7 Hour SAFE Core

Product Code: ISFWB-11-001-001, Individual Continuing Education Online Course; NMLS Course Number: 2012

NMLS banking fees included with your AllRegs SAFE Act Training registration.

Are you a Mortgage Loan Originator that still needs to attain your Continuing Education credits? Fulfill your requirements with AllRegs Academy!

Our 7 Hour SAFE Core course satisfies 7 hours of NMLS-approved federal continuing education, including 3 hours of Federal Law, 2 hours of Ethics and 2 hours of Non-Traditional Mortgages.

This self-study online course will address the Fair and Accurate Credit Transaction Act (FACT Act), Housing and Economic Recovery Act (HERA), Mortgage Disclosure Improvement Act (MDIA), Homeowners Protection Act (HPA), ethical practices in mortgage lending, lender responsibilities in fair lending, Veterans Administration (VA) loans, as well as non-traditional and subprime lending. Students attending the 7 Hour SAFE Core course will gain knowledge in all of these areas, while satisfying 7 hours on NMLS-approved continuing education credit. Please note that the SAFE Act specifically prohibits the taking of the same course in successive years.

• View the NMLS Approval Letter for this course.
• View AllRegs' NMLS Course Provider Approval.
• To find out more about your state requirements, visit AllRegs' Continuing Education Resources.
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Learning Goals & Objectives

3 Hour Federal Law: FACT Act, HERA, MDIA, HPA

Upon completion of this course, you will be able to:

• Review history and purpose of FACT Act
• Recognize how FACT Act affects lending practices
• List consumer rights and lender responsibilities
• Identify key components of an identity theft program
• List the requirements of a Red Flags Rule program
• Identify, report and prevent identity theft
• Recognize ways to protect and restore credit histories of victims of identity theft
• Identify the overall purpose of HERA
• Recognize the three divisions of the bill
• Interpret the unique objectives of each division
• Compare portions of HERA to the American Recovery and Reinvestment Act
• Identify which loans are covered by the MDIA requirements
• Recognize when an application has been taken
• Determine disclosure delivery
• Identify re-disclosure requirements
• Identify servicing requirements
• List options for removing borrower-paid PMI
• Distinguish between Fannie Mae/Freddie Mac high risk loans and lender-defined high risk loans
• Identify differences in disclosures for an adjustable rate mortgage and a fixed rate mortgage
• Identify the timeframes for the required disclosures
• Recognize termination options for lender-paid PMI

2 Hour Ethics: Ethical Practices and Fair Lending – Lender Responsibilities

Upon completion of this course, you will be able to:

• Identify key points explaining the concept of business ethics
• List factors that influence ethical decisions
• Identify the benefits of ethical business practices
• Identify key characteristics of a basic code of conduct
• Identify fair lending programs and initiatives
• Recognize lender responsibilities in fair lending
• Identify self-testing practices
• Recognize considerations in vendor selection to test an institution
• Identify features of useful test results
• Identify actions to eliminate poor lending practices
• List effects of lender non-compliance

2 Hour Non-traditional Mortgages:

Upon completion of this course, you will be able to:

• List the benefits and challenges with VA loans
• Identify key characteristics of VA programs
• Recognize eligible property types
• Identify the disclosures required with a VA loan
• Determine VA loan limits and allowable seller concessions
• Calculate maximum VA mortgage amounts
• Examine the purpose of the Interagency Guidance on Nontraditional Mortgage Product Risks
• Outline identified risks and risk mitigation measures associated with nontraditional mortgage products
• Identify recommended practices for consumer protection in nontraditional mortgages
• Distinguish between subprime lending and predatory lending
• Identify characteristics and risk factors associated with adjustable rate mortgages (ARMs)
• Identify sound underwriting practices for subprime ARMs
• Recognize consumer protection principles

Target Audience

• Mortgage Loan Originators
• Loan Officers
• Mortgage Brokers

Course Delivery

Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles and real world examples, with audio and/or video recordings of industry experts.

The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. This course will take no less than seven hours to complete.

Tuition & Registration

This course satisfies seven hours of NMLS-approved federal Continuing Education training.

Tuition for this course is $93.00 and includes the Credit Banking and Admin Fee applicable to this course. View full list of Continuing Education courses available for individual purchase.

Students have 12 months from the registration date to complete the course. Upon successful completion of the course, students can download their industry-recognized certificate of completion and transcript.

NOTE: The SAFE Act specifically prohibits the taking of the same course in successive years.

For more information or to register by phone, call your Regional Account Executive at (800) 848-4904 or email sales@allregs.com.