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1 Hour NM SAFE: The Home Loan Protection Act

1 hour state-specific online continuing education course for New Mexico mortgage loan originators.

$19.50

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At A Glance:

Price: $19.50 (USD)
+ $1.50 NMLS Credit Banking Fee
Purpose: 1 hour state-specific online continuing education course for New Mexico mortgage loan originators.
Features: online text, printable certificate, PDF eBook
Hours: 1 Hour
Category: Mortgage > Continuing Education > New Mexico > CE Elective
Sponsor /
Delivery:
OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com

Terms of Service:

NMLS Course ID: 10735

NMLS Sponsor ID: 1400327

View Course Syllabus

To address the predatory lending practices, the New Mexico legislature passed the Home Loan Protection Act (HLPA). This legislature outlines the actions that creditors are prohibited from doing while working with a residential home loan that is protected by the act, and requires that loans have a reasonable, tangible benefit to the borrower.

This 2019 course will review the important provisions of the act, including a case study of how portions of the act were used in a legal court case. The first chapter of the course will review the act's definitions and purpose. The second chapter will identify specific acts and practices that creditors are not allowed to do while working with a HLPA-covered transaction. The third chapter sets out the limitations for high-cost home loans, and the fourth chapter defines the legal rights that borrowers have if in default on their loan as well as their legal rights that can be exercised against creditors who are in violation of the act.

Topics and Learning Objectives

This course is broken down into four modules and a case study. At the end of the course is a 15-question final exam. The topics included in this course are:

  1. The Definitions and Purpose of the Act (9 minutes)
  2. Creditor Prohibited Practices (12 minutes)
  3. High-cost Home Loans (8 minutes)
  4. Default and Right to Cure (6 minutes)
  5. Case Study (5 minutes)
  6. Final exam (10 minutes)

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

  • Understand many terms that are defined by the act.
  • Outline acts and practices that are prohibited.
  • Describe how creditors can decrease their liability when dealing with high-cost loans.
  • Identify a borrower's restrictions on making a HLPA-violation claims as well as their right to cure any default.
  • Recognize the fines and penalties for violations of the act.

Total study time: 1 clock hours

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.

Our Mission Statement

To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.
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: