8 Hour SAFE Comprehensive: 2021 Originator Essentials
General 8-hour online continuing education course for MLO licensees who do not need a state-specific course
All learning is online. Start immediately. Learn on your own schedule.
Video segments highlight important points
Download and print your own certificate.
Includes PDF/EPUB eBook of all reading material for your tablet or Kindle.
Have a narrator read the entire course to you as you make progress. You can also download the entire course in MP3 audio format. (National portion only)
This 8-hour NMLS continuing education 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 cover a variety of conduct issues related to federal laws that are among the most frequently cited industry problems. We'll first divulge into the Equal Credit Opportunity Act, 12 CFR 1002, and its requirements to deliver notices to consumers when an adverse action is taken against them. Next, we'll review the Truth in Lending Act, 12 CFR 1026, and the regulation's requirements for curing tolerances and delivery requirements. Finally, we'll review several smaller regulations such as the Fair Credit Reporting Act (15 USC 1681m), VA Circular 26-14-10, the ESign Act (15 USC 7001), and the Home Mortgage Disclosure Act (12 CFR 1003).
The second module is written with a focus on consumer protection, specifically the requirements of drafting and publishing proper and clear advertisements. We'll cover the Mortgage Acts and Practices Advertising Rules (12 CFR 1014) and the TILA, RESPA, and FTC advertisement rules.
The third module covers unique mortgage product solutions for unique customers. This module touches on a variety of non-traditional mortgage products. We'll review the FHA 203(k) rehabilitation loan, several types of green energy efficient mortgage options, and Fannie Mae's HomeReady® mortgage program.
The fourth and last module is a detailed explanation of the updated Universal Residential Loan Application (URLA), which will be required for mortgage loan originators to utilize starting March 1, 2021.
Please review the Course Syllabus for more details about this course.
This mortgage loan originator training satisfies 8 hours of required continuing education for mortgage loan originators. This course is approved by the NMLS. A valid NMLS ID number is required to receive credit for this course. Certain states may have additional requirements beyond what this course provides. Be sure to check with your state to see if this course meets your needs.
This course is new for 2021 and meets the SAFE Act's "successive years" rule.
+ $12.00 NMLS Credit Banking Fee
|Category:||Mortgage > Continuing Education > CE Comprehensive|
|Purpose:||General 8-hour online continuing education course for MLO licensees who do not need a state-specific course|
|Features:||online text, online video, printable certificate, PDF eBook|
NMLS Course Provider ID: 1400327
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:
NMLS Course ID: 12708
NMLS Sponsor ID: 1400327
Credit Hours Provided: 8
Category: CE Comprehensive
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).
This course consists of four sections and a final exam
Federal Mortgage-Related Laws
Ethical Mortgage Advertisement Practices
Non-traditional Mortgage Products
The Redesigned Universal Residential Loan Application (URLA)
Total study time: 8 credit hours (6 hours, 40 minutes)
Study Time: 3 clock hours (150 minutes of federal law)
Equal Credit Opportunity Act (45 minutes)
Truth in Lending Act (70 minutes)
Miscellaneous Provisions (35 minutes)
Each year, the NMLS receives feedback from various agencies on problems and errors occurring in the mortgage industry. This feedback is then incorporated into your annual continuing education requirements as mandated by the NMLS. This module will cover a variety of conduct issues related to federal laws that are among the most frequently cited by examiners as industry problems.
We'll start this module covering the adverse action notice requirements of the Equal Credit Opportunity Act, 12 CFR 1002. Examiners are discovering that applicants are not receiving proper notification of adverse actions taken based on the information on their loan applications.
Next, we'll review several provisions of the the Truth in Lending Act. Specifically, we'll cover 12 CFR 1026.19 regarding proper disclosure of fees on the Loan Estimate and Closing Disclosure; 12 CFR 1026.25 regarding record keeping requirements; 12 CFR 1026.36 regarding the delivery of the special information booklet and NMLS ID disclosure requirements; and 12 CFR 1026.38 regarding proper disclosure of settlement costs.
Lastly, we'll review several miscellaneous NMLS topics: adverse action notices under the Fair Credit Reporting Act (15 USC 1681(m)), the Department of Veterans Affairs VA Circular 26-14-10, consumer consent to receiving digital records under the ESIGN Act (15 USC 7001), and the reporting requirements under the Home Mortgage Disclosure Act (12 CFR 1003).
Study Time: 2 clock hours (100 minutes of ethics, fraud, and consumer protection)
The Mortgage Acts and Practices Advertising Rule (45 minutes)
TILA and RESPA Advertising Rules (20 minutes)
FTC Advertising Rules and Case Study (35 minutes)
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.
Study Time: 2 clock hours (100 minutes of non-traditional mortgage)
The FHA 203(k) – A Program for Property Rehabilitation (30 minutes)
Energy Efficient Mortgage Programs (45 minutes)
Fannie Mae's HomeReady® Loan Program (25 minutes)
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.
Study Time: 1 clock hour (50 minutes of elective topics)
As you’re presumably aware, the Uniform Residential Loan Application (URLA), referred to as Fannie Mae form 1003 and Freddie Mac form 65, has been redesigned to better fit today's consumers' needs. The purpose of this module is to familiarize the mortgage loan originator with the new forms.
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:
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 enrollment.
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.