This Course Includes:
- Late CE – 1 Hour Online KY SAFE CE – Kentucky Law – Key Topics (6203) (6570) – E
- Late CE – 7 Hour Online SAFE CORE Requirement (2812) (6583) – E
This course satisfies the SAFE Continuing Education requirements for all Mortgage Loan Originators (MLOs) in the State of Kentucky. Specifically, this course includes the required 3 hours of instruction on Federal Law and Regulations, 2 hours on Ethics, 2 hours on Nontraditional Mortgages and 1 hours of instruction on Kentucky State Law.
Kentucky State Law
This course covers Kentucky Law relevant to Mortgage Loan Originators (MLOs) and meets the continuing education requirements for the state of Kentucky. During this 4-hour course covering Kentucky Mortgage law, we will cover several laws including: Kentucky Revised Statutes in KRS 286.8, mortgage law changes in HB 106 and Usury 360-100 detailing Predatory lending and high cost home loans.
2 Hours on Nontraditional Mortgages – FHA Overview
This course discusses the Federal Housing Administration’s Insurance Program, generally called “FHA.” FHA was mandated by the National Housing Act in 1934. The loan programs that evolved out of that Act and its consequent regulation have been a cornerstone for many Americans pursuing the American Dream. We will introduce FHA, from its concept to the systems involved in starting the FHA loan origination process. We will also discuss many of the different loan programs offered through FHA. The concepts included in this lesson are:
- Background. Discusses the concept of FHA and how the program works
- Key FHA Underwriting Guidelines, Primary FHA Loan Programs, Specialty FHA Loan Programs, HECMs and Enhancements to FHA Loan Programs. Gives an overview of FHA loan programs, including who is eligible, special conditions related to each program and any mechanics associated with the implantation of an FHA insured loan under that specific program
- FHA Systems. Lays out, from a practical viewpoint, what tools a loan originator would use when originating an FHA loan, including FHA Connection, CAIVRS and the case number assignment workflow.
2 Hours on Ethics, Fair Lending and Fraud – Moving Forward
This course explores several aspects of ethical mortgage lending. We will present a simple ethics framework for guiding individual decisions. We will define and illustrate good ethical practices in the lending industry. We will reinforce the need to correct poor behaviors and prevent fraud and misrepresentation in order to protect the borrower. Finally, we discuss the critical integration between fair lending laws and ethical behavior.
Chapter 1. We discuss Ethical Action and a couple potential frameworks
Chapter 2. We generally discuss common ethical failures of MLOs and how to detect and avoid misrepresentation and fraud by monitoring industry participants
Chapter 3. We focus on best practices MLOs should pursue to avoid misrepresentation and fraudulent practices
Chapter 4. We tie back to our initial chapter by discussing fair lending laws
3 Hours on Federal Law – TILA
In this course, we are going to cover the Truth-in-Lending Act, generally known as TILA. Along with any discussion of TILA, there are several important amendments. One that we will spend a fair amount of time on is HOEPA. We have also included the newest updates resulting from MDIA. Knowing TILA well will be critical for your business with regards to regulators, litigation and reputational challenges.
This course additionally details the Truth-In-Lending Disclosure, the Right to Rescission Form and the Section 32 Truth-In-Lending Disclosure
TILA – Truth-in-Lending Act “Reg Z” including MDIA updates. TILA is the most important US consumer protection law with regard to borrowing. It protects consumers’ interest by requiring correct and sufficient disclosure of lending terms and costs on most types of consumer credit including mortgage loans.
HOEPA – Home Ownership and Equity Protection Act “Reg Z.” Amidst the rapid growth of subprime lending, the Congress in 1994 passed the Home Ownership and Equity Protection Act (HOEPA), an amendment to TILA, to help curb predatory lending. HOEPA is a key protection for consumers with regards to predatory lending.