Licensed and registered mortgage loan originators in Alabama are required to take eight hours of standard annual renewal education that include core topics and an elective.
This course fulfills those requirements with four modules that focus on the following topics:
Module 1: Federal Mortgage Law (3 Hour)
This first module covers laws and rules that apply to mortgage loans and mortgage loan originators across the country. The Equal Credit Opportunity Act, the Fair Credit Reporting Act, legislation pertaining to electronic records and signatures, and other topics are discussed. Students also review Regulation Z, Integrated Mortgage Disclosures, and recent updates on how federal oversight affects mortgage lending today.
Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending (2 Hour)
The second module deals with ethical considerations and consumer protection. Topics include fraud in the mortgage industry, Identity Theft Rules (16 CFR 681), and how to safeguard client data. Several case studies are presented along with compliance recommendations for Regulation N. Fair Lending, consumer protection, and balancing one’s commercial aspirations with ethical business.
Module 3: Non-Traditional Mortgage Lending (2 Hour)
The third module examines non-traditional mortgage loan products like adjustable-rate mortgages and reverse mortgages. Federal Housing Administration updates and changes come first, followed by lending standards for adjustable-rate mortgages and a review of the Home Equity Conversion Mortgage program. Other types of loans and financing options are also covered, including VA loans, down payment assistance programs, and affordable housing programs.
Module 4: The Mortgage Market and the Federal Reserve System (1 Hour Elective)
The fourth module is an elective that focuses on the U.S. mortgage market and the Federal Reserve System. The main topics covered in this module include conventional and unconventional loan types, financial markets, and primary sources of home financing. Recent news and developments are also discussed.
Each module is followed by an assessment that consists of a five-question quiz and an activity where students read a scenario based on course content and answer five questions.
To pass the course, students must take a final exam containing 25 questions and pass with a score of at least 70%.
Show Course ID: 1
- Course ID(s): 15120
- Approved By: NMLS
Mary Tillery is the instructor for all of our MLO continuing education courses. She has been sharing her expertise with fellow mortgage loan originators for more than 35 years as a lending educator. Learn more about Mary’s background here.