This Course Includes:
- OIL – 3 Hour Online PA SAFE PE – Pennsylvania State Law (1885)
Chapter 61 of Pennsylvania’s “Mortgage Loan Industry Licensing and Consumer Protection Act,” as amended by the “Mortgage Licensing Act of 2009,” states that Pre-Licensing Education must include 3 hours of State Law and Regulations consisting of a discussion of three laws. This course discusses each of these laws in separate modules.
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)
The modules included are:
Module 1: Chapter 61 of the Mortgage Loan Industry Licensing and Consumer Protection Act
The Act provides for the regulation and licensing of mortgage originators (mortgage bankers/brokers, lenders, and loan correspondents); it expands the number of individuals who are required to be licensed as mortgage originators and requires them to register with the Nationwide Mortgage Licensing System & Registry (NMLSR)
Module 2: The Housing Finance Agency Law (December 3, 1959; P.L.1688, No.621)
This law, enacted in 1959, created Pennsylvania’s Housing Finance Agency. The Agency’s charge was to broaden the market for housing for low and moderate income families and elderly persons as a public corporation. We discuss the agency as well as its mandated programs.
Module 3: The Loan Interest and Protection Law (January 30, 1974; P.L.13, No.6)
This module covers Pennsylvania’s definitions and rules for the maximum lawful interest rate & legal interest rate, exceptions to the maximum lawful interest rate, protective provisions, remedies and penalties and other general provisions
Upon successful completion of this course you will have a strong understanding of Chapter 61 of the Mortgage Loan Industry Licensing and Consumer Protection Act and, more importantly, all of the major amendments implemented by the Mortgage Licensing Act of 2009. You will also have an understanding of The Housing Finance Agency Law and The Loan Interest and Protection Law.