8 Hour Course
Show Course ID: 1
Course ID: 10749, 10780
Approved By: NMLS
The 8 hours of content in this course will fulfill all of the education needed to renew your Pennsylvania license.
This course is broken down into 5 modules. Each module contains:
The first module of the course focuses on federal laws and rules that apply to mortgage loans and mortgage loan originators. The federal regulations addressed in this portion of the course include the SAFE Act and the TILA-RESPA rule.
The second module of the course will cover ethics and consumer protection. Aside from ethics and ethical duties, this portion of the course will also talk about fraud in mortgage lending and fair lending practices.
The third module of the course will discuss non-traditional mortgage loan products like adjustable rate mortgages and reverse mortgages. Not only will this segment examine these types of mortgages, it will also look at some of the regulations governing them.
The national portion of the course will end with a 25 question final exam designed to test students on concepts from across the course.
We then focus in on Pennsylvania's laws and rules, and begin 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.
The course is completed with a final quiz consisting of 15 questions randomly drawn from the state-specific content.