20 Hour SAFE Comprehensive: Pre-licensure Course - OIL # 18657
This is an online instructor-led (OIL) pre-licensing education course for new mortgage loan originators (MLOs). The 20-hour course satisfies the NMLS pre-licensure education requirements and covers the following topics:
- 3 hours on federal law
- 3 hours on ethics including instruction on fair lending and consumer protection
- 2 hours on the nontraditional and traditional mortgage marketplace
- 12 hours of electives
This course is meant to begin preparing learners to take the National Test Component with USC in order to become a licensed mortgage loan originator. There are 6 chapters, which are broken down into 5-minute sections with an activity after each section. There are also case studies throughout the course and a chapter quiz following each chapter. At the end of the course, the learner will take a 25-question final exam.
NMLS Provider ID #1400062
NMLS 20 Hour Course ID #18657
Course Start and Completion Requirements
You have 30 days from the date of enrollment to start the course. The course may only be started Tuesday through Friday between 9:00 AM and 5:00 PM CT. You cannot start the course on Saturday, Sunday, Monday, or outside of these hours.
Once you start the course, you have 14 days to complete it. During this 14-day completion window, you may access and work on the course at any time, including evenings and weekends.
Assignment Grading
Assignments are graded Monday through Friday, from 9:00 AM to 5:00 PM CT. Assignments submitted after 5:00 PM CT will be graded the next business day. Assignments are not graded on weekends or U.S. holidays.
Plan accordingly to ensure your 14-day completion window allows enough time for all required assignments to be graded before the course expires.
Learning Objectives
By the end of this course, learners will be able to:
- Describe the roles of an MLO.
- Understand the mortgage cycle and the roles of each major player in the industry.
- List the requirements for obtaining and maintaining an MLO license.
- Restate what is considered prohibited conduct and how prohibited conduct is punished.
- Redefine key terms and acronyms.
- Redefine all the different mortgage products like fixed, ARM, construction, and bridge.
- Explain the basic qualifications for conventional, VA, FHA, and USDA loans.
- Describe mortgage insurance, loan-to-value, bankruptcy, debt-to-income, down payment, loan limits, seller concessions, and reserves.
- Understand what constitutes an application under TRID
- Restate the requirements under ECOA and HMDA
- Explain the TILA umbrella and what TILA considers an advertisement
- Restate the advertising requirements under TILA and the MAP Rule
- Outline the requirements under RESPA
- Understand the requirements under the Telemarketing and Consumer Fraud and Abusive Prevention Act
- Describe compensation and what is required under the LO Comp Rule
- Restate the requirements under FCRA and FACTA related to credit reports
- Outline the QM and ATR Rules
- Restate the requirements under HOEPA and Section 35 of TILA
- Restate the requirements under GLBA and BSA/AML
- Describe the difference between pre-approval and pre-qualification
- Outline all the initial disclosures required at the time of application
- Understand the gray areas of RESPA Section 8 and things to remember about advertising to your borrowers
- Describe how title, appraisals, and insurance play a part in the origination process
- Describe what is required on each page of the Closing Disclosure
- Explain how the right of rescission works and when it applies
- Restate the requirements under GLBA and BSA/AML
- Outline how settlement and closing agents participate in the closing and how the documents are explained at closing
- Understand the difference between judicial and non-judicial foreclosure
- Describe the different math equations and how they are used in the mortgage process
- Redefine ethics and morals.
- Explain the different types of mortgage fraud that exist.
- Restate the different types of UDAAPs that exist.
- Relate what is considered predatory lending, steering, targeting.
- Describe the key terms related to fair lending.
Topics Covered
- Chapter 1: Becoming an MLO
- Chapter 2: Learning the Products and Programs
- Chapter 3: Introduction to Federal Law
- Chapter 4: The Loan Process Part 1: Processing & Underwriting
- Chapter 5: The Loan Process Part 2: Funding & Closing
- Chapter 6: Mortgage Ethics
