Tag Archives: nmls ce

OnlineEd Launches 2016 NMLS Eight-Hour SAFE Comprehensive Course For MLO License Renewal

NMLS-required 8-hour online continuing education course for general 2016 mortgage loan originator license renewal

By Jeff Sorg, OnlineEd Blog


NMLS approved course bug 2016(June 17, 2016)
 –  The OnlineEd NMLS 8-hour course for this year is designed to instruct mortgage loan originators on some regulations that they will need to comply with while taking part in their mortgage loan origination activities. Rules, such as those implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are set in place to protect the interest and well-being of consumers who apply for mortgages to purchase or refinance their properties. To ensure that their business practices satisfy the regulations adopted by federal laws, mortgage loan originators need to keep current on the guidelines published by entities such as the Consumer Financial Protection Bureau (CFPB).

READ OUR 2015 NMLS COURSE SURVEY RESULTS       COMMENTS ABOUT OUR NMLS COURSES       ENROLL OR MORE INFORMATION

The OnlineEd course for this year is made up of four modules. The first module covers two federal regulations. The first regulation covered is an account of the impact that the CFPB’s TILA/RESPA Integrated Disclosure (TRID) has had on the mortgage loan industry, including commentary from practicing loan originators. The second regulation is a review of the Bank Secrecy Act’s (BSA) anti-money laundering compliance requirements, including red flags outlined by FinCEN and Fannie Mae, advisory on company compliance culture, and high-intensity crime areas.

The second module of the course describes ethical practices that loan originators must abide by in their interactions with the public and others in the industry. Included in this topic are many examples of mortgage fraud, with some case studies involving dishonest mortgage loan originators. The third module describes the Veterans Administration’s VA Home Loan Guaranty program and explains how veterans can use their loan entitlements, the details of the guaranty program, and how to use WebLGY to submit requests for documentation to the VA.

The last module discusses the importance of appraiser independence and explains the difference between an appraisal and a home inspection, outlines the steps taken when an appraisal is ordered and identifies the actions that are prohibited when dealing with real estate appraisers.

Here’s a complete breakdown of course content:

Module 1: Anti-Money Laundering and TRID Follow-up

Study Time: 3 clock hours

This section of your NMLS course will cover two federal regulations. The first regulation we’ll go over is the TILA/RESPA Integrated Disclosure (TRID) rules; not necessarily the Loan Estimate and Closing Disclosure themselves, but the impact that the use of these new forms has had on those of us working in the mortgage industry as well as their influence on the consumer segment.

The second regulation that we’ll cover is the anti-money laundering requirements of the Bank Secrecy Act (BSA), 31 CFR 1010 and 1029. We’ll review the importance of having a customer identification program, how a Suspicious Activity Report will be generated and submitted, take a look at various red flags that could indicate a possible fraudulent transaction, and explore various global and national regions where fraud is more prevalent.

Module 2: Ethical Practices and Common Fraud Schemes

Study Time: 2 clock hours

In this section, we will review ethics in mortgage lending and how they affect the mortgage industry. We’ll discuss ethical practices and consumer protection responsibilities of the mortgage loan originator, and outline various ethical standards as they relate to a compliance approach to ethical lending. This section will provide you with checklists of possible red flags of mortgage fraud.

The second half of this section will outline a variety of mortgage fraud schemes. Many of the cases outlined in this section cost millions of dollars in losses for lenders, resulted in property foreclosures, and caused stress for those who were victims of these schemes. Reviewing various types of fraud that occurred in our industry may help you recognize it if a suspicious application ever crosses your desk.

Module 3: Understanding the VA Home Loan

Study Time: 2 clock hours

The objective of this section is to provide to you a better understanding of the Department of Veterans Affairs VA Guaranteed Loan product and how it offers a great financing option for qualified veterans.

Module 4: Complying with Appraisal Independence Requirements

Study Time: 1 clock hour

In this section of the course, we are going to review the appraisal independence requirements as outlined by various federal regulations and published guidance. The appraisal is an all-important step in obtaining financing for the home buyer, with the process hinging on the expertise of an independent third party. With this role being as critical as it is to the transaction, maintaining the independence of the appraiser is crucial. Compromising independence adversely impacts the quality of reports, increasing the risk for both parties.

READ OUR 2015 NMLS COURSE SURVEY RESULTS       COMMENTS ABOUT OUR NMLS COURSES       ENROLL OR MORE INFORMATION

OnlineEd is NMLS Sponsor ID: 1400327

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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 from 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.

OnlineEd® is a registered trademark of Harlow Spaan and Jeffrey Sorg

The Top 4 Questions Asked About NMLS License Renewal Education

question mark guyOnlineEd® to credit bank NMLS course completions on the same or next business day of your course completion

By Jeff Sorg, OnlineEd Blog

(November 6, 2015) – At OnlineEd, the annual NMLS license renewal season is well underway! It’s a pretty easy task for a MLO to renew a license, but if you have any questions just let us know or visit the NMLS or OnlineEd websites. Here’s a few of the top question asked to NMLS and OnlineEd:

