The eight hours of content in this course will train mortgage loan originators in Illinois on the important aspects of mortgage lending including renovation mortgage loans, relevant federal laws, consumer protection, ethics, fraud, non-traditional mortgage loan products, and mortgage markets and the Federal Reserve System. This series satisfies the seven hours of federal core content plus one hour of general elective.
Four modules comprise this series, each focusing on a major topic area. Recent updates and insights will be provided.
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. Identity theft prevention and safeguarding client data start us off. Then, topics related to the Telemarketing and Consumer Fraud and Abuse Prevention Act take center stage. Several case studies will be presented, as will other recommendations on compliance with such laws as Regulation N. 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. Federal Housing Administration updates are first, then the Home Equity Conversion Mortgage program is featured, along with its changes. Various other types of loans and financing options are considered, including government programs, high-cost loans and their requirements, and portfolio loans.
Finally, the fourth module focuses on mortgage markets and the Federal Reserve System. Students will review general concepts, conventional and unconventional loan types, then, as lead-in to the discussion and historical overview of the Federal Reserve System, we’ll cover financial markets and sources of home financing.
Each module will be followed by an assessment that consists of a five question quiz and an activity in which students will read a short scenario and then answer questions about the scenario. A 25 question final will conclude the 8 hour course.
Show Course ID: 1
- Course ID(s): 12924
- Approved By: NMLS
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.