Mortgage loan originators in Virginia must complete eight hours of standard renewal education every year. This series includes four modules that focus on the following:
- Module 1: Federal Mortgage Laws
- Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending
- Module 3: Non-Traditional Mortgage Lending
- Module 4: Renovation Mortgage Loans
Module one reviews federal mortgage laws, including the SAFE Act, Regulation Z, ECOA, and the TRID Integrated Mortgage Disclosures.
Module two starts with ethical considerations and consumer protections, including business ethics and the duties that apply to financial services. Then, we cover consumer protection and fair lending practices under the Equal Credit Opportunity Act (ECOA). After that, we address the current state of mortgage fraud in the United States and examine how to identify and deter it.
Module three focuses on non-traditional mortgage loan products and the increased risks that accompany most alternatives to 30-year fixed rate loans.
We also examine adjustable-rate mortgages (ARMs), reverse mortgages, high-cost and higher-priced mortgage loans, counseling requirements, and information on lending standards. Lastly, we talk about government programs, such as FHA, VA, and USDA loans.
Module four provides information on renovation mortgage loans, including what they are and when to use them, with a focus on Fannie Mae HomeStyle® and FHA 203(k) loans.
All four modules include a five-question quiz and interactive activity. At the end of the course, there's a 25-question final exam.
Show Course ID: 1
- Course ID(s): 14262
- 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.