  1.  “Do I need to do CE?” –  MLOs need CE each year to renew a license. But, if you can’t remember if you’ve completed your annual CE, just hop on over to the NMLS website and check your Course Completion Record. The course completion record displays icons informing MLOs if a course is required. The green check mark means they are CE compliant; a yellow “yield” symbol means a course is required. Here’s a Quick PDF Guide published by NMLS on how to view the record.
  2. “Will this course comply with the NMLS Successive Year Rule?” –  MLOs can’t take the same course two years in a row. You won’t need to worry about this with OnlineEd because we publish a new course each year. Just head on over to the OnlineEd course catalog for this year’s offering.  If you’re using another provider, be sure to make sure the course approval is different from the course you completed last year. Remember, the rule is for a course, not a provider. MLOs are free to use the same provider year-after-year, provided their course is different from the year prior.
  3. “When will my course be credit banked with NMLS?” –  NMLS course provider rules require your course provider to credit banking (report your course completion) within 7 calendar days of the date you complete your course. At OnlineEd we do things a little bit different! We will actually credit bank course completions on the same or next business day from the date you complete your course, depending on the time of day completed. The sooner your course is credit banked by your provider, the sooner you’ll be able to renew your license.
  4. “Do I need State-Specific Education? – Many state agencies now have a state-specific CE requirement in addition to the NMLS requirement. The number of hours and any other unique requirements are detailed in the State-Specific Education Charts maintained on the NMLS website.  The OnlineEd mortgage course catalog is separated by state and courses that are intended to satisfy a state requirement have the two-letter state abbreviation in the course title.

The NMLS warns that CA-DBO, CO, NY and UT each have unique requirements. See the State-Charts for details.
Some states agencies might have early education or renewal deadlines. See the State-Specific Education Charts at NMLS for details or give our friendly staff a ring at 866.519.9597.

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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.

NMLS to Send Annual CE License Notice to MLOs on July 15

NMLS to place a license item on MLO licenses not yet compliant with 2015 Continuing Education (CE)

reminder text 1(Jeff Sorg, OnlineEd) – On July 15, 2015, NMLS will place a license item on every state MLO license not yet compliant for Continuing Education (CE) in 2015. The purpose of the license item is to remind individuals that they need to complete CE as a condition to renew their license for 2016. What you need to know:

  • An MLO and the company account administrator will receive an email regarding the placement of the license item on every license they hold that is not yet compliant for 2015.
  • The license item does NOT impact a MLO’s current license status or the ability to originate loans; it is simply a reminder to complete CE this calendar year.
  • The e-mail and license item does not have anything to do with any CE that was completed in calendar year 2014 or earlier.

MLOs can see current year requirements and can review previously completed CE by logging in to NMLS and clicking “View Education Record.” MLOs can complete their national 8-hour annual CE online for just $47, plus the NMLS $12 credit banking fee by visiting OnlineEd and signing up before July 31, 2015. OnlineEd is NMLS Sponsor ID: 1400327.

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

  This article was published on July 1, 2015. All information contained in this posting is deemed correct and current as of this date, 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.

 

2014 Smart Deadlines for MLO License Renewal

(c) Can Stock Photo(OnlineEd – Jeff Sorg) – The deadline to complete NMLS CE for MLO license renewal is December 31, 2014. However, NMLS Rules allow course providers seven days to report (credit bank) their course completions to NMLS. This means licensees will not want to wait until the last minute before completing their education requirement. If the licensee completes before the deadline, but their provider does not submit until after the deadline, the licensee is prevented from submitting for renewal on time. It is the licensees responsibility to complete in enough time for their courses to be credit banked with NMLS by the provider.

At OnlineEd®, we report your course completions just as fast as we possibly can. This means completions are usually reported to NMLS not later than the next business day from completion (weekends, holidays, and NMLS closures excluded). For completions during the At Risk to Miss and Guaranteed To Miss periods, we upload completions several times daily. While we do as much as we possibly can to upload in a timely manner, it remains the licensee’s responsibility to know the rules and complete in time for provider reporting to take place before the deadline.

In order to allow enough time for CE to be reported into the system and for the MLO to file for renewal, NMLS sets Smart Deadlines each year. These 2014 Smart Deadlines are:

SMART: Course(s) reported by your provider to NMLS by Friday, December 19
AT RISK TO MISS: Course(s) reported by your provider to NMLS by Friday, December 26
GUARANTEED TO MISS: Course(s) reported by your provider to NMLS on Wednesday, December 31

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This article was published on July 31, 2014. 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 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.

For more information about OnlineEd and their education for real estate and mortgage brokers, visit www.OnlineEd.com. OnlineEd is NMLS Sponsor: 1400327

NMLS Smart Deadlines for 2014 License Renewal

(OnlineEd – Jeff Sorg) – The deadline to complete NMLS CE for MLO license renewal is December 31, 2014. However, NMLS Rules allow course providers seven days to report their course completions to NMLS. This means licensees will not want to wait until the last minute before completing their education requirement. If the licensee completes before the deadline, but the provider does not submit until after the deadline, the licensee is prevented from submitting for renewal on time.

In order to allow enough time for CE to be reported into the system and for the MLO to file for renewal, NMLS sets Smart Deadlines each year. These 2014 Smart Deadlines are:

SMART: Course(s) reported by your provider to NMLS by Friday, December 19
AT RISK TO MISS: Course(s) reported by your provider to NMLS by Friday, December 26
GUARANTEED TO MISS: Course(s) reported by your provider to NMLS on Wednesday, December 31

At OnlineEd®, we report your course completions just as fast as we possibly can! This means completions are usually reported to NMLS not later than the next business day from completion (weekends, holidays, and NMLS closures excluded). For completions during the At Risk to Miss and Guaranteed To Miss, we upload completions several times daily. While we do as much as we possibly can to upload in a timely manner, it remains the licensee’s responsibility to know the rules and complete in time for provider reporting to take place before the deadline.

 

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This article was published on July 31, 2014. 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 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.

For more information about OnlineEd and their education for real estate and mortgage brokers, visit www.OnlineEd.com. OnlineEd is NMLS Sponsor: 1400327