This 8 hour package for mortgage loan originators in Maryland is designed to provide all of the mandatory education needed to renew your MLO license.This course is broken down into 5 modules. Each module contains:
- A section of training
- An activity in which students will read a short scenario and then answer questions about the scenario
- A quiz that consists of five questions
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.
A final exam will ask 25 questions randomly drawn from the general education portion of the package.
The state-specific course discusses the basic regulatory framework that surrounds Maryland MLOs including the model act produced by the Nationwide Mortgage Licensing System and the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act.
The course talks about the state's legal definition of an MLO and the actions that cannot be undertaken without a valid MLO license.
The course examines state regulations that are concerned with a MLO’s duty of care, the locations where MLOs can operate, and the production and use of advertising.
The course looks at the licensing of MLOs including the application process, required surety bonds, and the expiration of a license.
The course also explores the state's requirements for storage and maintenance of transaction records.
An additional 15 question final exam about the state modules will finish off this package.
Show Course ID: 1
- Course ID(s): 12925 & 12936
- Approved By: NMLS
Instructor Bio
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.