This course on New Jersey-specific education fulfills 4 hours of annual continuing education for licensed MLOs in the state, 2 hours of state-specific education and 2 hours of general electives.
A total of 12 hours must be completed each year, which includes 3 hours of federal law, 2 hours of non-traditional mortgage lending, 2 hours of ethics (including fraud, consumer protection, and fair lending issues), 3 hours of general electices, and 2 hours of New Jersey-specific education. This is a stand-alone course, and can be taken either on its own or in connection to other courses offered to fulfill your CE requirements.
This course is broken down into 2 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
- An assessment that consists of a five question quiz
The course begins with a quick overview of the regulating authorities for MLOs in the state. 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.
This course is split into two modules, with a 5-question quiz and short activity following the end of each module. The course is completed with a final exam consisting of 25 questions randomly drawn from the course.
Show Course ID: 1
- Course ID(s): 10808
- Approved By: NMLS
Mary Tillery, loan originator and Sales Manager at Guild Mortgage, in Grants Pass Oregon, has been actively involved in home lending since 1986. She has originated everything from first time homebuyers, to complex construction financing and reverse mortgages, besides all forms of more traditional lending. Mary combines her depth of knowledge with a sincere desire to know, love and serve her clients. She has been teaching home buying classes for 20+ years and loves to share her knowledge with not just her clients, but with people in the industry who are interested in growing.