AYPORealEstate.com

8 Hour SAFE Core and Arizona Law 2022 MLO Package

  • 8 Hour Course
  • 4.4 56 Reviews
  • $79.00

Licensed mortgage loan originators in the state must take 8 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and an hour of state-specific content. Four modules comprise this series, each focusing on a major topic area. Recent updates and insights will be provided, as well as an emphasis on the latest areas identified by regulators as common violations.

We’ll begin with the regulatory structure governing MLOs in Arizona, including the Department of Insurance and Financial Institutions (AZDIFI) and a review of the AZ SAFE Mortgage Licensing Act in comparison to the NMLS Model Act. We will then examine the state laws pertaining to the qualifying activities of an MLO, as well as the differences between various loan professionals in the industry. 

In the next module in the state elective, we provide an overview of prohibited practices and potential penalties for violations according to the Arizona Revised Statutes, along with a discussion of the superintendent's investigative and enforcement authority. Next we briefly cover the state Mortgage Recovery Fund–its balance, sources, cap, and liability limits. To conclude the state elective, we go over a bit of Arizona mortgage industry-related news such as the status of Senate Bill 1033, plus some real world case studies involving lenders, loan officers, and others. This section illustrates what can happen when providers in the industry neglect public interests for their own gain.

To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 15-question final exam will wrap up the state elective.

The first module of the seven-hour portion is about sweeping laws and rules that apply to mortgage loans and mortgage loan originators across the country. A review of the SAFE Act, Regulation Z, and the Integrated Mortgage Disclosures make up the bulk of this module. 

The second module deals with ethical considerations and consumer protection. A discussion of business ethics and the duties that apply to financial services professionals start us off. Then, topics related to consumer protection and the requirements under the Equal Credit Opportunity Act (ECOA) take center stage. The promotion of fair lending practices are emphasized. After that, the current state of mortgage fraud in the United States is addressed, and we will examine ways to identify and deter predatory lending schemes and other types of mortgage fraud.

The third module looks at a variety of non-traditional mortgage loan products and the increased risks and scrutiny that accompany most alternatives to the 30-year fixed rate mortgage loan. We will examine adjustable rate mortgages (ARMs), reverse mortgages, high-cost and higher-priced mortgage loans, counseling requirements, and information on lending standards. Other types of loans and financing options are also considered, including government programs and owner financing.

Each module will be followed by an assessment and quiz portion that begins with an activity in which students will read a short case scenario then answer questions based on what was just covered in that section of the course. A 25 question final exam will conclude the seven-hour course.

  • Course ID(s): 14286, 14261
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

Mary Tillery, loan originator and Sales Manager at Guild Mortgage, in Grants Pass Oregon, has been actively involved in home lending since 1986. She has originated everything from first time homebuyers, to complex construction financing and reverse mortgages, besides all forms of more traditional lending. Mary combines her depth of knowledge with a sincere desire to know, love and serve her clients. She has been teaching home buying classes for 20+ years and loves to share her knowledge with not just her clients, but with people in the industry who are interested in growing.

Course Reviews

4.4
56 Reviews