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Oregon + Washington Complete Mortgage Loan Originator NMLS Continuing Education Package

This package contains the required 8 hours of standard NMLS license renewal courses, the 1-hour course required by the WA-DFI, and the 2-hour course required by the OR-DCBS.

$132.00

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At A Glance:

Price: $132.00 (USD)
+ $16.50 NMLS Credit Banking Fee
Purpose: NMLS license renewal package for MLOs licensed in both Washington and Oregon.
Features: online text, online video, online audio, printable certificate, PDF eBook
Hours: 11 Hours
Category: Mortgage > Continuing Education > Oregon
Sponsor /
Delivery:
OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com

Courses Included:

Terms of Service:

NMLS license renewal package for MLOs licensed in both Washington and Oregon.

This package provides everything mortgage loan originators need to renew a license in both Oregon and Washington. The package includes the required 8 hours of core education plus electives that cover Oregon's 2-hour state-specific requirement and Washington's 1-hour state-specific requirement. This package is ideal for MLOs looking to do business in both states or that work in border metro areas like Portland/Vancouver.

The courses included in this package are:

  1. 1 Hour WA SAFE: Prohibited Conduct and Permitted Acts (NMLS ID 7853) - This course covers the acts and practices that Washington mortgage licensees are prohibited from participating in as well as the actions that a licensee is allowed to participate in. Please review the Course Syllabus for details about this course.

  2. 2 Hour OR SAFE: Oregon Mortgage Lending Rules (NMLS ID 7911) - This course covers the 2-hour state-specific category as required by the Oregon Department of Consumer and Business Services (DCBS). The topics of this course include a review of the DCBS, licensing laws, required disclosures, advertising rules, prohibited acts, and the DCBS investigation process. Please review the Course Syllabus for more details about this course.

  3. 8 Hour SAFE Comprehensive: 2018 Originator Essentials (NMLS ID 7897) - This course covers: TILA and RESPA (3 Hours Federal Law), mortgage advertising practices and BSA/SAR requirements (2 Hours Ethics), various nontraditional mortgages such as EEMs and PACE programs (2 Hours Non-Traditional Mortgage), and Fair Lending (1 Hour Elective). Please review the Course Syllabus for more details about this course.

These courses are new for 2018 and meet the SAFE Act's "successive years" rule.


This Package Includes:

1 Hour WA SAFE: Prohibited Conduct and Permitted Acts

NMLS Course ID: 7853

NMLS Sponsor ID: 1400327

Hours Provided: 1

Category: CE Elective

View Course Syllabus

This course will cover many prohibited acts that Washington mortgage loan originators must be familiar with when practicing mortgage loan activities within the state. Students will learn what actions are prohibited by the Revised Code of Washington and the Washington Administrative Code.

After being instructed on what not to do, students will be presented with a list of subjects which they must do during their business. This includes what to do when working for more than one mortgage broker, how to properly use trade names, and licensing of main and branch offices.

Lastly, students will review the Washington required disclosures that must be given to loan applicants.

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. Prohibited Practices (20 minutes)
  2. Permitted and Mandatory Acts (13 minutes)
  3. Disclosure Requirements (7 minutes)
  4. Final Exam (10 minutes)

This course will prepare Washington MLOs to:

  • Understand what conduct is prohibited by laws such as the Washington Consumer Loan Act (CLA) and the Washington Mortgage Broker Practices Act (MBPA).
  • Know what conduct is not permitted when working with a buyer on a residential loan modification.
  • Recognize the classes of individuals that are protected by Washington's discrimination laws.
  • Understand what a fiduciary is and how a broker or mortgage loan originator is a fiduciary for a borrower.
  • Understand how a mortgage broker or mortgage loan originator is compensated, and what the rules governing compensation are.
  • Identify what must be disclosed to a borrower.

Total study time: 1 clock hour

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 purchase.

2 Hour OR SAFE: Oregon Mortgage Lending Rules

NMLS Course ID: 7911

NMLS Sponsor ID: 1400327

Hours Provided: 2

Category: CE Elective

View Course Syllabus

This course will cover several fundamental state regulations that Oregon mortgage loan originators must be familiar with. Being familiar with important laws in Oregon's residential mortgage loan industry will ensure that mortgage loan originators are compliant with the state's expectations of MLO behavior.

