This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Ohio under the Ohio Division of Financial Institutions (DFI). This 4-hour course covers Ohio specific rules and regulations, and is required as part of the 24 hours of prelicensure education needed to become an Ohio mortgage loan originator.

Topics and Learning Objectives

This course consists of five modules and a final exam:

1. The Regulation of Mortgage Laws in Ohio (20 minutes)

2. The Ohio Residential Mortgage Lending Act (RMLA) (78 minutes)

3. Licensee Responsibilities (25 minutes)

4. Enforcement, Discipline, and Prohibitions (35 minutes)

5. The Ohio Consumer Sales Practices Act (22 minutes)

6. Final Exam (20 minutes)

Total study time: 4 credit hours (200 minutes)

Module 1: The Regulation of Mortgage Laws in Ohio

At the forefront of Ohio consumer protection stands the Ohio Department of Commerce. The Department is the state of Ohio's chief regulatory agency charged with the responsibility of protecting people, property, and assets through its work with business. The Division of Financial Institutions (DFI or the Division) is responsible for overseeing state-chartered financial institutions and consumer finance companies.

In this module, we'll introduce you to the Department of Commerce, its Division of Financial Institution, and their goal of protecting consumers looking for mortgage loan products.

Module 2: The Ohio Residential Mortgage Lending Act (RMLA)

The Ohio Residential Mortgage Lending Act (RMLA), found in Title 13 of Ohio Revised Code, requires entities and individuals to be licensed before practicing mortgage loan origination activities in our state. In this module, we'll explore the details of the RMLA, who is exempt from licensure, and the steps to obtaining a license.

Module 3: Licensee Responsibilities

After being authorized to conduct mortgage origination in Ohio, a licensee must follow rules outlined in Ohio Revised Code to ensure their license remains in good standing with the Division of Financial Institutions. This module will outline responsibilities that licensees must comply with.

Module 4: Enforcement, Discipline, and Prohibitions

As noted in module 1, the Superintendent has authority to take action against licensees or those holding a Letter of Exemption when the Superintendent determines the individual is violating, or about to violate, Ohio Revised Code. In this module, we'll explore acts and practices that licensees cannot participate in, explain the penalties for violations, and show how the Superintendent can take legal action against those the Division oversees.

Module 5: The Ohio Consumer Sales Practices Act

The Ohio Consumer Sales Practice Act (CSPA), codified in Ohio Revised Code section 1345, was enacted by the state legislature to define what business practices were illegal and what actions can be taken against an Ohio business who participated in deceitful activities. In this module, we'll explore the CSPA and how it pertains to residential mortgage loan origination.

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, then
• 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