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This 3-hour course on New York laws and regulations fulfills the state elective requirement for annual renewal. Licensed mortgage loan originators in the state must take 11 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and 1 hour of elective content. 

The first module is concerned with the overall regulatory framework. This module will start with a look at the SAFE Act and regulatory agencies that influence MLOs in New York. The module will then examine the responsibilities of MLOs 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 into 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 in relation to New York’s Real Property Law, required pre-foreclosure notice for borrowers, and "zombie" property upkeep. We will then see a real-world example with analysis and what students should take away from the discussion. The course concludes with an overview of COVID-19-related legislation that impacts the mortgage industry. 

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.

  • Course ID(s): 12958
  • 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.