This five-module course starts out with a description of the Department of Consumer and Business Services (DCBS) and its Division of Financial Regulations (DFR). We'll then review licensing requirements, financial statements, reporting changes to the DCBS, and MLO restrictions on working for a single entity in the second module of the course. The third module covers consumer disclosures in certain residential mortgage transactions, handling client trust funds, and regulations with advertising mortgage products. The fourth module covers various prohibited acts that licensees cannot participate in during the course of business, and the fifth module explains the DCBS investigation process.

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. Overview of the DCBS and DFR (8 minutes)
  2. Oregon Licensing Definitions and Requirements (22 minutes)
  3. Disclosures, Limitations, Client Funds, and Advertising (32 minutes)
  4. Prohibited Acts (13 minutes)
  5. DCBS Investigations (15 minutes)

This course will prepare Oregon-licensed MLOs to:

  • Outline the structure of the DCBS and identify the ten divisions within the Department.
  • Describe the purpose of the DFR.
  • Identify Oregon’s definition of residential mortgage loan and how it differs from TILA.
  • Describe when a company may allow a MLO to originate Oregon loans.
  • Review the licensing prerequisites for mortgage lenders, mortgage brokers, and mortgage bankers.
  • Explain Oregon’s restriction on originating for more than one mortgage banker or broker.
  • Recognize the licensee’s obligations for keeping the NMLS record up-to-date and responding to deficiencies timely.
  • Discuss Oregon’s rate-lock disclosure form.
  • Identify the disclosures that are required to be provided in a language other than English.
  • Describe the limitations on negative amortization loans.
  • Discuss the special disclosure for reverse mortgage loans.
  • Know that MLO is required to sign initial and final loan applications.
  • Explain the requirements for handling of client funds, including determining when funds are considered trust funds, refunds of funds as well as manner of deposit and disbursement of trust funds.
  • Know the requirement to keep copies of correspondents with applicants.
  • Demonstrate the advertising requirements and prohibitions.
  • Explain the definition of dishonest, fraudulent, unfair and unethical practices and prohibited activities for loan originators.
  • Define acts or conditions that could result in sanctions.
  • Outline various acts that mortgage licensees are specifically prohibited from participating in.
  • Describe the proper use of professional designations or certificates.
  • Outline the Director's authority over administrative hearings against licensees.
  • Describe the types of file the Director may request as part of an investigation.
  • List the fines and penalties that can be ordered against a guilty party.

Total study time: 2 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

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

8 Hour SAFE Comprehensive: 2018 Originator Essentials

NMLS Course ID: 7897

NMLS Sponsor ID: 1400327

Hours Provided: 8

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.

In the first module of this course we'll discuss the federal laws that regulate the mortgage industry. Our attention will first be focused on the Truth in Lending Act (12 CFR Part 1026 [Regulation Z]). The second topic focuses on the Real Estate Settlement Procedures Act (12 CFR 1024 [Regulation X]). These two federal laws are designed to protect the consumer when going through the process of applying for and obtaining credit.

The second module is written with a focus on consumer protection and proper mortgage advertising practices as defined by the CFPB's Mortgage Acts and Practices Advertising Rule (MAP Rule), the advertisement regulations of TILA and RESPA, and the FTC Advertising Rules. In this module you'll be provided with a better understanding of laws that protect consumers from untruthful mortgage advertising.

The third module will review the compliance requirements of the Bank Secrecy Act in regards to Anti-Money Laundering and the reporting of Suspicious Activity. It is designed to fulfill the training requirements of the Bank Secrecy Act (BSA) 31 CFR § 1010 and § 1029.

The fourth module covers unique mortgage product solutions for unique customers. We'll cover several non-traditional mortgages such as the 203(k) rehabilitation loan from FHA, several energy efficient loan products, and Fannie Mae's HomeReady® Mortgage Program.

The fifth module reviews various fair lending laws such as the Equal Credit Opportunity Act (ECOA) and federal fair housing laws. It is important for us to understand the fair lending laws that govern the mortgage business to remain in compliance and to fully understand fair lending practices.

