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12 Hour SAFE Core and New Jersey Law 2022 MLO Package

  • 12 Hour Course
  • 4.3 84 Reviews
  • $79.00

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.

We’ll begin the first module of the state elective with a review of the regulatory structure governing state-licensed MLOs in New Jersey, followed by an overview of the implementing Administrative Codes for the Residential Mortgage Licensing Act (RMLA). We'll break it down by subchapter and focus on topics like licensing, record retention and accuracy, advertising, insurance, and other financial considerations relating to mortgage lending. Next are details from the NJ Home Ownership Security Act and RMLA as they're codified in New Jersey’s statutes. Prohibited practices, recent enforcement actions, regulatory reminders, and news updates from the State of New Jersey Department of Banking and Insurance 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 detecting, stopping, and reporting on suspicious activity. 

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

The first module of the eight-hour portion is about sweeping laws and rules that apply to mortgage loans and mortgage loan originators across the country. A review of the SAFE Act, Regulation Z, ECOA, and the TRID Integrated Mortgage Disclosures make up the bulk of this module. 

The second module deals with ethical considerations and consumer protection. A discussion of business ethics and the duties that apply to financial services professionals start us off. Then, topics related to consumer protection and the requirements under the Equal Credit Opportunity Act (ECOA) take center stage. The promotion of fair lending practices are emphasized. After that, the current state of mortgage fraud in the United States is addressed, and we will examine ways to identify and deter different types of mortgage fraud.

The third module looks at a variety of non-traditional mortgage loan products and the increased risks and scrutiny that accompany most alternatives to the 30-year fixed rate mortgage loan. We will examine adjustable rate mortgages (ARMs), reverse mortgages, high-cost and higher-priced mortgage loans, counseling requirements, and information on lending standards. Other types of loans and financing options are also discussed, including government programs such as FHA, VA, and USDA loans.

Finally, the fourth module provides information on renovation mortgage loans in general, including what they are and when to use them, with a focus on Fannie Mae HomeStyle® and FHA 203(k) renovation loans.

Recent updates and insights will be provided throughout the four modules. Each module will be followed by an assessment that consists of a five question quiz and an activity in which students will read a short scenario and then answer questions about the scenario. A 25 question final will wrap up the 8 hour portion.

  • Course ID(s): 14284, 14262
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.

Course Reviews

4.3
84 Reviews