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All licensed mortgage loan originators in California are required to take seven hours of annual renewal education. Three modules comprise this series, which includes recent industry updates and common violations identified by regulators.

The first module of the course 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 business ethics and the duties that apply to financial services professionals. Then, the promotion of fair lending practices topics related to consumer protection and requirements under the Equal Credit Opportunity Act (ECOA) take center stage. After that, we 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. We examine adjustable-rate mortgages (ARMs), reverse mortgages, counseling requirements, high-cost and higher-priced mortgage loans, and information on lending standards. Other types of loans and financing options are also considered, including government programs and owner financing.

Each module is followed by an assessment and quiz portion that begins with an activity. During the activities, students read a short case scenario and then answer questions about topics covered in each module. A 25-question final exam concludes the seven-hour course.

  • Course ID(s): 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.