10 Hour SAFE Core and Oregon Law 2023 MLO Package
- 10 Hour Course
Licensed and registered mortgage loan originators in Oregon are required to take 10 hours of standard annual renewal education that includes state-specific training, core topics, and an elective.
The first module of the two-hour state portion is concerned with the overall regulatory framework. This module will start with a look at the SAFE Act and its influence on the regulations in Oregon. We will then examine Oregon’s Mortgage Lending Law (codified in Oregon Revised Statutes Chapter 86A) with special focus on licensing requirements and restrictions. Topics such as the handling of client funds, prohibited practices and conduct of mortgage professionals, record availability for the Director, restrictions on negative amortization loans, and disclosure are also covered here.
The second module dives into Oregon Administrative Rules and highlights some additional rules and Oregon-specific amendments related to mortgage loan origination. Further information on MLO licensing, what constitutes dishonest, fraudulent, or illegal conduct as a mortgage professional, record keeping practices, and reverse mortgages are covered.
To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 15-question final exam will wrap up the state portion.
Four modules make up the eight-hour core portion, each focusing on a major topic area. Below is an overview of each course module:
Module 1: Federal Mortgage Law (3 Hour)
Module one starts by covering federal laws and rules related to mortgage loan originators and mortgage loans. Specific laws discussed include the Equal Credit Opportunity Act, the Fair Credit Reporting Act, legislation about electronic records and signatures, and more. Integrated Mortgage Disclosures, Regulation Z, and federal oversight on mortgage lending are also covered.
Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending (2 Hour)
Module two focuses on mortgage industry ethics and consumer protections. Topics covered include mortgage fraud examples, Identity Theft Rules (16 CFR 681), and best practices for safeguarding client data. The module also features compliance recommendations and multiple case studies for consumer protection and Regulation N. Students will explore fair lending and balancing commercial aspirations with ethical business practices.
Module 3: Non-Traditional Mortgage Lending (2 Hour)
Module three covers non-traditional loans like adjustable-rate and reverse mortgages. It starts with a review of Federal Housing Administration updates, the Home Equity Conversion Mortgage program, and adjustable-rate mortgage lending standards. Affordable housing programs, VA loans, and down payment assistance programs are also discussed.
Module 4: The Mortgage Market and the Federal Reserve System (1 Hour Elective)
The course ends with an elective module that reviews the U.S. Federal Reserve System and mortgage market. Subjects reviewed include recent industry developments, primary sources of home financing, financial markets, and conventional and unconventional loan types.
Every module ends with a five-question quiz and an interactive activity. The activity presents students with a hypothetical scenario based on module content and includes five scenario-related review questions. To pass the core portion, students must take a 25-question final exam and pass with a score of at least 70%.
Show Course ID: 1
- Course ID(s): 15132, 15106
- Approved By: NMLS
Mary Tillery, an originating branch manager at Synergy One Lending in Grants Pass, Oregon, believes that buying a home is one of life’s true milestones. For more than 35 years, she has been teaching lending education classes and helping homebuyers achieve their dreams. Mary combines her love of knowledge with her passion for people in her roles as a loan originator and educator. From first-time mortgages to complex construction financing, she is happy to share her expertise with clients and industry professionals alike.