8 Hour Course
Show Course ID: 1
Course ID: 10749, 10782
Approved By: NMLS
The 8 hours of content in this course will fulfill all of the education needed to renew your Colorado license.
This course is broken down into 5 modules. Each module contains:
The first module of the course focuses on federal laws and rules that apply to mortgage loans and mortgage loan originators. The federal regulations addressed in this portion of the course include the SAFE Act and the TILA-RESPA rule.
The second module of the course will cover ethics and consumer protection. Aside from ethics and ethical duties, this portion of the course will also talk about fraud in mortgage lending and fair lending practices.
The third module of the course will discuss non-traditional mortgage loan products like adjustable rate mortgages and reverse mortgages. Not only will this segment examine these types of mortgages, it will also look at some of the regulations governing them.
The national portion of the course will end with a 25 question final exam designed to test students on concepts from across the course.
The Colorado-specific portion of the course begins with a quick overview of the regulating authorities MLOs must answer to, and then dives into the new Board Rules dealing with pre-licensing education and reactivation requirements. We also look at HB18-1128, Protections for Consumer Data Privacy, which requires covered entities to protect and destroy personal consumer information to keep it safe, and to give the proper outlets notice of security information breaches when necessary.
Students then examine the requirements of obtaining E&O Insurance, either with the Division-obtained group policy, an independent policy, or a group company policy. After this is a review of the loan originator’s duty to complete reasonable inquiry with each borrower, and to be competent in the industry for the good of the public.
The course is completed with a final quiz consisting of 15 questions randomly drawn from the state-specific content.