12 hour ms mortgage law update 2015 syllabus

12 Hour MS SAFE Comprehensive Mortgage Loan Originator Course 2015

Course Syllabus

Welcome to our Mississippi SAFE Comprehensive Mortgage Loan Originator Course for 2015.

We are excited to assist you in furthering your mortgage career and are pleased you chose

Praedo Institute to satisfy your education requirements.

Course Purpose

This course is meant to satisfy the 2015 NMLS twelve hour mortgage loan originator continuing

education requirement for the state of Mississippi.

Course Description

Our comprehensive course meets the NMLS Comprehensive CE requirement for Mississippi by

covering the following topics: four hours of Federal Law, two hours of Ethics and Loan Fraud,

two hours of Nontraditional Lending, two hours of Fair Lending, and two hours of Mississippi

Mortgage Law.

Course Dates and Times

This course is offered for the 2015 license renewal period. In order to ensure proper reporting

to NMLS before all mortgage loan originator licenses expire on December 31, 2015, this course

must be completed by December 21, 2015.

Course Objectives

Upon completing this course, you should be able to do the following:

Understand the implementation requirements of the Integrated Disclosures Rule

Accurately complete the Loan Estimate

Explain the Loan Estimate to borrowers

Accurately complete the Closing Disclosure

Explain the Closing Disclosure to borrowers

Understand when a new Loan Estimate is required and/or allowed

Understand when a new Closing Disclosure is required and/or allowed

Understand the timing requirements associated with the Loan Estimate and Closing Disclosure

Calculate closing dates based on Closing Disclosure requirements

Understand what constitutes loan fraud

Explain the anti-money laundering and Suspicious Activity Report requirements

Recognize when a mortgage lender or broker would be required to file a Suspicious Activity Report

Understand and be able to explain mortgage insurance requirements

Recognize and understand the changes to the FHA handbook

Explain why fair lending is an important compliance issue for mortgage companies

Understand the federal laws related to fair lending

Apply lessons learned in fair lending cases to your mortgage practice

Analyze situations and properly evaluate them in the context of fair lending compliance

Understand the scope and applicability of Mississippi mortgage laws and rules

Comply with the requirements for licensees under the applicable laws and rules

Protect the public by following the requirements set forth in the rules and laws

Grading Policy

The course consists of slides mixed with comprehension questions. Each chapter includes a

chapter quiz. At the end of the final part, you will be required to take and pass a final exam.

This course is timed as twelve hour course. You must answer all of the comprehension

questions correctly and score 80 percent on all quizzes and tests to receive credit for the

course. You may retake course quiz questions until you pass, but you are allowed only 10

retakes of the course final.

Course Policies

Each student is required to submit an Identity Affidavit. By confirming the attestation, the

student certifies that the course work was or will be completed by the person for whom the

certificate will be issued. The student further certifies that they did or will not receive any

assistance in completing the course. The submission of a completion certificate for a course

they did not complete themselves may constitute fraud on the students part and is subject to

prosecution and/or discipline.

Technical Support

As our course is entirely online, we do offer live technical support via telephone, email, and

chat from 8:30am to 5:00pm Mountain Time on regular business days. After hours, holiday,

and weekend support is available 365 days a year via email from 9:00am to 10:00pm Mountain

Time. Our mailing address is 42 North, 200 East, Ste. 3, American Fork, UT 84003. Our

telephone number is 801-492-9933 and our support email is [email protected].

Using our System

Once you purchase the course and are logged into our system, you should see a link to the

course on your home page. This link will launch the course. Please carefully review the

introduction module for instructions on using our online system.

Course Outline

This course consists of five parts, covering the following subjects: Federal Law, Loan Fraud,

Nontraditional Mortgage, Fair Lending, and Mississippi Mortgage Law.

MS Comprehensive SAFE CE 2015 Part 1: Federal Law

Introduction: This module will introduce you to our system. Adherence to the advice and

instructions offered in this module will greatly improve your online education experience.

