8HR MLO CE: Errors and Challenges In Mortgage Origination
Stay compliant and boost your career with our 8-hour NMLS & Real Estate CE-approved course.
About the Course
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This 8-hour GA SAFE Comprehensive course is your one-stop solution for satisfying the annual CE requirements for NMLS-licensed mortgage loan originators by covering topics required by the SAFE Act, including 3 hours of federal law, 2 hours of ethics, 2 hours of nontraditional mortgage lending, and also 1 hour of Georgia state specific requirements. This course also counts as GREC-approved real estate CE, including the Georgia Real Estate Commission’s mandatory 3-hour law CE requirement. Through interactive content, case studies, and real-world examples, participants will learn how to navigate federal laws, ethics, nontraditional lending (Non-QM), and Georgia-specific mortgage regulations. Complete with quizzes and assessments, this course not only keeps you compliant but also equips you with practical tools to succeed in a rapidly evolving market.
Course Content
Chapter 1: 10 TOP Violations
Every year the Multi-State Mortgage Committee (MMC) releases required topics for continuing education for the year. This Chapter will cover all ten of the violations that are required to be covered for 2024 year. These violations include ECOA, FACRA, FACTA, TRID, and TILA violations.
At the end of this Chapter, students will be able to:
- Describe the role of the MMC and State Regulators in outlining continuing education topics
- Identify violations outlined by the MMC in the continuing education topics for 2024.
- Understand how to avoid these violations as a mortgage loan professional
- Analyze case study materials to correlate compliant practices with real life
- experiences.
Chapter Time: 1.5 hours (Federal Law)
Chapter 2: MLO Compensation & Prohibited Conducts
Many courtesy standards should be followed, as licensees are expected to protect the consumer’s interests and not take unfair advantage of the borrower in order to earn a commission. In this chapter, we will be discussing MLO compensation, MLO identification and record keeping required by TILA. Also, we will talk about prohibited conduct under SAFE Act and how to be compliant with ethical standards established by laws.
At the end of this Chapter, students will be able to:
- Identify TILA and Regulation Z mortgage loan compensation rules and record retention requirements to provide evidence of compliance.
- Identify TILA and Regulation Z requirements for disclosing licensee information on loan documents, including the licensee’s name and NMLS unique identifier.
- Describe what is considered to be prohibited practices under SAFE Mortgage
- Licensing Act and avoid those practices in MLO’s everyday activity.
Chapter Time: 40 min (20 min of Federal Law and 20 min of Ethics)
Chapter 3: Ethics and Consumer Protection
In Chapter 3, the course takes an in-depth look at mortgage fraud and discusses how to avoid mortgage fraud, as well as reporting requirements. We will also take a comprehensive look at BSA/ AML requirements. The chapter includes two case studies about fraud and telemarketing rule violations, which will provide the opportunity to identify real-life experiences in real estate transactions.
At the end of this Chapter, students will be able to:
- Understand how to build a solid Identity Theft Prevention Program required by FACTA
- Examine the mortgage fraud data from 2022-2023 identifying which types of fraud are trending up
- Describe the purpose and requirements under Telemarketing and Consumer Fraud and Abusive Prevention Act
- Describe what is considered a prohibited telemarking call and the Do Not Call Provision
- Explain the new BSA/ AML requirements, which entities are required to comply, and policies and procedures minimum standards.
Chapter Time: 2 hours 50 minutes (1 hour and 10 min of Federal Law; one hour and 40 min of Ethics)
Chapter 4: Nontraditional Mortgage Products
In Chapter 4, we will explore a plethora of mortgage programs that are considered nontraditional. The SAFE Act defines nontraditional mortgage loans as any mortgage loan that is not a 30-year fixed-rate mortgage loan. The information provided will be a brief overview of each loan program and discuss the highlights of the programs.
At the end of this Chapter, students will be able to:
- Review nontraditional mortgage products currently available on the market
- Summarize the mortgage loan programs
- Discuss the pros and cons of each mortgage loan program
- Explain benefits of placing borrowers with the best mortgage loan program to fit their individual circumstances
Chapter Time: 2 Hours (Nontraditional mortgage lending)
Chapter 5: Georgia Mortgage Law
We will talk about hot topics in the industry such as required conduct for mortgage loan originators, must-have disclosures, requirements for advertising and collection of fees and charges, and finally, Georgia Fair Lending Act (GAFLA) and its role in high-cost mortgage loan transactions.
At the end of this Chapter, students will be able to:
- Describe the role of Georgia Department of Banking and Finance
- Restate required conduct for MLO in terms of MLO’s identification, updating NMLS information and recordkeeping
- Indicate the requirements for advertising under Georgia law
- Describe prohibited practices under Georgia law, including fraud and misrepresentation, acting without a license, harmful lending practices, and avoid those practices in MLO’s everyday activity
- Describe the limitations imposed on high-cost home loans under the GALFA
- Restate the disciplinary actions for violations in Georgia
- Analyze case study materials to correlate compliant practices with real life experiences
Chapter Time: 1 Hour (GA State Portion)
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