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8 Hours of 2018 Colorado MLO Continuing Education

Complete your Colorado loan originator continuing education, including the DRE 1-hour module.

$89.50

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Includes Video
Printable Certificate
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At A Glance:

Price: $89.50 (USD)
+ $12.00 NMLS Credit Banking Fee
Purpose: Complete 8-hour package for Colorado mortgage loan originators. Includes the 1-hour CO state-specific course.
Features: online text, online video, printable certificate, PDF eBook
Hours: 8 Hours
Category: Mortgage > Continuing Education > Colorado
Sponsor /
Delivery:
OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com

Courses Included:

Terms of Service:

Complete 8-hour package for Colorado mortgage loan originators. Includes the 1-hour CO state-specific course.

This package of courses includes the required continuing education necessary to renew a mortgage loan originator's license in the State of Colorado. The Colorado Division of Real Estate, through the Colorado Department of Regulatory Agencies,  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 CO-specific law and regulations.

Included in this course package are:

  • 1 Hour CO SAFE: 2018 Colorado Mortgage Lending Laws (NMLS ID 7987) - This course outlines several Colorado-specific laws. This course begins with an overview of recent updates to Colorado Revised Statutes (CRS), reviews several Colorado disclosure forms, and outlines advertising rules. Please review the Course Syllabus for more details about this course.

  • 7 Hour SAFE Core: 2018 Originator Fundamentals (NMLS ID 7924) - This course covers the general required categories of 3 hours of federal law, 2 hours of ethics, and 2 hours of nontraditional mortgage. The topics of this course are TILA and RESPA, ethical mortgage advertising practices, BSA/SAR filing requirements, and nontraditional mortgage products. 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 CO SAFE: 2018 Colorado Mortgage Lending Laws

NMLS Course ID: 7987

NMLS Sponsor ID: 1400327

Hours Provided: 1

Category: CE Elective

View Course Syllabus

Mortgage loan originators licensed under the Colorado Department of Regulatory Agencies (DORA) Division of Real Estate are required to take one hour of Colorado regulation education every renewal period to keep their licenses in active status. This course includes the DRE mandated topics for the 2018 mortgage licensee renewal cycle.

This course begins with an overview of recent updates to Colorado Revised Statutes (CRS), and the actions that can subject a licensee to disciplinary action by the Division. The second module will go over four Colorado-specific forms that must be used during certain mortgage transaction situations. The third and last module is a review of rules to follow when promoting or advertising mortgage products to the public.

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. New Colorado Regulations (14 minutes)
  2. Colorado-specific Forms (16 minutes)
  3. Advertising and Colorado-specific Requirements (10 minutes)
  4. Final exam (10 minutes)

Total study time: 1 clock hour (50 minutes)

This course will prepare Colorado DRE-licensed MLOs to:

  • Summarize actions that may result in initial license denial, license revocation, fines, probation, or restitution.
  • Identify when a licensee is permitted to hire an unlicensed individual.
  • Outline the reporting requirements and timing for a licensee when involved in a legal proceeding.
  • Describe the updated exemption to licensing for family members
  • Recognize the specific disclosures that need to be given during specific transaction situations.
  • Recognize what types of commercial messages meets the definition of advertising.
  • Outline the required information that must be included on all mortgage advertisements.
  • Review the Guidance on Non-Traditional Mortgage Product Risks.
  • Identify marketing and promotional items that are not subject to DRE's advertisement rules.

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.

7 Hour SAFE Core: 2018 Originator Fundamentals Additional video content is included

NMLS Course ID: 7924

NMLS Sponsor ID: 1400327

Hours Provided: 7

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 and last 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.

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. Final exam (20 minutes)

Total study time: 7 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.

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: