Every licensed and registered mortgage loan originator in Alabama must complete eight hours of standard annual renewal education. There are four modules in this series, each focusing on a major topic.

The first module covers the laws and rules that affect mortgage loans and mortgage loan originators nationwide. It includes a review of the SAFE Act, Regulation Z, and the Equal Credit Opportunity Act (ECOA), focusing on 10 common violations identified by the Multi-State Mortgage Committee as mandatory topics for the 2024 core continuing education classes.

The second module centers on ethics and consumer protection. It starts by looking at business ethics and the responsibilities of financial professionals. Then, we talk about consumer protection, especially under the ECOA, and why fair lending practices matter. Lastly, we discuss mortgage fraud in the United States and ways to spot and stop lending schemes and other forms of mortgage fraud.

The third module explores non-traditional mortgage options and their associated risks compared to the 30-year fixed-rate mortgage loan. We'll cover adjustable-rate mortgages (ARMs), reverse mortgages, high-cost loans, counseling requirements, and information on lending standards. Additionally, we’ll discuss other loan options, such as government programs and owner financing.

Lastly, the fourth module provides general information on renovation mortgage loans, including what they are and when to use them. The focus is on Fannie Mae HomeStyle® and FHA 203(k) renovation loans.

Each module will end with an assessment and quiz section. Students will read a short case scenario and then answer questions about the covered material. The course will conclude with a 25-question final exam.

  • Course ID(s): 16204
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.