8 Hours of 2024 New Mexico MLO Continuing Education

​​​​​​​To address the predatory lending practices, the New Mexico legislature passed the Home Loan Protection Act (HLPA). This legislature outlines the actions that creditors are prohibited from doing while working with a residential home loan that is protected by the act, and requires that loans have a reasonable, tangible benefit to the borrower.

This course will review the important provisions of the act, including a case study of how portions of the act were used in a legal court case. The first chapter of the course will review the act's definitions and purpose. The second chapter will identify specific acts and practices that creditors are not allowed to do while working with a HLPA-covered transaction. The third chapter sets out the limitations for high-cost home loans, and the fourth chapter defines the legal rights that borrowers have if in default on their loan as well as their legal rights that can be exercised against creditors who are in violation of the act.

Topics and Learning Objectives

This course is broken down into four modules and a case study. At the end of the course is a 15-question final exam. The topics included in this course are:

1. The Definitions and Purpose of the Act

2. Creditor Prohibited Practices

3. High-cost Home Loans

4. Default and Right to Cure

5. Case Study

6. Final exam

Total study time: 1 credit hour (50 minutes)

At the end of this course, you will be able to:

• Understand many terms that are defined by the act.
• Outline acts and practices that are prohibited.
• Describe how creditors can decrease their liability when dealing with high-cost loans.
• Identify a borrower's restrictions on making a HLPA-violation claims as well as their right to cure any default.
• Recognize the fines and penalties for violations of the act.

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