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This 2 hour course on West Virginia laws and regulations fulfills the state elective requirement for annual renewal. Licensed mortgage loan originators in the state must take 9 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and 2 hours of state-specific content. 

We'll begin with a review of regulatory changes, authorities, and a comparison of the WV SAFE Mortgage Licensing Act and NMLS' Model Act. Then, we'll discuss qualifying activities as an MLO which require licensure, renewal standards, and surety bond coverage. Last in this module is an overview of prohibited practices, the commissioner's investigative and enforcement authority, and possible penalties for violations. 

For the second half of the course, we'll calculate LTV ratios, understand fee limitations and usury, then emphasize recordkeeping requirements. Both the Uniform Electronic Transactions Act and the Good Funds Settlement Act will be explored. Later, we'll interpret some key rules in mortgage transactions, like the Tangible Benefit Rule and Ability-to-Pay Rule. A comprehensive look at advertising comes next, until a series of case studies and relevant codes about appraisers in mortgage fraud cases finishes the module.

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.

  • Course ID(s): 12027
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

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.