This course on Pennsylvania-specific education fulfills 1 hour of annual continuing education for licensed MLOs in the state. A total of 8 hours must be completed each year, which includes 3 hours of federal law, 2 hours of non-traditional mortgage lending, 2 hours of ethics (including fraud, consumer protection, and fair lending issues), and 1 hour of Pennsylvania-specific education. This is a stand-alone course, and can be taken either on its own or in connection to other courses offered to fulfill your CE requirements.
This course is broken down into 2 modules. Each module contains:
- A section of training
- An activity in which students will read a short scenario and then answer questions about the scenario
- An assessment that consists of a five question quiz
The course begins with an overview of the various regulating structures an MLO is governed by, including the Department of Banking and Securities, the NMLS, and the federal SAFE Act.
We then look at the requirements set down by the Mortgage Licensing Act. These include license exemptions and requirements, general requirements like surety bonds and the unique identifier, and the types of practices an MLO is prohibited from engaging in. This last section is followed by an explanation of the director's authority to investigate and penalize licensees.
To finish the course, students will review both the Loan Interest and Protection Law and the Housing Finance Agency Law.
This course is completed with a final quiz consisting of 15 questions randomly drawn from the class.
Show Course ID: 1
- Course ID(s): 10780
- Approved By: NMLS
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.