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15 Hour SAFE Core, Utah-DRE Law, and Post-License 2020 MLO Package

  • 15 Hour Course
  • $90.00

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.

Any MLO in Utah licensed in mid-2019 was not required to take the 5-hour "New MLO" Class until his or her license was due for renewal in 2020. As a result of a recent rule change, any MLO first licensed during 2020 now must complete the class during the first licensing year (by December 31, 2020). In other words, this New MLO Course is suitable for MLOs first licensed in both 2019 and 2020.

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 a 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. An MLO’s ethical responsibilities and the ATR/QM rule are demonstrated. Then, fraud, both from within and outside of the mortgage industry makes up the second half of the module. 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. The HECM program is featured, along with its changes, its current state, plans for adjustment, and how the world of non-traditional mortgage lending might be evolving.

Finally, the fourth module provides information on renovation mortgage loans in general, including what they are and when to use them, with a focus on Fannie Mae HomeStyle® and FHA 203(k) renovation loans.

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

For the state-specific portion, it is divided into the Post-License course and the CE course.

The Post-License course is 5 hours and has two different modules.

First in the line-up will be Regulating MLOs in Utah. This section takes the student/licensee through the necessarily 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 is 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 llicensing 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. After the entire course is successfully completed, the student will receive a certificate verifying they have met the requirement, which must be reported to the DRE and NMLS. 

The 2 hour CE course on Utah codes fulfills the state elective requirement for annual renewal. Licensed mortgage loan originators in the state must take 10 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, 1 hour of nonspecific elective, and this 2 hours of state-specific content. 

We'll begin with a review of regulatory changes, authorities, and post-licensing requirements. A key section is devoted to protecting borrower information and preventing mortgage fraud. 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. Next is a look at recent case studies, what their violations were, and what consequences were imposed. Finally, we'll examine licensing and the role a person's criminal history or conduct may play in applying for a license.

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 course.

  • Course ID(s): 12073, 12067, 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.