Licensed and registered mortgage loan originators in Virginia must complete eight hours of renewal education every year. This NMLS-approved course fulfills Virginia’s continuing education requirement by including specific core topics and an elective.
Here is an overview of each course module:
Module 1: Federal Mortgage Law (3 Hour)
The course begins with a discussion on federal laws and rules related to mortgage loan originators and mortgage loans. Focus areas include legislation about electronic records and signatures, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, and more. Integrated Mortgage Disclosures, Regulation Z, and federal oversight on mortgage lending are also covered in this module.
Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending (2 Hour)
Module two highlights mortgage industry ethics and consumer protections. Topics discussed include Identity Theft Rules (16 CFR 681), mortgage fraud examples, and best practices for safeguarding client data. This module includes various case studies and compliance recommendations for consumer protection and Regulation N. Students also learn about fair lending and balancing commercial aspirations with ethical business practices.
Module 3: Non-Traditional Mortgage Lending (2 Hour)
This module discusses non-traditional loans like reverse and adjustable-rate mortgages. Federal Housing Administration updates, the Home Equity Conversion Mortgage program, and adjustable-rate mortgage lending standards are also covered. The module ends by highlighting affordable housing programs, VA loans, and down payment assistance programs.
Module 4: The Mortgage Market and the Federal Reserve System (1 Hour Elective)
This elective portion of the course reviews the U.S. Federal Reserve System and mortgage market. Topics covered include primary sources of home financing, recent industry developments, financial markets, and conventional and unconventional loan types.
At the end of every module is a five-question quiz and an interactive activity. The activity is a hypothetical scenario based on module content with five scenario-related review questions. To complete the course, students must pass a 25-question final exam with a minimum score of 70%.
Show Course ID: 1
- Course ID(s): 15120
- Approved By: NMLS
Instructor Bio
Mary Tillery is the instructor for all of our MLO continuing education courses. She has been sharing her expertise with fellow mortgage loan originators for more than 35 years as a lending educator. Learn more about Mary’s background here.