Licensed and registered mortgage loan originators in New Jersey are required to take 8 hours of standard annual renewal education that includes core topics and a 4 hour elective. Four modules make up the eight-hour portion, each focusing on a major topic area.

The four-hour state law portion begins 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 provides an in-depth survey of the history, patterns, and warning signs of money laundering, including a look at recent cases, anti-money laundering legislation, and the role of mortgage professionals in catching and reporting suspicious activity. 

To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 25-question final exam concludes the state portion.

Here is an overview of the subjects covered in the eight-hour core portion:

Module 1: Federal Mortgage Law (3 Hour)

The course begins with a review of federal laws and rules related to mortgage loan originators and mortgage loans, including the Fair Credit Reporting Act, legislation about electronic records and signatures, the Equal Credit Opportunity Act, and more. Integrated Mortgage Disclosures, Regulation Z, and federal oversight on mortgage lending are also discussed in this module.

Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending (2 Hour) 

This module focuses on mortgage industry ethics and consumer protections. Topics covered include Identity Theft Rules (16 CFR 681), best practices for safeguarding client data, and mortgage fraud examples. Also featured in this module are multiple case studies and compliance recommendations for Regulation N. Lastly, students learn about fair lending, consumer protection, and balancing commercial aspirations with ethical business practices.

Module 3: Non-Traditional Mortgage Lending (2 Hour)

Module three focuses on non-traditional loan options, such as reverse and adjustable-rate mortgages. Also included is a review of Federal Housing Administration updates, the Home Equity Conversion Mortgage program, and adjustable-rate mortgage lending standards. The end of the module highlights VA loans, affordable housing programs, and down payment assistance programs.

Module 4: The Mortgage Market and the Federal Reserve System (1 Hour Elective)

This elective module reviews the U.S. Federal Reserve System and mortgage market. Subjects covered include primary sources of home financing, financial markets, recent industry developments, and conventional and unconventional loan types.

Every module in the core portion ends with a five-question quiz and an interactive activity. The activity is a hypothetical scenario based on module content with five scenario-related review questions. There is also a 25-question final exam that students must finish with a 70% minimum passing score to receive credit.

  • Course ID(s): 15160, 15120
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.