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15 Hour SAFE Core, Utah-DRE Law, and Post-License 2021 MLO Package

  • 15 Hour Course
  • $79.00

This 15 hour package for mortgage loan originators in Utah is designed to provide all of the mandatory education needed to renew your MLO license for your initial renewal. This requirement is in addition to the 7 hours of Core, 1 hour of elective, and 2 hours of CE required to renew your license. This package includes all of that content.

This course is broken down into 8 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
  • A quiz that consists of five questions

The first module of the course is about sweeping laws and rules that apply to mortgage loans and mortgage loan originators across the country. A review of the SAFE Act, NMLS registration, an overview of state licensing standards, Regulation Z, and Integrated Mortgage Disclosures will make the bulk of the module. 

The second module deals with ethical considerations and consumer protection. Identity theft prevention and safeguarding client data start us off. Then, topics related to the Telemarketing and Consumer Fraud and Abuse Prevention Act take center stage. Several case studies will be presented, as will other recommendations on compliance with such laws as Regulation N. Fair lending practices and balancing one’s business aspirations with the health of the market are emphasized.

The third module examines non-traditional mortgage loan products like adjustable rate mortgages and reverse mortgages. Federal Housing Administration updates are first, then the Home Equity Conversion Mortgage program is featured, along with its changes. Various other types of loans and financing options are considered, including government programs, high-cost loans and their requirements, and portfolio loans.

Finally, the fourth module focuses on mortgage markets and the Federal Reserve System. Students will review general concepts, conventional and unconventional loan types, then, as lead-in to the discussion and historical overview of the Federal Reserve System, we'll cover financial markets and sources of home financing.

A final exam will ask 25 questions randomly drawn from the general education portion of the package.

We'll begin our two hour state-specific CE course with a review of regulatory changes, authorities, new laws, and how to file a complaint with various agencies. Then, we'll discuss qualifying activities as an MLO, principal or branch lending manager, and mortgage entity which require licensure, and prohibited conduct for each. In the next module is an overview of disciplinary actions the Commission and Division can take to enforce state laws and standards, including possible penalties for violation.

A key section of the course is devoted to protecting borrower information and preventing mortgage fraud. Then, we take a look at recent case studies, what their violations were, and what consequences were imposed for MLOs in Utah. 

An additional 15 question final exam about the state modules will finish off this part of the package.

The final piece of this package is composed of our 5 hour Post-License course. The purpose of this “New MLO” class is to provide mortgage loan originators (MLOs) in Utah with a comprehensive knowledge of key areas which the Division of Real Estate wishes existing MLOs be congruently aware of. Five hours of content is broken up into two modules, each assessed by in-text questions, an activity, and a five-question incremental quiz. These five hours will target specific topics mandated by the Utah Division of Real Estate (DRE).

First in the line-up will be Regulating MLOs in Utah. This section takes the student/licensee through the necessary information one slide at a time. Non-disclosure requirements and the differentiation of Utah as a non-community ownership state will be discussed. Then, rules about property tax collection in Utah and relevant information are divided out into multiple smaller sections. What may be most interesting to students/licensees is the next few headers on mortgage products available through various government organizations and how they help consumers. Next comes the importance of understanding proper advertising and marketing standards. And last is a brief overview of the regulatory powers, duties, and authority of the DRE over MLOs. 

The second module focuses on recent rule and law changes critical to MLOs in the state. There are numerous amendments covered, fulfilling much of the core purpose of the class. The remainder of this module covers licensing laws and regulations, exemptions to licensure, and how to maintain one's good standing as a licensee. However, there are a few unique topics, such as qualifications for applying to be a primary lending manager, how to submit changes to the Nationwide Multistate Licensing System (NMLS), proper record handling, real world examples of mortgage loan entities (or the mimicry of) who committed crimes against consumers and what the decisions were against them, as well as information about sanctions for licensees who commit similar offenses or violations.

A 25 question final exam is administered upon completion of both modules.

  • Course ID(s): 12924, 12931, & 12052
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.