This program is delivered through a university-quality learning management system providing you with 24/7 access. The course is rigorous and demanding but it is not timed. Most students complete the curriculum with 25 -40 hours of effort. When you log in you’ll see slides, reading material, video, audio, drag and drop type learning components and more.
The suggested assignments during the course will help you stay on track and learn properly however they are not required to receive course credit. Course credit IS NOT contingent on any minimum score for assignments or quizzes. Students must pass the end of course exam to receive course credit. The minimum passing score for the final exam is 70%. Should you fail to pass the end of course exam after two attempts, please contact firstname.lastname@example.org to reenroll in the course without cost.
Once you register, you will receive an email with all the details and information on accessing your course. You are provided 45 days access.
COURSE OBJECTIVES (Learning Outcomes)
Module I: General Mortgage Knowledge
- Unit 1A Mortgage Industry Overview – Students will recognize how the residential mortgage space has evolved from its beginnings, providing for a more contextual approach to understanding today’s mortgage industry and attendant regulation
- Unit 1B Primer on Law and Regulation – Students will differentiate between law and regulations. Students will identify the relationship between regulators, law, and compliance
- Unit 1C Interagency Guidance on Subprime Lending – Students will identify the context, importance and utility of the CSBS/AARMR/NACCA Statement on Subprime Lending and how the guidance integrates with current regulatory regimens
- Unit 1D Overview of Dodd-Frank – Students will interpret the pertinent titles of the watershed law and regulation and learn from past industry shortcomings
- Unit 1E Ability to Repay and Qualified Mortgage – On most residential mortgage transactions, federal law requires creditors extend credit only when there is a reasonable belief the consumer possesses the capacity to repay the loan as agreed. Students will compare regulatory adaptations and industry practices to this legal requirement. Students will recognize how appropriate policies and practices provide greater consumer protection and at the same time afford legal protections to creditors that follow the safe harbor rules
- Unit 1F The SAFE Act – Students will recognize the federal mortgage origination licensing requirements and obligatory compliance practices
- Unit 1G Security Instruments – Students will grasp the key points of how creditors create their security interest in properties secured by trust deeds and mortgages
- Unit 1H Appraisal Methodology -Students will differentiate the residential appraisal approaches and methodology by describing accepted approaches to residential real estate valuation
- Unit 1I Title Insurance and Closing – Students will recognize the essential workflow leading to closing. Students will learn the basics of standard title insurance coverage.
Module II: Mortgage Loan Origination Activities
- Unit 2A The Loan Manufacture – Students will recognize the essentials of sound loan manufacture. Students will identify the path to greater consumer satisfaction. Students will locate frequent trappings in loan manufacture thereby enhancing their overall
ability to delight consumers and stay compliant. Students will learn the essentials in unlocking consumer value (optimizing the mortgage solution). Students will identify unlawful practices to understand compliance boundaries
- Unit 2B TRID TIL/RESPA Integrated Disclosure Rule – Students will appraise TRID disclosures and their use
- Unit 2C Loan Programs and Products – Students appraise mortgage programs and products to understand appropriate mortgage selection
- Unit 2D Underwriting – Students will identify basic Qualified Mortgage approach to underwriting, Students will interpret credit scoring ramifications, Students will learn to identify threat risk from the underwriting perspective
- Unit 2E Financial Calculations – Students will learn basic mortgage math and common math expressions such as LTV, DTI. Students will identify the relationship between underwriting practices, Automated Underwriting Systems (AUS) and credit scoring
Module III: Ethical lending
- Unit 3A TILA Loan Originator Rule/MLO Compensation – Students will identify compliant practices and constraints for MLO compensation
- Unit 3B Key Disclosures – Students will describe essential financial disclosure formats
- Unit 3C Ethics and Federal Laws – Students will identify ethics as it relates to the law and compliance. Students will survey various federal agencies and their work in combating unlawful wrongdoing
- Unit 3D Bank Secrecy Act and Anti-Money Laundering Laws – Students will identify reporting requirements under AML/BSA regimes
- Unit 3E Fair Lending / HUD Fair Housing Act/ Equal Credit Opportunity Act – Students will describe the nuances and ethical boundaries of disparate treatment and disparate impact. Students will understand the requirements and constraints imposed by ECOA
- Unit 3F Mortgage Acts and Practices (MAP Act) Regulation N – Students identify compliant communication practices according to Reg N
Module IV: Federal Law
- Unit 4A RESPA – Students identify essential disclosures and prohibited practices under RESPA
- Unit 4B TILA/HOEPA/HPML – Students differentiate distinguishing thresholds and requirements under TILA
- Unit 4C E-Sign Act – Students will identify the boundaries in utilizing electronic disclosures and agreements under the E-SIGN
- Unit 4D Gramm Leach Bliley/ FTC Safeguard Rules, Privacy – Students will identify privacy obligations under GLBA and FTC Safeguard Rule.
