12 Hour NJ Mortgage Law Update Syllabus

7/28/2019 12 Hour NJ Mortgage Law Update Syllabus

http://slidepdf.com/reader/full/12-hour-nj-mortgage-law-update-syllabus 1/10

12 Hour NJ SAFE Comprehensive Mortgage Loan Originator Course 2013

Course Syllabus

Welcome to our New Jersey SAFE Comprehensive Mortgage Loan Originator Course for 2013.

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 2013 NMLS twelve hour mortgage loan originator continuing

education requirement for the state of New Jersey.

Course Description

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

covering the following topics: four hours of Federal Law, two hours of Fair Lending, two hours

of Ethics and Loan Fraud, two hours of the History of Nontraditional Lending and Current

Trends, and two hours of New Jersey Mortgage Law.

Course Dates and Times

This course is offered for the 2013 license renewal period. In order to ensure proper reporting

to NMLS before all mortgage loan originator licenses expire on December 31, 2013, this course

must be completed by December 20, 2013.

Course Objectives

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

Explain the Final Rule on Mortgage Loan Originator Qualification and Compensation

Practices

Understand the Qualified Mortgage Rule

Apply lessons learned from the advertising enforcement activities

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

Explain the Home Mortgage Disclosure Act (HDMA)

Comply with the Home Mortgage Disclosure Act

Understand and evaluate potential fair lending violations

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 the history of subprime loans as well as the state of the market now



Explain predatory lending and how to avoid it

Recognize current trends in the demand and market for subprime loans

Understand the scope and applicability of New Jersey 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 PoliciesEach 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 student’s 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, andchat 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 telephone number is 801-492-9933 and the support email is [email protected].

Please note, our technical support staff will often be unable to answer content questions which

are more appropriately directed to your instructor.

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, Fair Lending,

Loan Fraud, Nontraditional Mortgage and New Jersey Mortgage Law

mailto:[email protected]

mailto:[email protected]



NJ SAFE CE 2013 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.

2013 Federal Law Review Chapter 1: Chapter One explains the basic requirements of the LOCompensation Rule. It consists of the following sections:

LO Compensation Rule

Payments Based on Transaction Terms

Reducing LO Compensation on a Transaction

Other Compensation Issues

Case Study

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

2013 Federal Law Review Chapter 2: Chapter Two covers how to advertise in a compliant

manner. 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 Chapter Two.

2013 Federal Law Review Chapter 3: Chapter Three 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 Chapter Three.

2013 Federal Law Review Chapter 4: Chapter Four covers the complicated Fair Lending federal

statutes and rules. 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

Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Four.

NJ SAFE CE 2013 Part 2: Fair Lending



SAFE CE 2013 Fair Lending Chapter 1: Chapter One reviews the Home Mortgage Disclosure Act

and tips on maintaining compliance with Fair Lending Laws. It consists of the following

sections:

Home Mortgage Disclosure Act

Tips for Compliance

Case Studies


SAFE CE 2013 Fair Lending Chapter 2: Chapter Two reviews several cases filed by the

Department of Justice. It consists of the following sections:

Countrywide Financial Corp.

GFI Mortgage Bankers, Inc.

Midwest BankCentre


NJ SAFE CE 2013 Part 3: 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:

Introduction to Loan Fraud

Definition of Loan Fraud

Consequences of Fraud

Types of Fraud


Ethics and Loan Fraud Chapter 2: Chapter Two will review the new requirements for mortgagelenders and brokers regarding money laundering and loan fraud reporting. It consists of the

following sections:

SARs Reporting

Anti-Money Laundering Rule

SARs Rule Reporting Requirements

How to File a SAR

SARs Statistics

SAR Scenarios

Case Study


NJ SAFE CE 2013 Part 4: Nontraditional Mortgage

History of Nontraditional Lending and Current Trends Chapter 1: Chapter One introduces the

history of subprime loans. It consists of the following sections:



History

Examples

Predatory Lending


History of Nontraditional Lending and Current Trends Chapter 2: Chapter Two covers thecurrent state of the market with regard to subprime lending and nontraditional mortgages. It

consists of the following sections:

Types of Nontraditional Loans

Non 30-year Fixed

Adjustable Rate Mortgage

Your Responsibility

Balloon Loans


NJ SAFE CE 2013 Part 5: New Jersey Mortgage Law Update

NJ Mortgage Law Update 2013 Chapter 1: Chapter One contains an overview of NJ acts and

state code. It consists of the following sections:

Overview of Acts and State code

Definitions and Explanations

Licensing Requirements/Exemptions

Different Standards

Education Requirements

License Regulations

Insurance Requirements

Records

Permitted Fees


NJ Mortgage Law Update 2013 Chapter 2: Chapter Two covers prohibited practices and

reporting requirements. It consists of the following sections:

