As the mortgage industry continues to evolve, mortgage loan originators must stay abreast of the topics most pertinent to their everyday business. Examining Industry Issues in Today's Mortgage Market 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 Real Estate Settlement Procedures Act, the Truth-in-Lending Act, and the TILA-RESPA Integrated Disclosure Rule, specifically rules for filling out the Loan Estimate and Closing Disclosure for both a fixed-rate and an adjustable-rate mortgage transaction. In addition, students will take a look at the new Uniform Residential Loan Application and provisions of the law related to money laundering in the mortgage industry. This course is NMLS-approved for seven hours of core continuing education required for mortgage loan originators, as specified by the S.A.F.E. Mortgage Licensing Act. Annual S.A.F.E. Act continuing education requirements include three hours of federal law, two hours of ethics, two hours of nontraditional mortgage lending, and one hour of elective education, for a total of eight hours.
The content for this course is the same as course ID 7816 and is intended to satisfy CE requirements for 2018 or the last year a mortgage loan originator held an active license. Mortgage loan originators who take this Late CE course are prohibited from taking course ID 7816 in 2019. This course will focus on the laws and rules that regulate mortgage loan originators doing business in West Virginia. In Module 1, students will examine the authority of the West Virginia Division of Financial Institutions and important definitions under the law. Students will also review required conduct for mortgage licensees, including duties related to license renewal, tangible net benefit, disclosures, and repayment ability. In Module 2, students will review recordkeeping requirements, prohibited practices for licensees, and disciplinary actions, as well as the Good Funds Settlement Act. This course satisfies the two-hour West Virginia-specific continuing education requirement for loan originators, as specified by West Virginia law. In addition to two hours of West Virginia-specific education, annual S.A.F.E. Act continuing education requirements include three hours of federal law, two hours of ethics, and two hours of nontraditional mortgage lending.