- Unit 4E FTC Do-Not-Call List – Students will understand constraints imposed on telemarketers by the FTC Do-Not-Call list
- Unit 4F Homeowner Protection Act – Students identify the requisite circumstances that mandate termination of PMI
- Unit 4G Fair Credit Reporting Act/ Fair and Accurate Credit Transactions Act/ FTC Red Flag Rules – Students will learn about MLO obligations in combating identity theft by understanding FTC Red Flag rules
- Unit 4H US PATRIOT Act – Students will learn about the Customer Identification Program requirements and US PATRIOT Act
- Unit 4I Home Mortgage Disclosure Act – Students will identify HMDA current reporting requirements as it relates to Fair Lending monitoring and compliance
And much more:
Establishment of the Consumer Financial Protection Bureau, Regulatory Authority Responsibilities, Identify and contrast Qualified and Non-Qualified Mortgage, Foreclosure, Components and the utility of the title report, Settlement/Closing Agent, Explanation of Fees, Explanation of Documents, Funding, manufacture the residential mortgage, Constructing a well-documented mortgage application, Identify good practices, avoiding common missteps, Determining appropriate mortgage solutions. Identifying customer requirements and needs, Recognize the timing requirements of the Loan Estimate, Closing Disclosure, Compare and recognize the scope and benefits of various mortgage programs including conforming loans (Fannie Mae, Freddie Mac), government insured loans (FHA, VA, USDA), nonconforming mortgage product (e.g. Jumbo, Alt-A,) (Non-Traditional Product), Identify and recognize various mortgage products, Identify the steps in processing and underwriting the application, Recognize essential loan requirements, Ability to repay underwriting.
The elemental components of underwriting including analysis of assets, liabilities, income, credit report, qualifying, Credit scoring, Financial Calculations, Periodic interest, Payments (principal, interest, taxes, and insurance; mortgage insurance, if applicable), Down payment, Loan-to-value (loan-to-value, combined loan-to-value, total loan-to-value), Debt-to-income Ratios, Interest rate buy-down (discount points), Closing costs and prepaid items, ARMs (e.g., fully indexed rate), Qualified Mortgage monthly payment calculations, CSBS/AARMR/NACCA Statement on Subprime Lending, Identify accuracy requirements, Ethical issues related to federal laws, Violations of federal law, Prohibited acts, Fraud detection, Predatory Lending, Customer Identification Program, Department of Housing and Urban Development / Fair Lending and Fair Housing), Equal Credit Opportunity Act (ECOA – Reg. B).
Windows 7 – Windows 10
Mac OS X 10.9 (Mavericks) – 10.11 (El Capitan)
Google Chrome v34 or later
Mozilla Firefox v34 or later
Internet Explorer v8 or later
Apple Safari v6 or later
Internet connection Software
1 Mbps or better (broadband recommended)
GoToWebinar desktop app
Word processing program such as Word
2GB or more of RAM
Microphone and speakers (USB headset recommended**)
Windows XP, Windows Vista and Mac OS X 10.8 (Mountain Lion) are incompatible.
Upon request, you will also receive four hours of online mortgage sales training, prospect conversion skills for the loan originator. Get loans! A $149 value.
See what our graduates have to say about our programs here: www.trustlink.org