to obtain and maintain a license or registration
  • Illustrate and avoid prohibited practices and conduct
  • Summarize the Kentucky Residential Mortgage Fraud Act
  • Define the required conduct that is expected in the course of day-to-day operations
  • Give examples of appropriate - and inappropriate - fees and charges, including those for reverse mortgages
  • Identify the criteria for usury in the Commonwealth of Kentucky
  • Explain appraisal independence requirements through case study and review Kentucky-specific appraisal laws
  • Recognize DFI disciplinary actions, including license denial, suspension or revocation, penalties and fines, and civil liability.

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.

7 Hour SAFE Core: 2020 Originator Fundamentals

NMLS Course ID: 11694

NMLS Sponsor ID: 1400327

Credit Hours Provided: 7

Category: CE Core

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 three sections and a final exam:

  1. Federal Mortgage-Related Laws (150 minutes)
  2. Ethical Practices and Common Fraud Schemes (100 minutes)
  3. The Fannie Mae HomeStyle® Renovation Loan (100 minutes)
  4. Final exam (20 minutes)

Total study time: 7 credit hours 

Module 1: Federal Mortgage Related Laws

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

  • The Truth in Lending Act (55 minutes)
  • The Real Estate Settlement Procedures Act (20 minutes)
  • The Equal Credit Opportunity Act (ECOA) (45 minutes)
  • Privacy of Consumer Financial Information (GLBA) (20 minutes)
  • E-Sign Act (10 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. 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.

When you have completed this section, you will be able to:

  • identify the required disclosures to be given to consumers under the Truth in Lending Act.
  • define the fees that qualify or are exempt from the TILA definition of finance charges.
  • describe the delivery time requirements for the Loan Estimate and the Closing Disclosure.
  • list the tolerance limitations on certain fees and whether those charges are made in good faith by the creditor.
  • identify advertisement trigger terms that require additional disclosures 
  • explain the steps a creditor will take to ensure the consumer has the ability to repay the transaction.
  • paraphrase RESPA's regulations on prohibited kickbacks and unearned fees.
  • reproduce the categories that creditors may and may not consider when evaluating the creditworthiness of an applicant.
  • outline what actions under ECOA will require an adverse action notification disclosure to be sent to an applicant.
  • describe a consumer's right to receive written items of valuation that were created in connection with their loan application.
  • recognize a financial institution's responsibility to provide a clear and conspicuous notice to costumers regarding their privacy policies and practices.
  • outline how consumers must give their consent to receive electronic versions of their records.

Module 2: Ethical Practices and Common Fraud Schemes

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

  • Ethical Mortgage Lending Practices (50 minutes)
  • Mortgage Fraud (50 minutes)

In this section we will review ethics in mortgage lending and how they affect the mortgage industry. We'll discusses ethical practices and consumer protection responsibilities of the mortgage loan originator, and outline various ethical standards as they relate to a compliance approach of ethical lending. This section will provide you with checklists of possible red flags of mortgage fraud.

The second half of this section will outline a variety of mortgage fraud schemes. Many of the cases outlined in this section cost millions of dollars in losses for lenders, resulted in property foreclosures, and caused stress for those who were victims of these schemes. Some of these dubious plans involved mortgage loan originators and others in the industry, while others were perpetrated by loan applicants who recruited unsuspecting buyers. Reviewing various types of fraud that occurred in our industry may help you recognize it if a suspicious application ever crosses your desk.

When you have completed this section, you will be able to:

  • list and explain the fiduciary duties of a loan originator.
  • recognize unethical behavior in mortgage advertising, daily business, and processing of loans.
  • list the various red flags to potential money laundering or fraud.
  • identify specific types of mortgage fraud from case studies and examples.

Module 3: The Fannie Mae HomeStyle® Renovation Loan

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

In this module, we are going to explore mortgage rehabilitation loan products. This includes the FHA 203(k) Rehab Loan, the Fannie Mae HomeStyle® Rehab loan, and alternatives. We will discuss aspects of each program and how they compare to each other.

At the end of this module, you will be able to:

  • recognize the HSR qualifications for borrowers and property types.
  • describe how a lender can apply with Fannie Mae to offer the HomeStyle Renovation loan.
  • outline the steps necessary for a HomeStyle Renovation loan, from beginning to final inspection.
  • utilize the Maximum Mortgage Worksheet to apply for a HomeStyle Renovation loan.
  • compare the HSR loan to the FHA's 203(k), Streamlined 203(k), and Energy Efficient Mortgage.

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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