Tag Archives: MLO education

OnlineEd Adds New Mexico State-Specific MLO Continuing Education for License Renewal

OnlineEd State-Specific Mortgage Loan Originator Continuing Education Catalog Expands to Include New Mexico

By Jeff Sorg, OnlineEd Blog

Approval_Image_-_1_Hour_New_Mexico_150x158PORTLAND, Ore. (August 4, 2015). – Mortgage loan originator education provider OnlineEd today released their latest state-specific continuing education component for New Mexico. In addition for the national 8-hour required education, OnlineEd now authors and offers state-specific components for Arizona, California, Missouri, New Mexico, Oregon, Pennsylvania, and Washington.

OnlineEd is NMLS Approved Education Provider No. 5218.

Course Summary for New Mexico

To address the predatory lending practices, the New Mexico legislature passed the Home Loan Protection Act (HLPA). This legislature outlines the actions that creditors are prohibited from doing while working with a residential home loan that is protected by the act, and requires that loans have a reasonable, tangible benefit to the borrower.

This course will review the important provisions of the act, including a case study of how portions of the act were used in a legal court case. The first chapter of the course will review the act’s definitions and purpose. The second chapter will identify specific acts and practices that creditors are not allowed to do while working with a HLPA-covered transaction. The third chapter sets out the limitations for high-cost home loans, and the fourth chapter defines the legal rights that borrowers have if in default on their loan as well as their legal rights that can be exercised against creditors who are in violation of the act.

Topics and Learning Objectives

This course is broken down into four learning topics. At the end of the course is a 15-question final exam. The topics included in this course are:

  1. The Definitions and Purpose of the Act (10 minutes)
  2. Creditor Prohibited Practices (12 minutes)
  3. High-cost Home Loans (8 minutes)
  4. Default and Right to Cure (10 minutes)
  5. Final exam (10 minutes)

At the end of this course, you will be able to:

  • Understand many terms that are defined by the act.
  • Outline acts and practices that are prohibited.
  • Describe how creditors can decrease their liability when dealing with high-cost loans.
  • Identify a borrower’s restrictions on making a HLPA-violation claims as well as their right to cure any default.
  • Recognize the fines and penalties for violations of the act.

Total study time: 1 clock hours


For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

 All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

In Wake of Audits CFPB Issues HMDA Bulletin to Put Banking Industry on Notice

(OnlineEd – Portland, OR) – To date, the CFPB has conducted HMDA (Home Mortgage Disclosure Act) reviews at dozens of mortgage lenders, both bank and nonbank. In the wake of these audits, the Bureau has issued an industry wide bulletin to help banks and nonbanks realize the importance of accurate reporting, effective HMDA compliance management systems and adequate employee training.

cfpb bulletinA copy of the bulletin can be viewed by clicking the Resources tab at www.InlineEd.com and then scrolling down to October 9, 2013 CFPB Bulletin on HMDA Compliance Management.

The Bureau reviews the accuracy of HMDA data and assesses compliance programs as part of its supervision of both banks and nonbanks.

The bulletin also announces the release of the CFPB’s HMDA Resubmission Schedule and Guidelines, which lists the error thresholds that CFPB examination teams will use to determine when institutions should correct and resubmit their HMDA data. The CFPB’s new HMDA Resubmission Schedule and Guidelines apply to HMDA reviews that begin on or after Jan. 18, 2014.

By issuing this bulletin today, the Bureau is putting the industry on notice about the integrity of mortgage information. Specifically, the bulletin:

  • Discusses components of an effective HMDA compliance management system. The bulletin suggests common elements of an effective compliance system, which include employee training, internal audits to test and evaluate information accuracy, and assigning responsibility for timely and accurate reporting of the data.
  •  Details factors the CFPB may consider when evaluating whether to pursue a public enforcement action for HMDA violations. The CFPB may consider various factors when determining whether to pursue a public enforcement action, including: the size of the bank or nonbank’s mortgage lending activity; the error rate; the history of previous HMDA supervisory activity, including the history of any violations; and whether the institution self-identified or self-corrected any errors. These factors, along with those listed in the Dodd-Frank Act, will be considered when determining the appropriate size of any civil penalty that the Bureau seeks.

A copy of the bulletin can be viewed by clicking the Resources tab at www.InlineEd.com and then scrolling down to October 9, 2013 CFPB Bulletinon HMDA Compliance Management.


For more about OnlineEd and HMDA training visit www.OnlineEd.com or www.InlineEd.com or call Joseph Mikkelson at 1.866.519.9597.  For more about the CFPB, please visit their web site http://www.consumerfinance.gov/

8 New Mortgage Regulation Deadlines Coming Out of the CFPB

OnlineEd Mortgage Compliance Management System


(OnlineEd – Portland, OR) – The Consumer Financial Protection Bureau (“CFPB”) gave 12 months (and sometimes less) from the “issue date” to implement the majority of these new requirements.  Because the CFPB considers the “issue date” as the date of publication on the CFPB’s website – rather than publication in the Federal Register,  your company will have less time to comply with the final rules.

