9 Hour SAFE Core and Washington Law 2023 MLO Package
- 9 Hour Course
Licensed mortgage loan originators in the state must take 9 hours of NMLS-approved continuing education each year, with 3 hours being dedicated to federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, a 1 hour elective, and 1 hour of Washington Law.
In the first module of the Washington law portion, we’ll begin with an overview of Washington's regulatory codes and the differences between various loan professionals in the industry. Then, we’ll review the qualifying activities which require licensure as an MLO and the importance of the Consumer Loan Act (RCW 31.04) and the responsibilities of the Department of Financial Institutions.
In the second module, we will discuss prohibited practices, DFI’s investigative and enforcement authority, and the possible penalties for violations. Next is a look at the state-specific one-page disclosure summary and its requirements. Finally, we will highlight a bit of fair lending news from a recent Department newsletter, and share a real world enforcement action involving a Washington-licensed MLO. This and other relevant case studies will emphasize the importance of best practices in the industry, plus the information will show what can happen when mortgage professionals neglect public interests for their own gain.
To promote comprehension, students will complete a 5-question quiz and a short activity after each module. A 15-question final exam will wrap up the state portion.
Below is a content overview of all the eight-hour core modules:
Module 1: Federal Mortgage Law (3 Hour)
The course begins with a review of federal laws and rules related to mortgage loan originators and mortgage loans. Specific laws covered include the Equal Credit Opportunity Act, the Fair Credit Reporting Act, legislation about electronic records and signatures, and more. Integrated Mortgage Disclosures, Regulation Z, and federal oversight on mortgage lending are also discussed.
Module 2: Ethics, Fraud, Consumer Protection, and Fair Lending (2 Hour)
Module two highlights mortgage industry ethics and consumer protection methods. Topics covered include Identity Theft Rules (16 CFR 681), mortgage fraud examples, and ways to safeguard client data. The module features compliance recommendations and multiple case studies for consumer protection and Regulation N. It also emphasizes fair lending and balancing commercial aspirations with ethical business practices.
Module 3: Non-Traditional Mortgage Lending (2 Hour)
This module covers non-traditional loans like adjustable-rate and reverse mortgages. It starts with a review of Federal Housing Administration updates, the Home Equity Conversion Mortgage program, and adjustable-rate mortgage lending standards. Then, affordable housing programs, VA loans, and down payment assistance programs are discussed.
Module 4: The Mortgage Market and the Federal Reserve System (1 Hour Elective)
The course concludes with an elective module that reviews the U.S. Federal Reserve System and how it relates to the mortgage industry. Subjects covered include financial markets, primary sources of home financing, conventional and unconventional loan types, and recent industry developments.
At the end of each module is a five-question quiz and an interactive activity. The activity presents students with a hypothetical scenario based on module content and includes five scenario-related review questions. To pass the core portion, students must pass a 25-question final exam with a score of 70% or higher.
Show Course ID: 1
- Course ID(s): 15102, 15106
- Approved By: NMLS
Mary Tillery, an originating branch manager at Synergy One Lending in Grants Pass, Oregon, believes that buying a home is one of life’s true milestones. For more than 35 years, she has been teaching lending education classes and helping homebuyers achieve their dreams. Mary combines her love of knowledge with her passion for people in her roles as a loan originator and educator. From first-time mortgages to complex construction financing, she is happy to share her expertise with clients and industry professionals alike.