Prohibited Practices

More Regulations

Secondary Loans

Investigations

Application Process

Reporting Requirements

Continuing Education

Noncompliance



Case Study


NJ Mortgage Law Update 2013 Chapter 3

Commissioner Authority

Keeping of Records Withholding Information

Case Study

NJ SAFE CE 2013 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 listedwith 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)

SAFE CE 2013 Part 1:

Federal Law Introduction Attestation 5

Chapter 1 LO Compensation Rule Quiz Questions 20

Chapter 1 Payments Based on

Transaction TermsQuiz Questions 15

Chapter 1

Reducing LO

Compensation on a

Transaction

Quiz Question 5

Chapter 1 Other Compensation

IssuesQuiz Questions 10

Chapter 1 Case Study Quiz Questions 10

Chapter 1 N/A Chapter Quiz 5

Chapter 2 Advertising Quiz Question 5

Chapter 2 Commercial

CommunicationQuiz Question 5

Chapter 2 Prohibited

RepresentationsQuiz Questions 25

Chapter 2 Record Keeping

RequirementsQuiz Question 5



Chapter 3 Ability to Repay and QM

RuleQuiz Questions 35



Chapter 4 Why do we care about

Fair LendingQuiz Question 5

Chapter 4 Department of Justice Quiz Questions 10

Chapter 4 Consumer Financial

Protection Bureau

Quiz Question 5

Chapter 4 Fair Housing Act Quiz Questions 10

Chapter 4 Equal Credit Opportunity

ActQuiz Questions 15

Chapter 4 Types of Discrimination Quiz Questions 15





Fair Lending

Chapter 1Home Mortgage

Disclosure ActQuiz Question 6

Chapter 1 Tips for Compliance Quiz Question 4

Chapter 1 Case Studies Quiz Questions 40

Chapter 1 N/A End of Chapter Quiz 5

Chapter 2 Citywide Financial Corp. Quiz Questions 25

Chapter 2 GFI Mortgage Bankers Quiz Questions 15

Chapter 2 Midwest BankCentre Quiz Questions 10



Ethics and Loan

Fraud

Chapter 1 Introduction to Loan

FraudQuiz Question 5

Chapter 1 Definition of Loan Fraud Quiz Question 5

Chapter 1 Consequences of Fraud Quiz Questions 10

Chapter 1 Types of Fraud Quiz Questions 20


Chapter 2 SARs Reporting Quiz Questions 15

Chapter 2 Anti-Money Laundering

RuleQuiz Question 5

Chapter 2 SARs Rule Reporting

RequirementsQuiz Questions 10

Chapter 2 How to File a SAR Quiz Question 5

Chapter 2 SARs Statistics Quiz Questions 15

Chapter 2 SARs Scenarios Quiz Questions 15




Nontraditional

Mortgage

Chapter 1 History Quiz Questions 10

Chapter 1 Examples Quiz Questions 10

Chapter 1 Predatory Lending Quiz Questions 15


Chapter 2 Types of Nontraditional

LoansQuiz Question 5

Chapter 2 Non 30-year Fixed Quiz Question 5



Chapter 2 Adjustable Rate Mortgage Quiz Questions 10

Chapter 2 Your Responsibility

Activity 3 - Written

Submission & Quiz

Questions

20

Chapter 2 Balloon Loans Quiz Questions 10Chapter 2 N/A Chapter Quiz 10


New Jersey

Mortgage Law

Update

Chapter 1Overview of Acts and

State CodeQuiz Question 3

Chapter 1Definitions and

ExplanationsQuiz Questions 8

Chapter 1 LicensingRequirements/Exemptions Quiz Question 2

Chapter 1 Different Standards Quiz Question 6

Chapter 1 Education Requirements Quiz Question 3

Chapter 1 License Regulations Quiz Question 2

Chapter 1 Insurance Requirements Quiz Question 3

Chapter 1 Records Quiz Question 4

Chapter 1 Permitted Fees Quiz Question 3


Chapter 2 Prohibited Practices Quiz Questions 10

Chapter 2 More Regulations Quiz Questions 7Chapter 2 Secondary Loans Quiz Question 2

Chapter 2 Investigations Quiz Questions 12

Chapter 2 Application Process Quiz Question 4

Chapter 2 Reporting Requirements Quiz Question 2

Chapter 2 Continuing Education Quiz Question 3

Chapter 2 Noncompliance Quiz Question 3



Chapter 3 Commissioner Authority Quiz Question 6

Chapter 3 Keeping of Records Quiz Question 3Chapter 3 Withholding Information Quiz Question 4


SAFE CE 2013 Course

Final N/A Course Final 20

Course Evaluation N/A Evaluation 5



Total Course Time

(Minutes)720

Documents

12 Hour NJ Mortgage Law Update Syllabus