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This 8 hour package for mortgage loan originators in Colorado is designed to provide all of the mandatory education needed to renew your MLO license.This course is broken down into 5 modules. Each module contains:

  • A section of training
  • An activity in which students will read a short scenario and then answer questions about the scenario
  • A quiz that consists of a five questions

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, NMLS registration, an overview of state licensing standards, Regulation Z, and Integrated Mortgage Disclosures will make the bulk of the module. 

The second module deals with ethical considerations and consumer protection. An MLO's ethical responsibilities and the ATR/QM rule are demonstrated. Then, fraud, both from within and outside of the mortgage industry makes up the second half of the module. Fair lending practices and balancing one's business aspirations with the health of the market are emphasized.

The third module examines non-traditional mortgage loan products like adjustable rate mortgages and reverse mortgages. The HECM program is featured, along with its changes, its current state, plans for adjustment, and how the world of non-traditional mortgage lending might be evolving.

A final exam will ask 25 questions randomly drawn from the general education portion of the package.

The 1-hour course on Colorado laws and regulations fulfills the state elective requirement for annual renewal. 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 this 1 hour of state-specific content.

The class begins with an introductory video that surveys the history of MLO regulation in Colorado and recent changes. After a review of the regulation of MLOs in Colorado, there is an in-depth look at the newly created status of Temporary Authority, including how it works and what happens in numerous scenarios. The first module finishes with a selective look at advertising regulation and Colorado's approach to Dual Status and Lock-in Agreements.

The second module opens with key rules related to Maintenance of Required Documents and Colorado Specific Forms such as Loan Modification Contracts and Loan Modification Disclosure. The class finishes with an instructive exploration of what constitutes competence as well as the kinds of incompetency that bears the same punishments as prohibited conduct, including

  • Lack of Knowledge of Products or Processes,
  • Offering Products That May Not Be the Most Suitable (involving Reasonable Inquiry and Tangible Net Benefit),
  • Not Using the Correct Colorado Forms,
  • Not Responding to Consumers or Misleading Information That Results in Missing Deadlines, and
  • Missing Signatures or Signing for Others.

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): 12074, 12093
  • 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.