Below lists the recent regulations along with a link to the regulation page on the CFPB website and the effective date.

June 1, 2013 – Escrow Requirements for Higher-Priced Mortgage Loans

June 1, 2013 – Prohibition on Mandatory Arbitration and Financing of Credit Insurance Premiums (from MLO Compensation Regulation)

January 10, 2014 – Qualified Mortgage and Ability-to-Repay Requirements

January 10, 2014 – Mortgage Servicing Requirements – Reg Z (TILA) and Reg X (RESPA)

January 10, 2014 – Loan Originator Compensation and Training, Certification and Identifier Disclosure

January 10, 2014 – High-Cost/HOEPA Mortgage Loans and Homeownership Counseling Disclosures

January 18, 2014  – Disclosure and Delivery of Free Copies of Appraisals – Regulation B

January 18, 2014 – Appraisals for Higher-Priced Mortgage Loans

Make sure your company is keeping tabs on when these regulations go into effect and has a plan in place to ensure complete compliance in the event of an audit.


If you would like information about OnlineEd’s® Compliance Management System, InlineEd, developed for the mortgage industry, please visit www.InlineEd.com or telephone (866) 519-9597.

If you have questions or would like to learn more about OnlineEd®, please visit www.OnlineEd.com.

This article was published on May 15, 2013.  All information contained in this posting is correct and current as of this date.  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 before use by the user.

Washington’s MLO Renewal Deadline Approaches with One-half MLOs Yet to Renew

(OnlineEd – Portland, OR) While MLS renewal requests can be submitted until December 31, 2011, Washington is just two weeks away from the December 15, 2011 deadline for having the renewal application reviewed before December 31st.  MLOs who haven’t renewed their Washington license need to get the process started.  Here are some critical renewal reminders:

  • Mortgage Loan Originators (MLOs) are eligible to renew only after the required Continuing Education is completed and posted on the individual’s NMLS record by their education provider.
  • Consumer Loan and Mortgage Broker licensees must be current on all Mortgage Call Report (MCR) filings in order to renew.
  • Consumer Loan and Mortgage Broker licensees should renew early because sponsored MLOs will not be renewed until the company is renewed.

Over one-half of all Washington licensed MLOs have yet to renew their licenses. As of November 30:

  • 67% of Consumer Loan Companies are renewed.  This represents 267 companies.
  • 35% of Mortgage Broker Companies are renewed.  This represents 129 companies.
  • 47% of Mortgage Loan Originator licensees are renewed.  This represents 3,690 individuals.
OnlineEd is NMLS approved education provider No. 1400327
For more about OnlineEd, please visit www.OnlineEd.com

30,000 Mortgage Loan Originators Still Need to Complete Their CE


(OnlineEd – Portland, OR) Over 30,000 mortgage loan originators must still meet their CE requirement before the national deadline, which is December 31. A few states have earlier deadlines, however. Georgia MLOs, for example, must complete their education requirements before October 31.

CE for mortgage brokers is relatively simple to complete. Approved providers can deliver their approved courses either online or by live lecture.  The NMLS approves providers and qualifying courses. It is important to look for the required course approval number when searching for courses and providers. The NMLS requires posting of provider and course approval numbers when the advertiser uses the NMLS logo in advertising.

The 8-hour approved NMLS course is to include 3 hours of federal laws and regulations, 2 hours of ethics, 2 hours of non-traditional loans (loans other than 30-year mortgage loans), and a 1 hour elective course. To find out if your state has a requirement for additional hours beyond the NMLS requirement, check our list of state-specific deadlines or visit the NMLS Website.

To understand all that is involved with the license renewal process and to get renewed on time with the least amount of trouble, applicants should be sure to watch this helpful video.

The OnlineEd 8-hour NMLS approved continuing education course in our catalog for just $49.95 + $12 NMLS Banking Fee.
 OnlineEd® is  is NMLS Approved Provider No. 1400327.
For more information about OnlineEd® or to enroll in our courses, please visit www.OnlineEd.com and click on your state.

OnlineEd Offers MLO Continuing Ed at CAMP Convention



(OnlineEd) – It’s time for Summer Camp! The California Association of Mortgage Professionals annual trade show will be happening in San Jose, CA on August 4-5, 2011.  The two-day event will include continuing education to cover both NMLS and California Department of Real Estate requirements.  The OnlineEd continuing education courses are approved by NMLS and the California Department of Real Estate for license renewal.

The OnlineEd 8-hour approved continuing education is scheduled for August 4th from 8:00 AM to 5:00 PM at the San Jose Marriott, located at 301 South Market Street in downtown San Jose, CA.  Seating at the facility is limited, and with advance registrations already nearing 200,  those who are interested in attending should also register in advance.  Early Bird, Full Conference, and Thursday Day Pass registrations for the convention each include the education at no additional cost.

For more information and to enroll in the convention, please visit the CAMP Web site at: http://ca-amp.org/news/summercamp.htm