AYPORealEstate.com

8 Hour SAFE Core and Florida Law 2022 MLO Package

  • 8 Hour Course
  • 4.4 178 Reviews
  • $79.00

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 an hour of state-specific content. Four modules comprise this series, each focusing on a major topic area. Recent updates and insights will be provided, as well as an emphasis on the latest areas identified by regulators as common violations.

We will start the class with a look at some key recent changes to rules and laws, in particular those related to enhanced regulation of “business-purpose” loans. Since business-purpose loans can be originated without the person holding an MLO license or under the rules enforced against MLOs, there is an opportunity to abuse this loan category to evade regulations. Recent changes aim to prevent this from occurring.

The class will then present an overview of the Florida Office of Financial Regulation. The OFR is responsible for oversight of MLOs in the state and also works with federal regulators and the NMLS to create uniform application of federal lending practices. 

The class will then examine special considerations in mortgage lending in Florida, followed by a broad look at the reporting and other financial requirements for licensed MLOs. The class will finish with a review of prohibited practices and the various ways proper conduct is reinforced in the state.

To promote comprehension, students will complete a 5-question quiz and short activity after each module in the state elective portion. A 15-question final exam will wrap up the state elective.

The first module of the seven-hour portion 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 ethical considerations and consumer protection. A discussion of business ethics and the duties that apply to financial services professionals start us off. Then, topics related to consumer protection and the requirements under the Equal Credit Opportunity Act (ECOA) take center stage. The promotion of fair lending practices are emphasized. After that, the current state of mortgage fraud in the United States is addressed, and we will 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 loan. We will examine adjustable rate mortgages (ARMs), reverse mortgages, high-cost and higher-priced mortgage loans, counseling requirements, and information on lending standards. Other types of loans and financing options are also considered, including government programs and owner financing.

Each module will be followed by an assessment and quiz portion that begins with an activity in which students will read a short case scenario then answer questions based on what was just covered in that section of the course. A 25 question final exam will conclude the seven-hour course.

  • Course ID(s): 14283, 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.

Course Reviews

4.4
178 Reviews