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. 

  • Course ID(s): 16204
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.