This Course Includes:
- OIL – 2 Hour Online VT SAFE PE – Vermont State Law (4421)
This course covers Tennessee law and regulations pertaining to mortgage lending, loan servicing and loan brokering, in addition to rules regarding high-cost home loans. The following laws will be covered in the course:
Online Instructor Led (“OIL”). This education is delivered in the Online Instructor Led format as required by the NMLS for online Pre-Licensure (“PE”) education. It is available on our website through any internet connection.
Important NMLS specifications include:
• Defined start and end dates (See Course Calendar at top of page).
• Interaction with the instructor and students through forum activities
• Progression as a cohort. At times you will wait for instructor feedback before continuing.
(Note: This is not an “Self-Study” course and does not allow for study at any pace or without instructor/classmate interaction)
Our Unique Modular Lesson Plan. We offer a unique experience by breaking our course down into modules of 2 and 5 hours, each of which can be started at any of defined start times in the course calendar. A couple of example study plans may be:
• Example A: A person new to the industry decides to progress in the recommended order over a two week period.
• Example B: An industry veteran finishes all 20 hours in three days, taking the federal law courses first.
The course is divided into five sections:
Section 1: Overview and Definitions. Outlines the purpose and authority of each law and sets forth definitions used throughout both laws.
Section 2: Licensing. Covers the Vermont Licensed Lender Act, Mortgage Broker Agreement and Commitment Letters.
Section 3: Prohibited Acts and Practices Covers prohibited acts and practices with respect to lending and broker activity and usury statutes.
Section 4: Compliance. Covers permitted charges, high rate/high point loans, funded settlements, financial privacy, trigger lead solicitations and home loan escrow accounts.
Section 5: Consumer Protection Covers non-discrimination, debt protection agreements, reverse mortgages, the Vermont Consumer Fraud Act, fair credit reporting and unlicensed loan transactions.
Upon successful completion of this course you will have a strong understanding of the laws and regulations specific to mortgage loan originators and lenders in the state of Vermont.