Licensed and registered mortgage loan originators in Nevada must take seven hours of standard renewal education every year. This NMLS-approved series includes three modules that focus on topics like non-traditional mortgage lending, federal law updates, and consumer protection.
Here’s an overview of each course module:
Module 1: Federal Mortgage Law Updates (3 Hour)
This module discusses federal rules and laws that apply to mortgage loans and mortgage loan originators across the country, including legislation pertaining to electronic records and signatures, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, and other topics. The module also reviews the Integrated Mortgage Disclosures, Regulation Z, and recent updates and insights on how federal oversight affects mortgage lending today.
Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending (2 Hour)
Module two discusses fraud within the mortgage industry, how to safeguard client data, and Identity Theft Rules (16 CFR 681). Several case studies are included along with other recommendations on compliance with laws like the Mortgage Acts and Practices - Advertising Rule (Regulation N). Other topics found in this module include balancing commercial aspirations with ethical business practices, consumer protection, and fair lending.
Module 3: Non-Traditional Mortgage Lending (2 Hour)
The final module in the course examines non-traditional mortgage loan products. Topics discussed include Federal Housing Administration updates and changes, a review of the Home Equity Conversion Mortgage (HECM) program, and lending standards for adjustable-rate mortgages. The module also explains other types of financing choices like reverse mortgages, adjustable-rate mortgages, VA loans, down payment assistance programs, and affordable housing programs.
After every course module, students must complete a five-question quiz and a material comprehension activity. The activities introduce hypothetical scenarios and interactive questions based on course content.
To pass the course and receive credit, students must complete a 25-question final exam with a score of at least 70%.
Show Course ID: 1
- Course ID(s): 15105
- 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.