12 Hour SAFE Core and New Jersey Law 2021 MLO Package
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12 Hour Course
- 4.3 66 Reviews
- $79.00
This 12 hour package for mortgage loan originators in New Jersey is designed to provide all of the mandatory education needed to renew your MLO license.This course is broken down into 6 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.
Finally, the fourth module focuses on mortgage markets and the Federal Reserve System. Students will review general concepts, conventional and unconventional loan types, then, as lead-in to the discussion and historical overview of the Federal Reserve System, we'll cover financial markets and sources of home financing.
A final exam will ask 25 questions randomly drawn from the general education portion of the package.
The state-specific course will begin with an overview of the Residential Mortgage Licensing Act (RMLA) as it is codified in New Jersey's statutes. Next are details about the Home Ownership Security Act. The administrative codes that implement the RMLA encompass topics like licensing, record retention and accuracy, advertising, insurance, and other financial considerations related to mortgage lending. Prohibited practices, recent enforcement actions in the state, and current events will round off the first module.
The second module is a thorough exploration into the history, makeup, and warning signs of money laundering. We'll examine recent cases, anti-money laundering legislation, and the role of mortgage professionals in catching and reporting suspicious activity.
An additional 25 question final exam about the state modules will finish off this package.
Show Course ID: 1
- Course ID(s): 12924 & 12965
- 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.