1 Hour SAFE 2024 State Law Course

This 1-hour course on Washington state laws and regulations fulfills the state-specific elective requirement for annual renewal. Licensed MLOs in the state must take 9 hours of continuing education (CE) each year, with 3 hours being dedicated to federal law, 2 hours on ethics, 2 hours on non-traditional mortgage lending, a 1-hour general elective, and this 1 hour on Washington law.

By the end of this class, students will be able to:

  • Recite the CE requirements for MLO license renewal in Washington
  • Explain who is and is not considered a mortgage loan originator and what licensing regulations apply
  • Remember key responsibilities relating to mortgage origination including recordkeeping and reporting duties for MLOs
  • Describe the primary advertising requirements for MLOs to remain in compliance
  • Provide examples of an MLO's obligations regarding mortgage lending disclosures and the MLO's duty to properly inform borrowers
  • List one or more of the prohibited acts and practices for state-licensed MLOs in Washington
  • Give examples of penalties the state may impose to enforce mortgage lending laws and regulations
  • Summarize a recent regulatory update for MLOs from the state Department of Financial Institutions (DFI)
  • State reasons why the Down Payment Assistance (DPA) program serves as a valuable resource for borrowers in Washington

We’ll begin the course with a review of Washington State licensing rules and regulations, including key definitions. This will also include licensing exemptions, recordkeeping, reporting responsibilities, and restricted or conditional loan fees.

Then, we’ll discuss advertising requirements, including internet-based and electronic forms of advertisements. We’ll also examine disclosure obligations and the “one page summary” required of Washington mortgage professionals in the lending industry.

The second half of the course will primarily focus on enforcement: prohibited acts and practices. We will highlight the rules governing interactions with appraisers, redisclosure, and restrictions on loan modification services. Next we’ll cover fraud violations, as well as the civil and criminal penalties therein. We’ll close discussing the Down Payment Assistance program (DPA) in Washington State, and a brief recap of the lessons covered.

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.

8 Hour SAFE Comprehensive: 2024 MLO Course

All licensed and registered mortgage loan originators are required to take seven hours of standard annual renewal education. Three modules comprise this series, each focusing on a major topic area.  

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, Regulation Z, and the ECOA is illustrated through 10 common rule and law violations made by MLOs as selected by the Multi-State Mortgage Committee as required topics to be covered in 2024 core continuing education classes. 

The second module deals with ethical considerations and consumer protection. A discussion of business ethics and the duties that apply to financial services professionals start us off. Then, topics related to consumer protection and the requirements under the Equal Credit Opportunity Act (ECOA) take center stage. The promotion of fair lending practices are emphasized. After that, the current state of mortgage fraud in the United States is addressed, and we will examine ways to identify and deter predatory lending schemes and other types of mortgage fraud. 

The third module looks at a variety of non-traditional mortgage loan products and the increased risks and scrutiny that accompany most alternatives to the 30-year fixed rate mortgage loan. We will examine adjustable rate mortgages (ARMs), reverse mortgages, high-cost and higher-priced mortgage loans, counseling requirements, and information on lending standards. Other types of loans and financing options are also considered, including government programs and owner financing. 

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. 

Each module will be followed by an assessment and quiz portion that begins with an activity in which students will read a short case scenario then answer questions based on what was just covered in that section of the course. A 25 question final exam will conclude the seven-hour course.

  • Course ID(s): 16204, 16207
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.