Late CE: 11 Hour SAFE Core and New York Law 2024 MLO Package (16204 & 16209)

This course is designed to address your 2024 Late CE needs.

3 Hour NY SAFE 2024 State Law Course

This 3-hour course on New York laws, rules, and regulations fulfills the state elective requirement for license renewal. State-licensed mortgage loan originators in New York must take 11 hours of continuing education each year, including the following 8 credit hours: 3 hours of Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and 1 hour of elective content.  

This course begins with a review of the regulatory framework for MLOs that has developed since New York State passed the Home Equity Theft Prevention Act (HETPA) followed by the federal SAFE Act of 2008. The first module in this class also covers Temporary Authority and Surety Bond requirements in New York. 

The second module begins by addressing recent NYS developments including recent changes to the HETPA law and how reverse mortgages are processed in the state. The bulk of the second module is devoted to a wide-ranging, engaging look at investigative and enforcement efforts by the NY Department of Financial Services (DFS). The course concludes with an examination of the latest DFS Consumer Protection and Financial Enforcement Report. 

To promote comprehension, students will complete a 5-question quiz and short activity based on real-world examples after each module. A 25-question final exam will wrap up the course. 

8 Hour SAFE Comprehensive: 2024 MLO Course New York

Every licensed and registered mortgage loan originator (MLO) in New York must complete eight hours of standard annual renewal education. Our course contains four modules that review important topics.

The first module covers the laws and rules that affect all MLOs and mortgage loans. It includes a review of Regulation Z, the SAFE Act, and the Equal Credit Opportunity Act (ECOA), focusing on 10 common violations that the Multi-State Mortgage Committee identifies as mandatory topics for the 2024 core continuing education classes.

The second module centers on consumer protection and ethics. It starts by looking at business ethics and the responsibilities of financial professionals. Then, we talk about consumer protection, especially under the ECOA and highlight the importance of fair lending practices. Lastly, we discuss mortgage fraud in the United States and illustrate methods to stop lending schemes.

The third module explores non-traditional mortgage options and their associated risks compared to the 30-year fixed-rate mortgage loan. You’ll learn about adjustable-rate mortgages (ARMs), reverse mortgages, high-cost loans, counseling requirements, and information on lending standards. Additionally, we’ll discuss government programs and owner financing as other loan options. 

Lastly, the fourth module provides information on renovation mortgage loans, including what they are and when to use them. The focus is on FHA 203(k) and Fannie Mae HomeStyle® renovation loans.

You’ll conclude each module with an assessment and quiz, which entails reading a short case scenario and answering questions. Complete the 25-question final exam to conclude your refresher training.