Licensed and registered mortgage loan originators in California must take seven hours of standard renewal education annually. This series, which is NMLS-approved, includes three modules that focus on major topic areas like federal law updates, consumer protection, and industry updates.
Course modules and topics include:
Module 1: Federal Mortgage Law Updates (3 Hour)
This module discusses federal rules and laws that apply to mortgage loans and mortgage loan originators across the country, including the Fair Credit Reporting Act, the Equal Credit Opportunity Act, legislation pertaining to electronic records and signatures, and other topics. The module also reviews the Integrated Mortgage Disclosures, Regulation Z, 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 how to safeguard client data, fraud in the mortgage industry, and Identity Theft Rules (16 CFR 681). Students will see several case studies along with other recommendations on compliance with laws like the Mortgage Acts and Practices - Advertising Rule (Regulation N). Other topics in this module include consumer protection, fair lending, and balancing one’s commercial aspirations with ethical business practices.
Module 3: Non-Traditional Mortgage Lending (2 Hour)
The last module examines non-traditional mortgage loan products like reverse mortgages and adjustable-rate mortgages. Specific topics include Federal Housing Administration updates and changes, lending standards for adjustable-rate mortgages, and a review of the Home Equity Conversion Mortgage (HECM) program. The module also covers various other types of loans and financing choices, including VA loans, down payment assistance programs, and affordable housing programs.
Each module ends with an assessment and interactive activity. The assessments include a five-question quiz, and the activity involves hypothetical scenarios based on course content.
To pass the course, students must complete a 25-question final exam with 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.