The purpose of this three-hour class 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 class 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 class 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:
- Temporary Authorization to Work from Home;
- Eliminating Redlining and Its Impact;
- High-Cost Loan Benchmark Changes;
- New Law: Single Point of Contact; and
- 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.
Show Course ID: 1
- Course ID(s): 15154
- Approved By: NMLS
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.