All licensed and registered mortgage loan originators in Arizona are required to take seven hours of standard annual renewal education. This series, which is approved by the Nationwide Multistate Licensing System & Registry (NMLS), includes three modules that focus on a major topic area. Recent industry updates and insights are provided.
Course modules include the following:
Module 1: Federal Mortgage Law Updates (3 Hour)
This module covers sweeping federal laws and rules that apply to mortgage loans and mortgage loan originators across the country, including the Equal Credit Opportunity Act, the Fair Credit Reporting Act, legislation pertaining to electronic records and signatures, and other topics. The module also reviews Regulation Z, the Integrated Mortgage Disclosures, and recent updates and insights on how federal oversight affects mortgage lending today.
Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending (2 Hour)
Module two deals with fraud in the mortgage industry, Identity Theft Rules (16 CFR 681), and how to safeguard client data. Several case studies are presented along with other recommendations for compliance with laws like the Mortgage Acts and Practices - Advertising Rule (Regulation N). Other topics emphasized in this module are fair lending, consumer protection, and balancing commercial aspirations with ethical business practices.
Module 3: Non-Traditional Mortgage Lending (2 Hour)
The final 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. Next comes a review of the Home Equity Conversion Mortgage (HECM) program. Various other types of loans and financing options are also covered, including VA loans, down payment assistance programs, and affordable housing programs.
Each module ends with an assessment that consists of a five-question quiz and an activity in which students will read a short scenario and then answer questions based on course content. To pass the course, students must take a 25-question final exam and get a score of at least 70%.
Show Course ID: 1
- Course ID(s): 15105
- 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.