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. Federal Laws That Regulate Lending – TILA and RESPA (150 minutes)
  2. Ethical Mortgage Advertisement Practices (75 minutes)
  3. Complying With the BSA/AML SAR Filing Requirements (25 minutes)
  4. Non-traditional Mortgage Products (100 minutes)
  5. Fair Lending in Today's Market (50 minutes)
  6. Final exam (20 minutes)

Total study time: 8 clock hours

Module 1: Federal Laws that Regulate Lending – TILA and RESPA

Title I of the Consumer Credit Protection Act, known as the Truth in Lending Act (TILA), was first enacted in 1968. The provisions of TILA are implemented by Regulation Z. The Real Estate Procedures Act was enacted in 1976, and its provisions are implemented by Regulation X. These two federal laws help consumers better understand the financial terms they are obligating themselves to. TILA requires creditors to issue a good faith estimate of costs associated with the credit being offered, while RESPA discloses the costs of settlement services and prohibits unethical kickbacks between mortgage licensees. This module will outline both of these federal regulations.

Module 1 Objectives

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

  • Describe the transactions that are exempt from Truth in Lending Act regulations.
  • Explain the purpose of the Real Estate Settlement Procedures Act
  • Review what is and is not considered to be a permissible finance charge.
  • Outline the Truth In Lending Act regulations regarding open-end credit and closed-end credit.
  • Identify the kinds of promotions the TILA consider to be advertisements, including prohibited acts when advertising mortgage services.
  • Summarize the acts that would require issuing a revised Loan Estimate or Closing Disclosure.
  • Recognize the RESPA liabilities when dealing with Marketing Service Arrangements
  • Describe the loss mitigation procedures that loan services must comply with under RESPA

Module 2: Ethical Mortgage Advertisement Practices

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 2 Objectives

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

  • Identify the Consumer Financial Protection Bureau's rules on mortgage advertising, including the scope, definitions, and prohibited representations for mortgage loan promotional advertising.
  • Give examples of statements used in mortgage lending advertising that may be in violation of the CFPB's advertising rules.
  • Recognize the difference between the CFPB advertising rules and the rules set forth in the Truth in Lending Act.
  • Describe the restrictions on kickbacks and referral fees outlined in the Real Estate Settlement Procedures Act.
  • Explain the Federal Trade Commission's rules regarding advertised endorsements.
  • Recognize the importance of consumer privacy protection rules by understanding the national Do Not Call registry and the CAN-SPAM Act.

Module 3: Complying With the BSA/AML SAR Filing Requirements

This module will review the compliance requirements of the Bank Secrecy Act in regards to Anti-Money Laundering and the reporting of Suspicious Activity. We will outline the anti-money laundering compliance requirements and reinforce your knowledge of your requirements to report suspicious financial activity. The topic of failing to comply with BSA/AML SARs filing requirements is required study by all mortgage licensees for their 2018 NMLS renewal.

Module 3 Objectives

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

  • Identify the stages of money laundering.
  • Outline the process of authenticating a customer's identity at the point of establishing a
  • relationship or account with the customer.
  • Describe the information that should be included on a preliminary suspicious activity report.
  • Review the process a compliance officer must follow to file a suspicious activity report (SAR)
  • with FinCEN.
  • List various red flags that could imply fraud in the transaction.
  • Recognize the penalties for not complying with SAR filing requirements

Module 4: Non-traditional Mortgage Products

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 Objectives

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

  • Describe the guideline for the FHA 203(k) rehabilitation loan product.
  • Recognize the qualified improvement differences between the standard 203(k) and the limited 203(k).
  • Paraphrase the purpose of energy efficient mortgages (EEMs).
  • Review four EEM programs: the FHA EEM, the VA EEM, the Fannie Mae HomeStyle®
  • Energy Mortgage, and the Property Assessed Clean Energy (PACE) Program.
  • Outline Fannie Mae's rehabilitation mortgage product, the HomeReady Mortgage program.

Module 5: Fair Lending in Today's Market

All mortgage lenders, mortgage loan originators, and all who are involved in the mortgage lending industry are subject to various state and federal fair lending laws. It is important for us to understand the laws that govern the mortgage business in order to remain in compliance and to fully understand fair lending practices. This module will cover the various requirements in place to remain in compliance with fair lending laws and protect consumers, your company, and yourself from discriminatory lending practices.

Module 5 Objectives

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

  • Identify discriminatory practices in the mortgage industry.
  • List classes that are protected from discrimination.
  • Define what is required to provide fair lending in the mortgage industry.

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 purchase.

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: