This Course Includes:
- OIL – 4 Hour Online NJ SAFE PE – New Jersey State Law (1698)
This course covers New Jersey Law relevant to Mortgage Loan Originators(MLOs) and is structured to reflect the outline of the New Jersey State License Exam. During this 4-hour pre-licensing course covering New Jersey Mortgage law, we will cover several laws including: the New Jersey Residential Mortgage Lending Act in its entirety and portions of the New Jersey Administrative Code (3.1-16. 1-11) and (3.2-1. 1-9); the New Jersey Home Ownership Security Act of 2002; and New Jersey Title-46, Property Law.
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:
Section 1: New Jersey Department of Banking and Insurance – Covers the Regulatory authority of the department, the department / agency structure and its responsibilities and limitations
Section 2: State Law and Regulation Definitions– Summarizes NJAC (3:1-16. 1-11) Mortgage loans, fees, obligations,Title 46 Real Property Law, the New Jersey Residential Mortgage Lending Act and associated regulations and, lastly, the state specific definitions related to these laws.
Section 3: New Jersey Residential Mortgage Lending Act and Regulations– Covers Persons required to be licensed, licensee qualifications &the application process, the grounds for denying a license and license maintenance.
Section 4: Compliance – Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements and advertising
Section 5: Disciplinary Action –Discusses notifications, hearings and appeals, then suspension,revocation and rescission of licenses, then finally, penalties/fines and civil and criminal liability
Section 6: Unique State Test Areas – Focuses on Title 46, the New Jersey Home Ownership Security Act of 2002 as amended (this is the Anti-predatory Lending Law)
Upon successful completion of this course you will have a strong understanding of several of the laws and regulations specific to mortgage loan originators and lenders in the state of New Jersey. You will also have a good background of information for taking the New Jersey State Exam.