Federal Law Update 2015 Chapter 1: Chapter One includes a disclosure rule overview. It

consists of the following sections:

General Implementation

Timing Requirements

Federal Law Update 2015 Chapter 2: Chapter Two covers the Loan Estimate. It consists of the

following sections:

Loan Estimate Review

Federal Law Update 2015 Chapter 3: Chapter Three reviews miscellaneous issues and a timing

illustration. It consists of the following sections:

Redisclosing and Tolerances

Changes of Circumstance

Timing

Lender Credits

Case Study

Federal Law Update 2015 Chapter 4: Chapter Four reviews the Closing Disclosure. It consists

of the following sections:

Closing Disclosure

Alternative Closing Disclosure

Delivery of the Closing Disclosure

Case Study

Federal Law Update 2015 Chapter 5: Chapter Five includes a transaction scenario. It consists

of the following section:

Timing Case Study

MS Comprehensive SAFE CE 2015 Part 2: Ethics and Loan Fraud

Loan Fraud 2015 Chapter 1: Chapter One will introduce you to the definition of loan fraud and

different types of loan fraud. It consists of the following sections:

Fraud for Housing

Fraud for Profit

Air Loan

Appraisal/Valuation

Assets

Employment

Identity Theft

Income

Non-Arms Length Transaction

Occupancy Fraud

Settlement Agent

Short Sale

Shot-Gunning

Straw Borrower

Undisclosed Debt

Affinity Fraud

Builder Bail-Out

Foreclosure Rescue

Loan Modification Scams

Reverse Mortgage Fraud

Case Study

Loan Fraud 2015 Chapter 2: Chapter Two will review loan fraud statistics and SARS reporting.

It consists of the following sections:

Loan Fraud Statistics

SARs Reporting

Anti-Money Laundering Rule

SARs Rule Reporting Requirements

Case Study

MS Comprehensive SAFE CE 2015 Part 3: Nontraditional Lending

Nontraditional Mortgage Lending 2015 Chapter 1: Chapter One discusses mortgage insurance.

It consists of the following sections:

Mortgage Insurance is NOT

Warn Your Borrowers!

Mortgage Insurance IS

PMI? MIP?

When Does PMI Disappear?

What is Right for Your Borrowers?

MI Should Always be Avoided Right?

Explain, Explain, Explain!

Nontraditional Mortgage Lending 2015 Chapter 2: Chapter Two covers the new FHA 4000.1

Handbook. It consists of the following sections:

FHA 4000.1 Handbook Purpose

FHA 4000.1 Handbook Effective Date

Assets

Credit

Documents/Processing

Fees

Income/Employment

Insurance

Liabilities

Occupancy

Refinances

Streamline Refinances

Case Study

MS Comprehensive SAFE CE 2015 Part 4: Fair Lending

Fair Lending Chapter 1: Chapter One reviews fair lending. It consists of the following sections:

Why do we care about Fair Lending

Department of Justice

Consumer Financial Protection Bureau

Fair Housing Act

Equal Credit Opportunity Act

Types of Discrimination

Fair Lending Chapter 2: Chapter Two reviews the Home Mortgage Disclosure Act. It consists of

the following sections:

HMDA

HMDA Case Study

HMDA Data

Tips for Compliance

Case Study #1

Case Study #2

Case Study #3

Recent Cases

MS Comprehensive SAFE CE 2015 Part 5:

Mississippi Mortgage Law Update 2015

MS Mortgage Law Update 2015 Chapter 1: Chapter One contains an overview of Mississippi

state law. It consists of the following sections:

Definitions and Explanations

License Renewal

Records

Notification

Business Requirements

MS Mortgage Law Update 2015 Chapter 2: Chapter Two covers prohibited practices and rights

of the commissioner. It consists of the following sections:

Prohibited Acts

Lock-in Fees

Advertising

Penalties for Violations

Loan Originators

Nationwide Licensing System

Escrow Accounts

Investigations

Case Study

MS Comprehensive SAFE CE 2015 Course Final: 25 question final exam covering all of the

material discussed in the course.

Course Evaluation: Students will be allowed to give feedback regarding the course.

Course Schedule

This course consists of the five parts outlined below. The requirements for each part are listed

with the approximate time needed to complete each learning module. This course meets the

minimum time requirement of 50 seat minutes for each clock hour the course is approved.

This course is approved as a twelve hour course and must be completed in its entirety in order

for you to receive credit.

Good Luck

Once again, thank you for choosing Praedo Institute. Your success is extremely important to us.

Please let us know if we can be of assistance at any time. Enjoy the course!

