Every licensed and registered mortgage loan originator (MLO) in Illinois must complete eight hours of standard annual renewal education. Our course includes four modules that address important topics.

Module one covers the laws and rules that affect mortgage loans and mortgage loan originators nationwide. It includes a review of the SAFE Act, Regulation Z, and the Equal Credit Opportunity Act (ECOA). We also review 10 common violations identified by the Multi-State Mortgage Committee as mandatory topics for the 2024 core continuing education classes.

The second module showcases ethics and consumer protection tailored to the Illinois market. We start by exploring business ethics and the unique responsibilities of financial professionals within the state. You’ll gain a deep understanding of consumer protection laws, particularly under the ECOA, emphasizing the significance of fair lending practices aligned with Illinois’ borrower demographics. Additionally, we address prevalent mortgage fraud schemes within Illinois and provide strategies to safeguard against such risks.

In the third module, we explore non-traditional mortgage options and their associated risks compared to the 30-year fixed-rate mortgage loan. We'll cover adjustable-rate mortgages (ARMs), high-cost loans, reverse mortgages, counseling requirements, and information on lending standards. Other loan options such as owner financing and government programs are also covered.

Lastly, the fourth module provides general information on renovation mortgage loans, including Fannie Mae HomeStyle® and FHA 203(k) renovation loans, teaching you how to apply them to the Illinois housing market. Each module will end with an assessment and quiz section to check your understanding. Students will read a short case scenario and then answer questions related to the covered material. Complete the 25-question final exam to finish the course.

  • Course ID(s): 16204
  • Approved By: NMLS

Instructor Bio

sheri wytcherley real estate atyourpaceonline

Sheri Wytcherley is the instructor for many of our real estate courses. She is a chart-topping principal broker and a passionate teacher with more than five years of experience as a real estate educator. See more details about Sheri’s background here.