This Course Includes:
- 3 Hour Online NY SAFE CE – New York Mortgage Professional’s Rulebook (1805) – O
- 8 Hour Online SAFE Comprehensive (1266) – O
This course covers the Comprehensive SAFE Continuing Education Requirements for all Loan Officers licensed in New York. Specifically, this course includes the required 3 Hours on Federal Law and Regulations, 3 Hours on Ethics, including instruction on fraud, consumer protection, and fair lending, 2 Hours on Nontraditional Mortgages, 1 hour of elective education and 3 Hour SAFE Course – New York State Law. The elective discusses Anti-Money Laundering.
3 Hour SAFE Course – New York Mortgage Professional’s Rulebook
This course covers several important topics for New York State Mortgage Loan Originators (MLOs). During this 3-hour continuing education course, we will cover several important topics laws including general rules for conduct and license maintenance as well as some New York specific disclosures and rules for certain loans.
Federal Law Requirement – RESPA and SAFE
1) RESPA – Real Estate Settlement Procedures Act (enacted in 1974 implemented by Reg X). Establishes specific disclosure requirements in the real estate settlement process and prohibits specific practices such as kickbacks.
Our discussion includes key insights into the new GFE and discusses the differences between the new and old GFE.
2) SAFE Act — Secure and Fair Enforcement Act for Mortgage Licensing (enacted in 2008). This act is a key component of the Housing and Economic Recovery Act of 2008 (Title V). The SAFE Act sets forth requirements for the licensing and registration of all mortgage loan originators and mandates the creation of a Nationwide Mortgage Licensing System and Registry (NMLS).
Ethics Requirement – Ethics, Fair Lending and Fraud
This part of our course provides an ethical foundation and summary for Fair Lending Laws, a summary of fraud schemes and preventative measures and, lastly, focuses on a couple of key topics in Fair Lending. Specifically, this course includes the following modules:
How Laws Enforce Ethics – this module covers the ethical and economic basis for laws and discusses the purpose of various fair lending laws in the mortgage industry.
More on HOEPA and Predatory Lending – this module details the topic of predatory lending, showing the various methods that have been used and the general prohibitions HOEPA outlines to protect consumers from these practices
More on Yield Spread Premiums – this module delves deeper into the hot topic of Yield Spread Premiums
Mortgage Fraud – this module covers the common mortgage schemes that have been practiced as well as some basic preventative measures
Consumer Protection – this module covers the question of what to do to protect the consumer from the fraud schemes and predatory lending we discussed.
Ethical Issues for Mortgage Professionals – this module discusses a code of ethics and general responsibilities that all Mortgage Professionals must follow
Nontraditional Mortgages Requirement – ARMs and IOs
This part of our course summarizes various types of adjustable rate and interest only non-traditional mortgages that have been introduced over the last 30 years. This course is taught in context of the 2007 housing meltdown and includes the features, pros/cons and pitfalls of each type of loan.
Specific loans covered include:
Adjustable rate mortgages (ARMs)
Interest Only mortgages (IOs)
Negative Amortization mortgage
Anti Money Laundering for Financial Institutions
This part of the course covers laws relevant to Mortgage Loan Originators (MLOs) regarding Anti Money Laundering including The Bank Secrecy Act (BSA), Suspicious Activity Reports (SAR), Financial Crimes Enforcement Network (FinCEN) and Mortgage Fraud.