Licensed and registered mortgage loan originators in Illinois must take eight hours of renewal education every year that includes specific core topics and an elective. Completing this course fulfills all continuing education requirements.
Here is an overview of each course module:
Module 1: Federal Mortgage Law (3 Hour)
The course begins by covering rules and laws that apply to mortgage loans and mortgage loan originators nationwide. Topics discussed include the Fair Credit Reporting Act, the Equal Credit Opportunity Act, legislation pertaining to electronic records and signatures, and more. Students also review Integrated Mortgage Disclosures, Regulation Z, and recent updates on how federal oversight affects mortgage lending.
Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending (2 Hour)
Module two deals with consumer protection and other ethical considerations. Topics include fraud in the mortgage industry, Identity Theft Rules (16 CFR 681), and how to safeguard client data. This module includes several case studies along with compliance recommendations for consumer protection, Regulation N. This section ends with a discussion of fair lending and balancing one’s commercial aspirations with ethical business practices.
Module 3: Non-Traditional Mortgage Lending (2 Hour)
The third module examines non-traditional mortgage loan products like adjustable-rate and reverse mortgages. Also included are discussions about Federal Housing Administration updates, lending standards for adjustable-rate mortgages, and a review of the Home Equity Conversion Mortgage program. Other types of loans and financing options also covered include VA loans, down payment assistance programs, and affordable housing programs.
Module 4: The Mortgage Market and the Federal Reserve System (1 Hour Elective)
The course ends with an elective module focusing on the U.S. mortgage market and the Federal Reserve System. Topics discussed include financial markets, conventional and unconventional loan types, primary sources of home financing, and recent industry developments.
At the end of every module is a five-question quiz and an interactive activity. The activity, which includes five questions, is a hypothetical scenario based on module content. To pass the course, students must complete a 25-question final exam with a score of at least 70%.
Show Course ID: 1
- Course ID(s): 15120
- Approved By: NMLS
Mary Tillery is the instructor for all of our MLO continuing education courses. She has been sharing her expertise with fellow mortgage loan originators for more than 35 years as a lending educator. Learn more about Mary’s background here.