8 Hour NC Mortgage Law Update 2015 Syllabus

8 Hour NC SAFE Comprehensive Mortgage Loan Originator Course 2015

Course Syllabus

Welcome to our North Carolina 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 eight hour mortgage loan originator continuing

education requirement for the state of North Carolina.

Course Description

Our comprehensive course meets the NMLS Comprehensive CE requirement for New Mexico by

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

two hours of Nontraditional Lending, and one hour of North Carolina 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

Understand the scope and applicability of NC mortgage licensing laws

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

Understand the licensing requirements set forth in the laws and rules

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 an eight 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 not 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 four parts, covering the following subjects: Federal Law, Loan Fraud,

Nontraditional Mortgage, and North Carolina Mortgage Law.

NC 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

NC 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

NC 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

NC Comprehensive SAFE CE 2015 Part 4:

North Carolina Mortgage Law Update 2015

NC Mortgage Law Update 2015 consists of the following sections:

Overview of SAFE and State Code

Definitions and Explanations

License and Registration Requirements

Mortgage Broker Duties

Prohibited Acts

Reporting Requirements

Authority (Regulatory, Licensure, Investigative, and Other)

Residential Mortgage Fraud Act

Case Study

NC 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 four 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 an eight 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)

NC 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

NC 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


NC 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


NC Comprehensive SAFE CE 2015 Part 4: North Carolina Mortgage Law Update 2015

NC Mortgage Law Update 2015

Overview of SAFE and state code

Quiz Question 3


Definitions and Explanations

Quiz Question 5


License and Registration

Requirements Quiz Question 7


Mortgage Broker Duties

Quiz Question 2


Prohibited Acts Quiz Question 3


Reporting Requirements

Quiz Question 2


Authority (Regulatory Licensure,

Investigative, and Other)

Quiz Question 6


Residential Mortgage Fraud Act

Quiz Question 6


Case Study Quiz Question 3

Course Final N/A Comprehensive Final

Exam 25

Course Evaluation N/A Evaluation 5

8 Hour NC Mortgage Law Update 2015 Syllabus

Documents

Transcript of 8 Hour NC Mortgage Law Update 2015 Syllabus