12 Hour Course
Show Course ID: 1
Course ID: 10751, 10808
Approved By: NMLS
The 12 hours of content in this course will fulfill all of the education needed to renew your New Jersey license.
This course is broken down into 6 modules. Each module contains:
The first module of the course focuses on federal laws and rules that apply to mortgage loans and mortgage loan originators. The federal regulations addressed in this portion of the course include the SAFE Act and the TILA-RESPA rule.
The second module of the course will cover ethics and consumer protection. Aside from ethics and ethical duties, this portion of the course will also talk about fraud in mortgage lending and fair lending practices.
The third module of the course will discuss non-traditional mortgage loan products like adjustable rate mortgages and reverse mortgages. Not only will this segment examine these types of mortgages, it will also look at some of the regulations governing them.
The final national module explains reverse mortgages, and provides the mortgage loan originator with a solid foundation of knowledge on the subject. Topics covered are what reverse mortgages are, the proceeds that come from them, the regulations that govern them, and the scams to watch out for.
The national portion of the course will end with a 25 question final exam designed to test students on concepts from across the course.
The elective and state-specific portion of the course begins with a quick overview of the regulating authorities for MLOs in the state. This includes the federal SAFE Act, the Department of Banking and Insurance, and the NMLS. We then dive into the New Jersey Residential Mortgage Lending Act (RMLA), which was created to enforce the federal SAFE Act. This Act covers many topics, such as mortgage definitions and exemptions, licensing requirements, and prohibited actions.
Students then look at the New Jersey Administrative Code, Title 3, Chapter 15, which implements the stipulations of the RMLA. The N.J.A.C. describes requirements for an MLO’s daily practice, renewal steps, recordkeeping stipulations, and other topics.
Next, we will examine the New Jersey Home Ownership Security Act of 2002. HOSA covers all residential home loans (if the home is a principal residence); it has some stricter standards for “covered loans,” and the most stringent standards reserved for “high-cost home loans.” The purpose of HOSA is to protect financially vulnerable homeowners from predatory lenders and offer relief from the ever-increasing number of harsh or unfair home foreclosures.
The module on NJ rules and laws finishes with some recent enforcement actions that are worth discussing, and an update on the status of New Jersey’s implementation of Electronic Surety Bonds.
We will then spend an hour discussing money laundering, beginning with its history in the country. Next, students will learn the three main stages of money laundering: placement, layering, and implementation.
Following is a layout of the past and current laws and main regulators surrounding money laundering, and the course ends with steps MLOs can take to raise awareness of money laundering schemes in the mortgage industry.
The course concludes with a 25 question quiz covering the elective and New Jersey-specific content.