8 Hours of 2024 Nevada CE for Mortgage Company Qualified Employees

​​​​​​​The Nevada Division of Mortgage Lending (the Division) requires mortgage company and mortgage servicer qualified employees to take a 1-hour course covering Division-defined mortgage regulation topics as part of the QE's annual continuing education requirement. This course covers topics relating to Nevada qualified employees.

Each licensed mortgage company must have a qualified employee at each location licensed with the Nevada Division of Mortgage Lending. (NRS 645B.021; NAC 645B.030)

A qualified employee is a natural person who is designated by a mortgage company to act on behalf of the mortgage company and who is approved by the Commissioner. (NAC 645B.008

The first module of this course is an introduction and an overview of the Division. The second module is an outline of the additional requirements for mortgage companies located in Nevada Administrative Code (NAC) 645B and Nevada Revised Statutes (NRS) 645B such as responsibilities, record keeping requirements, and advertisement restrictions. The third module examines other covered services supervised by the Division, such as foreclosure consultants, loan modification consultants, and mortgage servicers. The fourth and last module categories a variety of unfair mortgage lending practices that are prohibited as codified in NRS 598D.

Topics and Learning Objectives

This Nevada QE online continuing education 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. The Nevada Division of Mortgage Lending

2. The Operation of Mortgage Companies

3. Mortgage Lending and Related Professions

4. Unfair Lending Practices

5. Final exam

Total study time: 1 hour (50 minutes)

This course will prepare Nevada licensed qualified employees to:

• Recognize the importance of a licensee's fiduciary duty to consumers.

• Identify the regulatory agency who enforces Nevada's mortgage licensing regulations.

• Review the requirements for obtaining a mortgage company license.

• Describe the requirements for a mortgage brokerage qualified employee.

• Identify the retention period for transaction files.

• Demonstrate the disclosure requirements when working as both a mortgage and a real estate licensee.

• Review the rules when advertising and promoting mortgage products to consumers.

• Identify what a covered service is.

• Summarize who is defined as a foreclosure or loan modification consultant.

• Review the initial and supplemental disclosure requirements for covered service providers.

• Describe the record keeping requirements for foreclosure or loan modification consultants.

• Classify how a person obtains authorization to become a mortgage servicer.

• Paraphrase a mortgage servicer's fiduciary responsibilities to their clients.

• Outline the protection given to government employees when experiencing a temporary government shutdown.

• Outline several prohibited unfair lending practices relating to homeowner insurance, ability to repay, prepayment penalties, and credit insurance.

• Describe available remedies for borrowers who are holding onto a mortgage loan originated using unfair lending practices.

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 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 and a final exam

1. Top 10 Federal Topics for 2024

2. Ethical Mortgage Advertisement Practices

3. The Fannie Mae HomeStyle® Renovation Loan

4. Final exam

Total study time: 7 credit hours (5 hours, 30 minutes)

Module 1: Top 10 Federal Topics for 2024

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

air lending along with compliance to the law, established rules, and implemented regulations is everyone’s responsibility. When compliance failures occur, everyone, including the customer, loses.

The topics outlined in this module are mandated by the NMLS and state regulators, covering the more egregious regulatory compliance failures recently discovered through various regulatory examinations, investigations, and audits.

Module 2: Ethical Mortgage Advertisement Practices

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

Most, if not all of the regulations for the mortgage and banking industry are implemented to protect the consumer. That is what this module is about - consumer protection in advertising. Throughout this module, we hope to provide you a better understanding of the laws designed to protect consumers from untruthful mortgage advertising and understanding what you can and cannot do when advertising your loan products. Your proper understanding of these rules is vital when dealing with the public and promoting your services.

Module 3: The Fannie Mae HomeStyle Renovation Loan

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

In this next section, we will explore property rehabilitation loan products. Over the years, most of us have become familiar with the FHA 203(k) Rehab Loan. It was the loan program that many mortgage loan originators turned to when they needed a rehab loan program for their borrower client.

Today, 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 introduce you to one such program: the Fannie Mae HomeStyle Rehab loan program. We'll explain the details of this program and compare it to the traditional 203(k) rehab loan.

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