This course on West Virginia-specific education fulfills 2 hours of annual continuing education for licensed MLOs in the state. A total of 9 hours must be completed each year, which includes 3 hours of federal law, 2 hours of non-traditional mortgage lending, 2 hours of ethics (including fraud, consumer protection, and fair lending issues), and 1 hour of West Virginia-specific education. This is a stand-alone course, and can be taken either on its own or in connection to other courses offered to fulfill your CE requirements.
This course is broken down into 2 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
- An assessment that consists of a five question quiz
The course begins with an explanation of the regulating authorities in West Virginia, and what each agency's jurisdiction is. Authorities discussed include the Division of Financial Institutions (DFI), the DFI's Mortgage Division, and the Nationwide Mortgage Licensing System and Registry (NMLS). We then examine the WV SAFE Mortgage Licensing Act, and look at the 2018 amendments to the Act.
After this, students will review relevant sections of the West Virginia Residential Mortgage Lender, Broker, and Servicer Act, the Good Funds Settlement Act, the West Virginia Consumer Credit and Protection Act, and the Administrative Code of State Rules: Title 106, Series 5. The course ends with an update on West Virginia's Electronic Surety Bond adoption status.
The course is completed with a final exam consisting of 15 questions randomly drawn from the class.