This course is designed to address your 2022 Late CE needs.

Licensed and registered mortgage loan originators in Illinois need to complete eight hours of standard renewal education every year. This series includes four modules that focus on the following:

  • Module 1: Federal Mortgage Laws
  • Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending
  • Module 3: Non-Traditional Mortgage Lending
  • Module 4: Renovation Mortgage Loans

Module one covers federal mortgage laws, including a review of the SAFE Act, Regulation Z, ECOA, and the TRID Integrated Mortgage Disclosures.

Module two starts with ethical considerations and consumer protections, including business ethics and the duties that apply to financial services.

Then, we cover topics related to consumer protection and fair lending practices under the Equal Credit Opportunity Act (ECOA). After that, we address the current state of mortgage fraud in the United States and examine how to identify and deter different types of mortgage fraud.

Module three focuses on non-traditional mortgage loan products and the increased risks that accompany most alternatives to 30-year fixed rate loans.

We also examine adjustable-rate mortgages (ARMs), reverse mortgages, high-cost and higher-priced mortgage loans, counseling requirements, and information on lending standards. Lastly, we talk about government programs, such as FHA, VA, and USDA loans.

Module four provides information on renovation mortgage loans, including what they are and when to use them, with a focus on Fannie Mae HomeStyle® and FHA 203(k) loans.

All four modules include a five-question quiz and interactive activity. At the end of the course, there's a 25-question final exam.

  • Course ID(s): 14493
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.