8 Hour Course
Show Course ID: 0
Approved By: NMLS
For the renewal requirements for mortgage loan originators in the state of Minnesota, this 8 hour continuing education class covers all the bases. It covers all the requirements specified by the Minnesota Department of Commerce, and the NMLS as well with 8 hours of topics that cover the federal content required.
At the opening of the class, we’ll look at the the history of mortgage lending in America, focusing on the history of the regulations themselves. We will then take you into the portion of the course pertaining to the creation of the SAFE Act as it followed the mortgage crisis of the early 2000s. Then, some class time will be spent exploring the federal oversight agencies that are responsible for the administration of the SAFE Act and for mortgage loan origination in America generally and Minnesota specifically. TILA-RESPA integrated mortgage disclosure and its effect on MLOs will be discussed as well.
Your coursework will continue with a closer look at ethics in general, and fair lending practices and protections for consumers as well. We will look at the concepts of ethics and fair lending on a broader level as they apply to mortgage loan originators in the field. During this segment we also cover the basics of what can constitute mortgage fraud and what MLOs can do to help themselves avoid these pitfalls. The course also provides an in-depth examination of lending standards for nontraditional mortgage loans that include adjustable rate mortgages, subprime and high-cost loans, and reverse mortgages as well.
As you go through the class, you will stay engaged with our case studies and in-text quizzes that we’ll use to spot-check your knowledge. These tools will also help prepare you for the final exam at the conclusion of the class.