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
This course may only be started Tuesday through Friday between 9:00 AM and 5:00 PM CT. The course cannot be started on Saturday, Sunday, or Monday, or outside of those hours. Once started, you may continue and complete the course at any time, including evenings and weekends.
Assignments are graded Monday through Friday, 9:00 AM – 5:00 PM CT. Assignments submitted after 5:00 PM CT will be graded the next business day. No grading is done on weekends or US Holidays. Ensure your 14-day completion window includes enough time for all assignments to be graded before expiration.
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