Course Outline and Schedule

Module Reading Assignments Due Instruction Time

Allocation (Minutes)

MS Comprehensive SAFE CE 2015 Part 1: Federal Law

Introduction Instructions ROC & Attestation 10

Chapter 1 General

Implementation Quiz Questions 20

Chapter 1 Timing Requirements Quiz Questions 25

Chapter 2 Loan Estimate Review Quiz Questions 50

Chapter 3 Redisclosing and

Tolerances Quiz Questions 10

Chapter 3 Changes of

Circumstance Quiz Questions 5

Chapter 3 Timing Quiz Question 5

Chapter 3 Lender Credits Quiz Question 5

Chapter 3 Case Study Quiz Questions 10

Chapter 4 Closing Disclosure Quiz Questions 20

Chapter 4 Alternative Closing

Disclosure Quiz Question 5

Chapter 4 Delivery of the Closing

Disclosure Quiz Questions 10


Chapter 5 Timing Case Study Quiz Questions 20

MS Comprehensive SAFE CE 2015 Part 2: Ethics and Loan Fraud

Chapter 1 Types of Fraud Quiz Questions 35


Chapter 2 Loan Fraud Statistics Quiz Questions 5

Chapter 2 SARs Reporting Quiz Questions 15

Chapter 2 Anti-Money

Laundering Rule Quiz Question 5

Chapter 2 SARs Rule Reporting

Requirements Quiz Questions 15


MS Comprehensive SAFE CE 2015 Part 3: Nontraditional Lending

Chapter 1 Mortgage Insurance is

NOT Quiz Question 3

Chapter 1 Warn Your Borrowers! Quiz Question 3

Chapter 1 Mortgage Insurance IS Quiz Question 3

Chapter 1 PMI? MIP? Quiz Questions 10

Chapter 1 When Does PMI

Disappear? Quiz Question 3

Chapter 1 What is Right for Your

Borrowers? Quiz Question 3

Chapter 1 MI Should Always be

Avoided Right? Quiz Question 5

Chapter 1 Explain, Explain,

Explain! Quiz Question 3

Chapter 2 FHA 4000.1 Handbook Purpose

Quiz Question 2

Chapter 2 FHA 4000.1 Handbook Effective Date

Quiz Question 2

Chapter 2 Assets Quiz Question 5

Chapter 2 Credit Quiz Question 5

Chapter 2 Documents/Processing Quiz Question 5

Chapter 2 Fees Quiz Question 2

Chapter 2 Income/Employment Quiz Questions 10

Chapter 2 Insurance Quiz Question 2

Chapter 2 Liabilities Quiz Question 3

Chapter 2 Occupancy Quiz Question 2

Chapter 2 Refinances Quiz Question 3

Chapter 2 Streamline Refinances Quiz Question 2


MS Comprehensive SAFE CE 2015 Part 4: Fair Lending

Chapter 1 Why do we care

about Fair Lending Quiz Question 5

Chapter 1 Department of Justice Quiz Questions 5

Chapter 1 Consumer Financial Protection Bureau

Quiz Question 5

Chapter 1 Fair Housing Act Quiz Questions 9

Chapter 1 Equal Credit

Opportunity Act Quiz Questions 11

Chapter 1 Types of

Discrimination Quiz Questions 13

Chapter 2 HMDA Quiz Question 5

Chapter 2 HMDA Case Study Quiz Questions 5

Chapter 2 HMDA Data Quiz Questions 3

Chapter 2 Tips for Compliance Quiz Questions 3

Chapter 2 Case Study #1 Quiz Questions 10



Chapter 2 Recent Cases Quiz Question 8

MS Comprehensive SAFE CE 2015 Part 5: Mississippi Mortgage Law Update 2015

Chapter 1 Definitions and

Explanations Quiz Questions 9

Chapter 1 License Renewal Quiz Question 4

Chapter 1 Records Quiz Questions 7

Chapter 1 Notification Quiz Question 4

Chapter 1 Business

Requirements Quiz Question 4

Chapter 2 Prohibited Acts Quiz Questions 10

Chapter 2 Lock-in Fees Quiz Question 4

Chapter 2 Advertising Quiz Question 5

Chapter 2 Penalties for

Violations Quiz Question 5

Chapter 2 Loan Originators Quiz Questions 5

Chapter 2 Nationwide Licensing

System Quiz Question 4

Chapter 2 Escrow Accounts Quiz Question 5

Chapter 2 Investigations Quiz Question 4


Course Final N/A Comprehensive Final

Exam 25

Course Evaluation N/A Evaluation 5