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11 Hours of 2019 New York MLO Continuing Education

Complete 11-hour package for NY MLO licensees. Includes the 3-hour state specific requirement

$75.50

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Includes Video
Printable Certificate
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At A Glance:

Price: $75.50 (USD)
+ $16.50 NMLS Credit Banking Fee
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
Hours: 11 Hours
Category: Mortgage > Continuing Education > New York
Sponsor /
Delivery:
OnlineEd
7405 SW Beveland Rd,
Portland, OR 97223
(503) 670-9278
mail@onlineed.com

Courses Included:

Terms of Service:

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:

  1. 3 Hour NY SAFE: New York Mortgage Lending Laws (NMLS ID 10719) - 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.

  2. 8 Hour SAFE Comprehensive: 2019 Originator Essentials (NMLS ID 10668) - This course covers the required topics as mandated by the federal SAFE Act for annual NMLS mortgage license renewal. The topics in this course are the TILA/RESPA Integrated Disclosure, RESPA Section 8 and Marketing Service Agreements, and ECOA [3 hours federal law]; Identity Theft Rules, Telemarketing Sales Rules, and SARS [2 hours ethics]; The VA home loan guarantee [2 hours mortgage loans]; and Appraiser Independence Rules [1 hour elective]. 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.


This Package Includes:

3 Hour NY SAFE: New York Mortgage Lending Laws

NMLS Course ID: 10719

NMLS Sponsor ID: 1400327

Hours Provided: 3

Category: CE Elective

View Course Syllabus

​​​​​​​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.

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. Introduction (5 minutes)
  2. Module 1: Mortgage Lending Consumer Protections (35 minutes)
  3. Module 2: New York State Mortgage Disclosures (50 minutes)
  4. Module 3: MLO Licensing and Prohibited Conduct (40 minutes)
  5. Final exam (20 minutes)

This course will prepare New York DFS-licensed MLOs to:

  • Generalize what defines a loan as a high-cost home loan and the extra requirements that must be complied with when originating these types of loans.
  • Identify the criteria that makes a loan categorized as a subprime loan.
  • Review New York's fair lending regulations and the steps the Superintendent takes when investigating a fair lending complaint.
  • List the protections given to consumers who are working with a distressed property consultant or equity purchaser.
  • Summaries the various disclosures that must be given to consumers relating to applications, advertisements, loan commitments, prevailing rates, hazard insurance, agency, lock-in agreements, junior liens, and alternative mortgage loans.
  • Give examples of events that require a crime report to be filed with the Superintendent.
  • Review the licensing requirements for New York MLOs as well as prohibited conduct.
  • Describe the recordkeeping and reporting requirements for licensee.

Total study time: 3 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: 2019 Originator Essentials Additional video content is included

NMLS Course ID: 10668

NMLS Sponsor ID: 1400327

Hours Provided: 8

Category: Comprehensive

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 four sections:

  1. Federal Mortgage Related Laws
  2. Ethical Treatment of Consumers
  3. The VA Home Loan Program
  4. Complying with Appraisal Independece Requirements

Total study time: 8 hours

Module 1: Federal Mortgage Related Laws

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

  • TILA-RESPA Integrated Mortgage Disclosures Rule (TRID)
  • Other TILA Requirements for Mortgage Loans
  • RESPA Section 8 Summary
  • The Equal Credit Opportunity Act (ECOA)

In the first module of this course we'll review the TILA-RESPA Integrated Disclosure (TRID), covering the loan disclosure requirements of the Truth in Lending Act (TILA, 12 CFR 1026) and the Real Estate Settlement Procedures Act (RESPA, 12 CFR 1024). We'll review the types of loans the regulations are applicable to, the rate tolerances and permitted fees allowed by the rules, and changes that can be made to the Loan Estimate and Closing Disclosure. We'll also review Marketing Service Arrangements (MSAs) and the Equal Credit Opportunity Act (ECOA, 12 CFR 1002).

Module 1 Objectives

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

  • review the permissible fees and finance charges permitted under the Truth In Lending Act (TILA), codified as Regulation Z, and the Real Estate Procedures Act (RESPA), codified as Regulation X.
  • explain actions that must be taken when when finance charges on the initial Loan Estimate are overstated or understated.
  • outline the types of loans that are applicable to complying with the Integrated Disclosure Rules.
  • list additional Regulation Z regulations regarding open-ended and closed-ended credit.
  • recognize the risks associated with Marketing Services Agreements (MSAs) and potential RESPA violations.
  • examine the Equal Credit Opportunity Act, codified as Regulation B, and its rules relating to requesting information, evaluating applications, and extending credit.

Module 2: Ethical Treatment of Consumers

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

  • Identity Theft Rules
  • Telemarketing Sales Rules
  • BSA/AML Suspicious Activity Report Filing Requirements

The second module is written with a focus on consumer protection. We'll outline the Identity Theft Rules, 16 CFR 681, and the requirements covered entities have with protecting their customer's accounts. Then we'll examine the Telemarketing Sales Rules, 16 CFR 310, outlining deceptive and abusive practices when soliciting for business by cold-calling consumers. Finally, we'll summarize the BSA/AML Suspicious Activity Report filing requirements.

Module 2 Objectives

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

  • describe the FTC's Identity Theft Rules, which entities are required to comply with the rules, and the requirements for covered entities to establish an identity theft prevention program.
  • summarize the prohibited deceptive and abusive acts as outlined in the Telemarketing Sales Rules.
  • describe the information that should be included on a preliminary suspicious activity report.
  • recognize the penalties for failing to comply with Suspicious Activity Report filing requirements.

Module 3: The VA Home Loan Program

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

The third module covers unique mortgage product solutions for unique customers. This year we will examine the Department of Veteran Affairs VA home loan guaranty program, covering topics such as eligibility, occupancy requirements, refinances, underwriting, and how the guaranty benefits lenders.

Module 3 Objectives

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

  • Outline people, property and purposes that are eligible for VA loans.
  • Describe the various aspects of VA loans, including entitlement, guaranty, IRRRLs, and funding fees.
  • Explain what a lender must consider when underwriting a VA loan.

Module 4: Complying with Appraisal Independence Requirements

Study Time: 1 clock hour (50 minutes of elective topics)

The fourth and last module illustrates the importance of appraiser independence requirements. We will review these requirements as outlined by various federal regulations, agencies and published guidance.

Module 4 Objectives

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

  • Recognize the difference between an appraisal, a home inspection, and Broker Price Opinion (BPO).
  • Recall various definitions used in relation to property appraisals.
  • Outline the various prohibited actions that might be interpreted as adversely influencing an appraiser's conclusion of value.
  • Review the various actions that are not prohibited.
  • Explain the exceptions that would allow a follow-up appraisal to be conducted.

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: