3 Hour NY SAFE State Law Course

This course on New York-specific education fulfills 3 hours of annual continuing education for licensed MLOs in the state. A total of 11 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), 1 hour of undefined electives, and 3 hours of New York-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 first module will start with a look at the SAFE Act and its influence on the regulations of New York. The module will then examine responsibilities of MLOs in New York with special focus on licensing requirements, surety bonds, and restrictions. Topics such as the proper handling of consumer credit information, useful definitions, duties prescribed to the MLO and originating entity they work for independently, and disclosure are also covered here.

The second module goes in depth on the Home Equity Theft Protection Act as it relates to mortgage loan origination and equity purchasing. Further responsibilities of mortgage loan professionals are identified, specifically about Real Property Law, required notice to borrowers, and "zombie" property upkeep. Then, a real world example is provided with analysis and what students should take away from the discussion. A summary on good practices for MLOs finishes the informative portion of the class.

This course ends with a 25 question quiz consisting of questions randomly drawn from the course.