4 Hour NY SAFE 2018 State Law and Elective Course

This 4 hour New York continuing education course covers all of the requirements you will need to satisfy for New York MLO license renewal, under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. This two-module course is designed specifically for New York, covering the 1 hour elective requirement, as well as the 3 required hours of SAFE laws, regulations, prohibitions, and more. In the 1 hour elective, we will cover Home Equity Lines of Credit, and how they affect the MLO. In the remaining three hours, we’ll cover each of the SAFE laws and regulations, licensing requirements, prohibitions and violations, reporting and recordkeeping, surety bonds, cases of fraud, and more.

In module 1, the student will have 1 hour of information pertaining to HELOCs, such as:

• A short explanation of what HELOCs are and how they pertain to the MLO

• A detailed analysis of the specifics of HELOCS, as well as the pros and cons

• Discussion of what to do to get out of a HELOC

• HELOC compliance for MLOs and lenders

• Discussion of changes to the Home Mortgage Disclosure Act

In Module 2, the student will be provided with 3 hours of instruction in the required areas SAFE laws and regulations, alongside all of the information you will need as an MLO, which will include subjects such as:

• A detailed analysis of the history and application of the SAFE Act

• A brief look into the recent developments in New York

• A discussion of the Home Equity Theft Prevention Act

• A short explanation of necessary forms

• A dissection of the rights and rescissions and errors by equity purchasers

• A look into the reconveyances under HETPA

• An analysis of the mortgage banking statutes

• Definitions and exemptions under 3 CRR-NY 420.3

• Specifics about the exemptions for licensure

• Discussion about the administrative code pertaining to MLOs

• An analysis of the license renewal and maintenance laws

• A description of surety bonds for the MLO

• A comparison of cases of fraud in New York

During the course, there will be in-text questions to help the student gauge their knowledge while moving through the class, as well as activities in the form of case studies that follow each module to test their gathered knowledge.

There is also a final exam of 25 questions at the end of the class.