New Jersey NMLS-Approved Mortgage Continuing Education

Underwriting is the risk assessment step of a residential mortgage transaction. It gives lenders that make home loans and the investors that purchase them the opportunity to complete an analysis of the risks associated with offering mortgage credit to a particular loan applicant. This course will review the underwriting tools and practices used by loan originators in the early stages of a lending transaction to evaluate a consumer�s loan eligibility, as well as underwriting requirements established by federal lending laws and other guidelines followed by lenders known as credit overlays.

This course will focus on the laws and rules that regulate mortgage loan originators doing business in New Jersey. Throughout this course, students will review fictionalized scenarios based on real regulatory decisions made by the Department of Banking and Insurance in recent months, paired with a discussion of the relevant sections of New Jersey law and regulations. In Module 1, students will review standards for obtaining and maintaining a license, disclosures, fees and charges, and advertising. In Module 2, students will look at prohibited conduct for licensees, prohibited actions for secondary and high-cost loans, and disciplinary action that may be taken when violations of the law occur.

Maintaining Mortgage Industry Awareness provides a review of relevant issues facing mortgage loan originators today, specifically those outlined by NMLS as required topics for continuing education. Students will examine provisions of the Truth-in-Lending Act, the TILA-RESPA Integrated Disclosure Rule, and the Qualified Mortgage Rule, including issues related to considering the triggers, tolerances, and thresholds that enable loan originators to determine when disclosures are due and what information is required. In addition, students will take a look at the Real Estate Settlement Procedures Act, specifically rules related to lead agreements, marketing services agreements, co-marketing, desk licensing agreements, and affiliated business arrangements. Students will also review several nontraditional mortgage products, such as adjustable-rate mortgages and fixed-rate mortgages with terms of 15 and 40 years. Finally, students will review mortgage laws and regulations specific to the state of New Jersey. This course is NMLS-approved for twelve hours of continuing education required for New Jersey mortgage loan originators, as specified by the S.A.F.E. Mortgage Licensing Act and New Jersey law. Annual S.A.F.E. Act continuing education requirements for New Jersey loan originators include three hours of federal law, two hours of ethics, two hours of nontraditional mortgage lending, three hours of electives, and two hours of New Jersey-specific laws and regulations, for a total of twelve hours.