12 hour ms mortgage law update syllabus 2014

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12 Hour MS SAFE Comprehensive Mortgage Loan Originator Course 2014

Course Syllabus

Welcome to our Mississippi SAFE Comprehensive Mortgage Loan Originator Course for 2014.

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 2014 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 Advertising/QM Rule, and two hours of

Mississippi Mortgage Law.

Course Dates and Times

This course is offered for the 2014 license renewal period. In order to ensure proper reporting

to NMLS before all mortgage loan originator licenses expire on December 31, 2014, this course

must be completed by December 21, 2014.

Course Objectives

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

Understand the requirements of the new Loan Estimate disclosure form Understand the requirements of the new Closing Disclosure form Compare and contrast the new Loan Estimate disclosure form with the current GFE and

TILA disclosures

Compare and contrast the new Closing Disclosure form with the current HUD-1Settlement Statement

Analyze situations and properly evaluate them in the context of fair lending compliance 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 recent changes relating to reverse mortgages Explain the Reverse Mortgage Stabilization Act


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Recognize problems and concerns with reverse mortgages Apply lessons learned from the advertising enforcement activities Understand the Ability-to-Repay and Qualified Mortgage Rule 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 complete the parts in order to progress

through the 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 SupportAs 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 [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 theintroduction 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, Advertising/QM Rule, and Mississippi Mortgage Law.
mailto:[email protected]:[email protected]


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MS SAFE CE 2014 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.

2014 Federal Law Update Chapter 1: Chapter One explains the new disclosure rule. It consistsof the following sections:

Disclosure Rule Overview Loan Estimate Overview Closing Disclosure Overview Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.

2014 Federal Law Update Chapter 2: Chapter Two covers CFPB Supervisory Highlights. It

consists of the following sections:

Supervisory Highlights CMS Case Review - First Alliance Self-Reporting Self-Policing Remediation Cooperation Case Review - Fidelity Illegal Referral Schemes Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.

2014 Federal Law Update Chapter 3: Chapter Three reviews fair lending. It consists of thefollowing 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 Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Three.

2014 Federal Law Update Chapter 4: Chapter Four reviews the Home Mortgage Disclosure Act.

It consists of the following sections:

HMDA HMDA Case Study HMDA Data Tips for Compliance


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Case Study #1 Case Study #2 Case Study #3 Recent Cases Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Four.

MS SAFE CE 2014 Part 2: Ethics and Loan Fraud

Ethics and Loan Fraud 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:

Loan Fraud Statistics Definition of Loan Fraud Consequences of Fraud Types of Fraud Fraud Schemes Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.

Ethics and Loan Fraud Chapter 2: Chapter Two will review the requirements for mortgage

lenders and brokers regarding money laundering and loan fraud reporting. It consists of the

following sections:

Regulatory Agencies SARs Reporting Anti-Money Laundering Rule SARs Rule Reporting Requirements SARs Statistics SAR Scenarios Case Study Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.

MS SAFE CE 2014 Part 3: Nontraditional Mortgage

Nontraditional Lending Chapter 1: Chapter One discusses reverse mortgages. It consists of the

following sections:

Overview of Reverse Mortgages Who Offers Them? Payout Options Maturity Events Eligibility Requirements HECM Costs


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History of Reverse Mortgages Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.

Nontraditional Lending Chapter 2: Chapter Two covers the Reverse Mortgage Stabilization Act.

It consists of the following sections:

Rule Changes

Initial Disbursement Limits Determining Principal Limit Term and Tenure Payments MIP and Principal Limit Factors Initial MIP Calculations for Refinances Problems and Concerns with Reverse Mortgages Third-Party Counseling Deferred Payment Loan Proprietary Reverse Mortgages Alternative to Reverse Mortgages Dangers of Reverse Mortgages Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.

MS SAFE CE 2014 Part 4: Advertising and QM Rule

SAFE CE 2014 Advertising: This chapter reviews the Mortgage Acts and Practices Advertising

Rule. It consists of the following sections:

Advertising Commercial Communication Prohibited Representations Record Keeping Requirements Case Study Chapter Quiz: 5 question quiz covering all of the material discussed in this chapter.

SAFE CE 2014 Ability-to-Repay and QM Rule: This chapter reviews the Ability-to-Repay and

Qualified Mortgage Rule. It consists of the following sections:

Ability to Repay and QM Rule Case Study Chapter Quiz: 5 question quiz covering all of the material discussed in this chapter.

MS SAFE CE 2014 Part 5: Mississippi Mortgage Law Update

MS Mortgage Law Update 2014 Chapter 1: Chapter One contains an overview of Mississippi

state law. It consists of the following sections:


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Overview of Acts and State code Definitions and Explanations Renewals Records Chapter Quiz: 10 question quiz covering all of the material discussed in Chapter One.

MS Mortgage Law Update 2014 Chapter 2: Chapter Two covers prohibited practices and rights

of the commissioner. It consists of the following sections:

Business Requirements Prohibited Acts Lock-in Fees Advertising Penalties More Rights of the Commissioner License Suspension and Notification Violations of Law; Cease and Desist Orders; Failure to Comply with Order; Civil Penalty Subpoenas Case Study Chapter Quiz: 10 question quiz covering all of the material discussed in Chapter Two.

MS Mortgage Law Update 2014 Chapter 3: Chapter Three covers the Veteran's Home

Purchase Board. It consists of the following sections:

Veteran's Home Purchase Board Refinancing Prohibitions Waiver of Divestment Requirement Servicing Delinquent Loans Foreclosure Process Borrower's Request for Information Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Three. MS SAFE CE 2014 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.


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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 orderfor you to receive credit.

