Tag Archives: nmls provider

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.

 

###

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

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

 ###

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.

Which OnlineEd NMLS Approved Continuing Education Course Should I Take? (California)

(OnlineEd® – Portland, OR) – The SAFE Act requires a mortgage loan originator to complete a minimum of 8 hours of NMLS approved continuing education and renew their license each year on or before December 31st. A NMLS approved course provider has up to six days to report completed courses to NMLS and then the NMLS can take a couple days to process this upload. NMLS does not work weekends or holidays, so we recommend you complete your continuing education credits not later than the 3rd week of December.

At OnlineEd® we like to help you out whenever we can! In most cases, we are able to upload your education record to NMLS on the same or following business day you completed your training, depending on the time of day it was completed. Accuracy of your NMLS information you provide us with at enrollment is paramount to the successful uploading of your record. While we do what we can to expedite the whole credit banking process, NMLS has no tolerance for wrong NMLS ID numbers, names, or name and ID number mismatches. Please be sure to check your license for your licensed name and NMLS number and then enroll with us using that exact information. If you don’t have your license handy at the time of enrollment, go ahead and enroll, but be sure to shoot us a corrective email requesting us to update your account.

We also have three different course packages for you to choose from. We provide these different packages because we want to make sure you get the exact education you need, in the simplest way possible. Below are our NMLS approved courses along with a few sentences about which one would work best for your situation. If we provided your NMLS education last year, you are safe with us again this year! OnlineEd® writes and receives NMLS approval for a new course every year so you have no chance of taking the same course two years in a row.

 8 Hour SAFE Comprehensive: 2013 Originator Essentials – 8 HOURS

This course satisfies 8 hours of required National continuing education for mortgage loan originators.  Certain states may require additional credits for renewal.

Click HERE to learn more about this course.

EdPak S.A.F.E. – 2013 California DRE / NMLS Renewal Package (Complete Renewal Package) – 46 HOURS

If you are also a licensed real estate salesperson or broker in the state of California, then this is the package of courses  you want. It includes our National required 8-hours of NMLS approved education for mortgage loan originators, which is also approved for credit by the California BRE, as well as the necessary courses to renew your real estate salesperson or broker license. Licensees are able to complete the 8 hour NMLS continuing education before the deadline at the end of 2013 and then later complete the remaining courses for BRE credit. OnlineEd gives access to this package of courses for two years from the purchase date.

Click HERE to learn more about EdPak S.A.F.E.

8 Hour SAFE Comprehensive: 2013 Originator Essentials (For California Real Estate Licensees) – 8 HOURS

This course satisfies 8 hours of required continuing education for mortgage loan originators and California licensed real estate agents. Licensees who pass this course will receive credit for both the NMLS and the California BRE. This course is approved by both NMLS and California BRE.

Click HERE to learn more about this course.
OnlineEd® is California BRE Sponsor Number 4056
OnlineEd® is NMLS Provider 1400327
OnlineEd® NMLS Course ID Number 2941

###

For more information about OnlineEd®, please visit our web site: www.OnlineEd.com or give us a call at 1.866.519.9597. For information about NMLS and license renewal requirements, please visit the NMLS Resource Center.