This 1 hour continuing education course is intended for California Mortgage Loan Originators who must complete eight (8) hours of NMLS-approved CE annually, to consist of:

  • 3 Hours of Federal Law;
  • 2 Hours of Ethics;
  • 2 Hours of Non-Traditional Mortgage Lending; plus
  • 1 Hour of State-Specific Education (referred to as an elective)

This course satisfies the 1 Hour State Elective CE requirement fulfilling the California Department of Financial Protection and Innovation (DPFI) mandate for MLOs seeking to renew their license. In this course, we will explore the laws and regulations pertinent to California mortgage loan origination such as the California Residential Mortgage Lending Act (CRMLA), the California Financial Code and California Financing Law. Topics include agency relationships, legal concepts relating to agency and actual authority, and recent legislative updates and court cases.

To begin, we will provide a review of the state's regulatory structure and departmental authorities, followed by a discussion of the state-specific laws governing mortgage activities in the state. This includes the California Homeowner Bill of Rights and the CRMLA. From there we'll introduce the concept of agency relationships referencing portions of the California Code.

After that, we will dive further into agency as well as the closely linked idea of fiduciary duties and how they combine in our field. We will conclude with several case studies illustrating the potential legal and financial implications for California mortgage lenders who charge illegitimate fees or excess interest on loans.

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 course.

  • Course ID(s): 16206
  • 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.