Good Luck

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

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


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Course Outline and Schedule

Module Reading Assignments DueInstruction Time

Allocation (Minutes)

MS SAFE CE 2014 Part

1: Federal LawIntroduction Attestation 7

Chapter 1Disclosure Rule

OverviewQuiz Questions 10

Chapter 1Loan Estimate


Chapter 1Closing Disclosure


Chapter 1 N/A Chapter Quiz 5

Chapter 2 Supervisory Highlights Quiz Question 5

Chapter 2 CMS Quiz Questions 10

Chapter 2Case Review - First

Alliance Quiz Question 5

Chapter 2 Self-Reporting Quiz Question 5

Chapter 2 Self-Policing Quiz Question 5

Chapter 2 Remediation Quiz Question 5

Chapter 2 Cooperation Quiz Question 5

Chapter 2 Case Review - Fidelity Quiz Question 5

Chapter 2Illegal Referral

SchemesQuiz Question 5


Chapter 3 Why do we careabout Fair Lending Quiz Question 5

Chapter 3 Department of Justice Quiz Questions 10

Chapter 3Consumer Financial

Protection BureauQuiz Question 5

Chapter 3 Fair Housing Act Quiz Questions 10

Chapter 3Equal Credit

Opportunity ActQuiz Questions 15

Chapter 3Types of

DiscriminationQuiz Questions 15

Chapter 3 N/A Chapter Quiz 5Chapter 4 HMDA Quiz Question 5

Chapter 4 HMDA Case Study Quiz Questions 10

Chapter 4 HMDA Data Quiz Questions 5

Chapter 4 Tips for Compliance Quiz Questions 5

Chapter 4 Case Study #1 Quiz Questions 10



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Chapter 4 Recent Cases Quiz Question 10



2: Ethics and Loan

Fraud

Chapter 1 Loan Fraud Statistics Quiz Question 5

Chapter 1Definition of Loan

FraudQuiz Question 5

Chapter 1Consequences of

FraudQuiz Questions 10

Chapter 1 Types of Fraud Quiz Questions 10

Chapter 1 Fraud Schemes Quiz Questions 10


Chapter 2 Regulatory Agencies Quiz Questions 15

Chapter 2 SARs Reporting Quiz Questions 10

Chapter 2Anti-Money

Laundering RuleQuiz Question 5

Chapter 2SARs Rule Reporting

RequirementsQuiz Questions 10

Chapter 2 SARs Statistics Quiz Questions 10

Chapter 2 SARs Scenarios Quiz Questions 10

Chapter 2 Case Study Quiz Questions 5



3: Nontraditional

Mortgage

Chapter 1Overview of Reverse

MortgagesQuiz Questions 4

Chapter 1 Who Offers Them? Quiz Question 5

Chapter 1 Payout Options Quiz Question 5

Chapter 1 Maturity Events Quiz Question 4

Chapter 1Eligibility

RequirementsQuiz Question 5

Chapter 1 HECM Costs Quiz Question 4

Chapter 1History of Reverse



Chapter 2 Rule Changes Quiz Questions 7

Chapter 2 Initial Disbursement Quiz Questions 5


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Limits

Chapter 2Determining Principal

LimitQuiz Questions 5

Chapter 2Term and Tenure

Payments

Quiz Question 5

Chapter 2MIP and Principal

Limit FactorsQuiz Question 5

Chapter 2

Initial MIP

Calculations for

Refinances

Quiz Question 5

Chapter 2

Problems and

Concerns with

Reverse Mortgages

Quiz Questions 10

Chapter 2Third-Party

CounselingQuiz Questions 8

Chapter 2Deferred Payment

LoanQuiz Question 5

Chapter 2Proprietary Reverse

MortgagesQuiz Question 5

Chapter 2Alternative to Reverse

MortgagesQuiz Question 5

Chapter 2Dangers of Reverse




4: Advertising and

QM Rule

Chapter 1 Advertising Quiz Question 8

Chapter 1Commercial

CommunicationQuiz Question 8

Chapter 1Prohibited

RepresentationsQuiz Questions 25

Chapter 1Record Keeping



Chapter 1 N/A End of Chapter Quiz 5

Chapter 2Ability to Repay and

QM RuleQuiz Questions 30





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5: Mississippi

Mortgage Law

Update

Chapter 1Overview of Acts and

State CodeQuiz Question 4

Chapter 1Definitions and

ExplanationsQuiz Questions 11

Chapter 1 Renewals Quiz Questions 8

Chapter 1 Records Quiz Questions 8


Chapter 2Business


Chapter 2 Prohibited Acts Quiz Questions 11

Chapter 2 Lock-in Fees Quiz Question 3

Chapter 2 Advertising Quiz Question 4

Chapter 2 Penalties Quiz Question 4

Chapter 2More Rights of the

CommissionerQuiz Questions 7

Chapter 2License Suspension

and NotificationQuiz Question 4

Chapter 2

Violations of Law;

Cease and Desist

Orders; Failure to

Comply with Order;

Civil Penalty

Quiz Question 4

Chapter 2 Subpoenas Quiz Question 4Chapter 2 Case Study Quiz Questions 5


Chapter 3Veteran's Home

Purchase BoardQuiz Question 4

Chapter 3 Refinancing Quiz Question 2

Chapter 3 Prohibitions Quiz Question 1

Chapter 3

Waiver of

Divestment

Requirement

Quiz Questions 4

Chapter 3Servicing

Delinquent LoansQuiz Question 1

Chapter 3Foreclosure

Process2

Chapter 3

Borrower's

Request for

Information

Quiz Question 2


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SAFE CE 2014 Course

FinalN/A Course Final 20

Course Evaluation N/A Evaluation 5

Total Course time 720

12 hour ms mortgage law update syllabus 2014

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