OnlineEd NMLS 8-Hour Approved CE for 2013 Is Now Available

2012 nmls course approval 8- hour 3556(OnlineEd) – Mortgage Loan Originators working in the current market are fully aware how new rules and regulations have an affect on their day-to-day business. Being knowledgeable on updated federal regulations will assist the MLO with making sound, ethical decisions that will positively impact their consumers. This OnlineEd® course will instruct the mortgage loan originator on the importance of keeping up-to-date on new regulations, and will explain the final rules of the Dodd-Frank Wall Street Reform and Consumer Protection Act, such as the Ability-to-Repay rule, the definition of a Qualified Mortgage, and Safe Harbor considerations.

This course will also go over the anti-money laundering regulations as set forth by the Financial Crimes Enforcement Network, or FinCEN. This unit of the Department of the Treasury now requires mortgage companies to have a 4-point program in place to mitigate potential fraud. Two of these points are an Anti-Money Laundering (AML) program and the filing of a Suspicious Activity Reports (SAR) when the loan originator suspects fraudulent loan activity. We will cover how to detect money laundering and common fraud red flags, as well as how to handle suspicious activity and how SARs are to be submitted.

Types of loan options available to consumers, such as the VA Loan, the Federal Housing Administration’s 203(k) and Energy Efficient loans, the Good Neighbor Next Door loan, and the Home Equity Conversion Mortgage, are also discussed.

Finally, this course will go over fair lending regulations and how to avoid discrimination in lending practices.

Here’s how the course breaks down:

This course consists of four primary sections:

  1. The Dodd Frank 2013 Final Rules (3 Hours Federal Law)
  2. Ethics, Fraud, and Anti-Money Laundering (2 Hours Ethics)
  3. Loan Products – VA, 203(k), Energy Efficient, Good Neighbor, and Reverse Mortgages (2 Hours Non-Traditional Mortgage)
  4. Fair Lending in Today’s Market (1 Hour Elective)

Total study time: 8 hours

Module 1: The Dodd Frank 2013 Final Rules

In this module we are going to provide you with an understanding of the recent Final Rules relating to H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules are going to have a major impact on the mortgage industry. The purpose of the Dodd-Frank Act and the rules implemented to enforce the law are design to protect consumers. It is up to all those involved in the mortgage industry to have a working knowledge of the law and regulations in order understand how they impact the daily practice of mortgage brokerage. Not only will this knowledge keep you in compliance, but it will assist in protecting the consumer.

Module 1 Objectives

When you have completed this module, you will be able to:

  1. Identify changes made as a result of the recent Final Rules of the Dodd-Frank Act.
  2. List various Dodd-Frank Final Rule regulatory updates and how they relate to the mortgage industry.
  3. Define the compliance standards in place as a result of some of the recent Final Rules of the Dodd-Frank Act and their implementation by the Consumer Finance Protection Bureau (CFPB).

Module 2: Ethics, Fraud, and Anti-Money Laundering

In this module we will review ethics and fraud in mortgage lending and how they affect the mortgage industry. We will provide a detailed explanation of the compliance requirements of Anti-money Laundering (AML), Suspicious Activity Reporting (SAR), and the Bank Secrecy Act (BSA). This module is designed to review requirements and meet the training requirements of the Bank Secrecy Act (BSA) 31 CF 1010 and 1029.

Module 2 Objectives

When you have completed this module, you will be able to:

  1. Identify the compliance requirements of the Bank Secrecy Act, Anti-money Laundering and Suspicious Activity Reports
  2. List the various red flags to potential money laundering or fraud
  3. Define what is required to submit a Preliminary Suspicious Activity Report, a SARs and various other requirements under the Bank Secrecy Act.

Module 3: Loan Products – VA, 203(k), Energy Efficient, Good Neighbor, and Reverse Mortgages

This module will provide you with a better understanding of the VA Guarantee Loan product and other FHA loan options, and how these important products offer great financing option for qualified borrowers. This section is not meant to be a comprehensive program explaining all of the guidelines in place for these FHA programs; it is to provide you a general understanding of some of the FHA programs available.

Module 3 Objectives

When you have completed this module, you will be able to:

  1. Identify standard program requirements of various VA and FHA programs.
  2. Recognize the advantages of the VA Home Loan, Standard and the Streamlined 203(k), Energy Efficient Mortgage, Good Neighbor Next Door, and the HECM programs.
  3. Describe the basics of the VA Home Loan, Standard and Streamlined 203(k), Energy Efficient Mortgage, Good Neighbor Next Door, and HECM programs.

Module 4: Fair Lending in Today’s Market

This final module will cover the various requirements in place to remain in compliance with fair lending laws and protect consumers, your company, and yourself from discrimination in lending. It is our job to adhere to these laws and to seek protection for all consumers from unfair lending practices.

Module 4 Objectives

When you have completed this module, you will be able to:

  1. Identify discriminatory practices in the mortgage industry.
  2. List classes that are protected from discrimination.
  3. Define what is required to provide fair lending and understand the importance of fair lending in the mortgage industry.

To enroll in this 8-hour NMLS continuing education course for mortgage license renewal or for more information about OnlineEd, please visit www.OnlineEd.com.

OnlineEd® is NMLS Approved Provider No. 1400327

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For more information about education provided  by OnlineEd®, please visit www.OnlineEd.com. For more information about CFPB compliance and training, please visit www.InlineEd.com

This article was published on September 4, 2013. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author. Due to the fluid nature of the subject matter, regulations, requirements, laws, prices and all other information may or may not be correct in the future and if cited, should be verified.

Jeff Sorg

About the Author

Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center's CDEi Designation for distance education in 2008. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.