Late CE: 11 Hour SAFE Core and New York Law 2023 MLO Package (15120 & 15154)

  • 11 Hour Course
  • $79.00

This course is designed to address your 2023 Late CE needs.

State-licensed mortgage loan originators in New York must take 11 hours of continuing education each year: 3 hours of Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, 1 hour of elective content, and 3 hours on New York laws, rules, and regulations.

The purpose of the three-hour state-specific portion is to provide mortgage loan originators in New York with a comprehensive overview of the laws and regulations that affect them. The class will be broken up into two modules each with a specific focus.

The first half of the state portion covers the regulatory framework that governs MLO activity in New York State. It includes a look at the SAFE Act and its influence on the regulations of New York and the responsibilities of MLOs, with a 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 to any originating entity for which they work, and the proper handling of credit reports are also covered here.

The second half of the state portion explores the Home Equity Theft Protection Act as it relates to mortgage loan origination and consumer protection followed by a review of a variety of mortgage laws and issues faced by the industry, including required notice to borrowers of potential foreclosure and “zombie” property upkeep. A real world example of enforcement action is provided along with a discussion of the lessons to be taken from the example. Finally,  the class surveys some of the key recent developments in the laws and rules that govern MLOs in the state, including:

  1. Temporary Authorization to Work from Home;
  2. Eliminating Redlining and Its Impact;
  3. High-Cost Loan Benchmark Changes;
  4. New Law: Single Point of Contact; and
  5. Reverse Mortgage Loans for Cooperative Apartment Units.

To promote comprehension, students complete a five-question quiz after each module based on topics covered in that module, along with an activity that applies those topics to real-world situations. The class concludes with a 25-question final exam.

Below is an overview of each course module for the eight-hour core portion:

Module 1: Federal Mortgage Law (3 Hour)

Module one begins with a discussion about federal laws and rules related to mortgage loan originators and mortgage loans. Specific legislation highlighted includes the Fair Credit Reporting Act, the Equal Credit Opportunity Act, legislation about electronic records and signatures, and more. Regulation Z, Integrated Mortgage Disclosures, and federal oversight on mortgage lending are also covered in this module.

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

This module focuses on ethics within the mortgage industry and consumer protections. Topics covered include mortgage fraud examples, Identity Theft Rules (16 CFR 681), and best practices for safeguarding client data. Also featured are various case studies and compliance recommendations for consumer protection and Regulation N. Module two also explores fair lending and balancing commercial aspirations with ethical business practices.

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

Module three covers non-traditional loan options like adjustable-rate and reverse mortgages. The module starts with a review of Federal Housing Administration updates, the Home Equity Conversion Mortgage program, and adjustable-rate mortgage lending standards. VA loans, affordable housing programs, and down payment assistance programs are also discussed.

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

The last module of this course is an elective that reviews the U.S. Federal Reserve System and mortgage market. Subjects covered include primary sources of home financing, recent industry developments, financial markets, and conventional and unconventional loan types.

Every module ends with a five-question quiz and an interactive activity. The activity consists of a hypothetical scenario related to module content and includes five scenario-related review questions. To finish the course, students must take and pass a 25-question final exam with a 70% minimum score.

  • Course ID(s): 15532, 15524
  • 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.