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8/12/2019 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.
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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
OverviewQuiz Questions 15
Chapter 1Closing Disclosure
OverviewQuiz Questions 10
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 2 N/A Chapter Quiz 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
Chapter 4 Case Study #2 Quiz Questions 10
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Chapter 4 Case Study #3 Quiz Questions 10
Chapter 4 Recent Cases Quiz Question 10
Chapter 4 N/A Chapter Quiz 5
MS SAFE CE 2014 Part
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 1 N/A Chapter Quiz 5
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
Chapter 2 N/A Chapter Quiz 5
MS SAFE CE 2014 Part
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
MortgagesQuiz Questions 7
Chapter 1 N/A Chapter Quiz 5
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
MortgagesQuiz Questions 5
Chapter 2 N/A Chapter Quiz 5
MS SAFE CE 2014 Part
4: Advertising and
QM Rule
Chapter 1 Advertising Quiz Question 8
Chapter 1Commercial
CommunicationQuiz Question 8
Chapter 1Prohibited
RepresentationsQuiz Questions 25
Chapter 1Record Keeping
RequirementsQuiz Question 8
Chapter 1 Case Study Quiz Questions 10
Chapter 1 N/A End of Chapter Quiz 5
Chapter 2Ability to Repay and
QM RuleQuiz Questions 30
Chapter 2 Case Study Quiz Questions 10
Chapter 2 N/A End of Chapter Quiz 5
MS SAFE CE 2014 Part
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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 1 N/A End of Chapter Quiz 10
Chapter 2Business
RequirementsQuiz Question 4
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 2 N/A End of Chapter Quiz 10
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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Chapter 3 N/A End of Chapter Quiz 3
SAFE CE 2014 Course
FinalN/A Course Final 20
Course Evaluation N/A Evaluation 5
Total Course time 720