This Course Includes:
- 1 Hour Online PA SAFE CE – Pennsylvania HFA and Usury Law (1239) – O
- 7 Hour Online SAFE CORE (1265) – O
This course covers SAFE CORE Continuing Education Requirements of 8 hours includes the required CORE of 3 Hours on Federal Law and Regulations, 2 Hours on Ethics and 2 Hours on Nontraditional Mortgages & 1 hour on PA State Law
1 Hour Online SAFE CE – Pennsylvania Law – Key Topics
This course satisfies the state-specific continuing education requirement for Pennsylvania Licensed Mortgage Loan Originators (MLOs). During this 1 hour course, we will provide an overview of the laws and regulations the Pennsylvania Mortgage Professional must know and abide by.
The course is divided into four sections:
Section 1: Regulatory Agencies and Applicable Laws and Regulations – Outlines the form and function of the State Regulatory agencies and summarizes key applicable laws and regulations.
Section 2: License Maintenance – Discusses the newest state requirements for licensing renewal and includes license maintenance standards and the license revocation and disciplinary action process.
Section 3: Prohibited and Required Conduct – An overview of the general state rules mortgage brokers must be aware of in any origination.
Section 4: Other Compliance Requirements – Describes both generic required rules of conduct as well as rules specific to fees, disclosures and advertising
Federal Law Requirement – RESPA and SAFE
1) 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 GFE and discusses the differences between the new and old GFE.
2) 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 Requirement – 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 modules:
How Laws Enforce Ethics – this module covers the ethical and economic basis for laws and discusses the purpose of various fair lending laws in the mortgage industry.
More on HOEPA and Predatory Lending – this module 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
More on Yield Spread Premiums – this module delves deeper into the hot topic of Yield Spread Premiums
Mortgage Fraud – this module covers the common mortgage schemes that have been practiced as well as some basic preventative measures
Consumer Protection – this module 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 – this module 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 mortgage