The 11 hours of content in this course will fulfill all of the Late CE needed to renew your New York license.

This course is broken down into 6 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 of the course focuses on federal laws and rules that apply to mortgage loans and mortgage loan originators. The federal regulations addressed in this portion of the course include the SAFE Act and the TILA-RESPA rule.

The second module of the course will cover ethics and consumer protection. Aside from ethics and ethical duties, this portion of the course will also talk about fraud in mortgage lending and fair lending practices.

The third module of the course will discuss non-traditional mortgage loan products like adjustable rate mortgages and reverse mortgages. Not only will this segment examine these types of mortgages, it will also look at some of the regulations governing them.

The final national module explains reverse mortgages, and provides the mortgage loan originator with a solid foundation of knowledge on the subject. Topics covered are what reverse mortgages are, the proceeds that come from them, the regulations that govern them, and the scams to watch out for.

The national portion of the course will end with a 25 question final exam designed to test students on concepts from across the course.

The first state-specific 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 state 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.

The course ends with another 25 question quiz on the New York-specific portion of the class.

  • Course ID(s): 11456 and 11478
  • 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.