This Course Includes:
- OIL – 4 Hour Online OH-OMBA SAFE PE – Ohio State Law (1829)
This course covers Ohio Law relevant to Mortgage Loan Originators (MLOs). The course meets the 4 hour Ohio state specific educational requirement. Please note that the official requirements for Ohio State Law education do not reflect the Ohio State Exam.
In this course, we cover the Ohio Mortgage Broker Act (OMBA) and The Ohio Consumer Sales Practices Act.
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:
Ohio Mortgage Broker Act (OMBA) is specific to mortgage broker and mortgage loan originator/mortgage loan officer requirements for registration and/or licensing requirements. OMBA went into effect January 1, 2010 and incorporates federal mandates defined in the 2008 Secure and Fair Enforcement Act for Mortgage Licensing (SAFE Act) into Chapter 1322 of Ohio Revised Code. The SAFE Act sets forth requirements for the licensing and registration of all mortgage loan originators through the Nationwide Mortgage Licensing System (NMLS) and Registry.
OMBA registrants and licensees must also comply with the Ohio Consumer Sales Practices Act, Chapter 1345 of Ohio Revised Code which is administered by the Consumer Protection Section of the Ohio Attorney General’s office.
Ohio’s Consumer Sales Practices Act (Chapter 1345 of Ohio Revised Code) is a consumer protection law legislated to protect consumers in any type consumer transaction. Mortgage broker registrants and mortgage loan originators are required to comply to the law as related to residential mortgage loan transactions. We will provide information from the following four sections of the law: definitions; unfair or deceptive acts or practices; investigations and oversight; the buyer’s right to cancel; and disciplinary actions. It is important that you have a working comprehension of this law.
Upon successful completion of this course you will have a strong understanding of the Ohio Mortgage Broker Act (OMBA) and The Ohio Consumer Sales Practices Act.