This Course Includes:
- 2 Hour Online NJ SAFE CE – New Jersey Mortgage Professional’s Rulebook (2156) – O
- 2 Hour Online SAFE CE – Nontraditional Fixed Rate Mortgages (2448) – O
- 8 Hour Online SAFE Comprehensive (1266) – O
This course covers the Comprehensive SAFE Continuing Education Requirements for all Loan Officers. 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 2 Hour SAFE Course – NJ State Law. The elective discusses Anti-Money Laundering.
2 Hour Online SAFE CE NJ – State Law
This course satisfies the 2 hour state-specific continuing education requirement for New Jersey Licensed Mortgage Loan Originators (MLOs). During this course, we will cover key topics the New Jersey MLO must know and abide by.
2 Hour Online Nontraditional Mortgages -Fixed Rate
This course summarizes a broad selection of nontraditional primarily fixed rate mortgages that have been introduced over the last 30 years. The mortgage types we will talk about include Buydowns, Construction permanent mortgages, Balloons, HELOCs and Reverse Mortgages.
Federal Law – RESPA and SAFE
This part of the course satisfies the federal law CE requirement and covers the following two laws:
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 combined disclusure.
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, 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 topics:
How Laws Enforce Ethics – covers the ethical and economic basis for laws and discusses the purpose of various fair lending laws in the mortgage industry.
HOEPA and Predatory Lending – 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
Mortgage Fraud – covers the common mortgage schemes that have been practiced as well as some basic preventative measures
Consumer Protection – 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 – 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 mortgages
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.