This course is designed to address your 2023 Late CE needs.

Every year, licensed and registered mortgage loan originators in Illinois must take eight hours of renewal education that includes specific core topics and an elective. Completing this course fulfills all continuing education requirements. 

Here is an overview of what is included in each course module:

Module 1: Federal Mortgage Law (3 Hour)

The course begins by discussing federal rules and laws that apply to mortgage loans and mortgage loan originators. Topics discussed include legislation pertaining to electronic records and signatures, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, 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 ethical considerations within the industry. Topics include examples of fraud in the mortgage industry, Identity Theft Rules (16 CFR 681), and how to safeguard client data. This module includes several example case studies along with compliance recommendations for consumer protection, Regulation N. Students will also learn about fair lending and balancing one’s commercial aspirations with ethical business practices.

Module 3: Non-Traditional Mortgage Lending (2 Hour)

Module three examines non-traditional mortgage products like adjustable-rate and reverse mortgage loans. Also included is a review of the Home Equity Conversion Mortgage program and discussions on Federal Housing Administration updates and lending standards for adjustable-rate mortgages. Other financing options 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)

Module four is an elective that covers the U.S. mortgage market and the Federal Reserve System. Topics include conventional and unconventional loan types, financial markets, primary sources of home financing, and recent industry developments.

Every module ends with a short quiz and an interactive activity. The quiz has five multiple-choice questions. The activity is a hypothetical scenario  based on module content and includes five questions based on the scenario. To receive credit for the course, students must pass a 25-question final exam with a score of 70% or higher.

  • Course ID(s): 15524
  • 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.