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20 Hour Safe Courses, NMLS SAFE ACT Training, MLO Training, Mortgage Courses, Loan Officer Testing, NMLS, 20 Hour Safe Act Training Online, NMLS Practice Test
20-Hour Mortgage Loan Originator SAFE Comprehensive Course uses the Mortgage Lending Principles and Practices textbook, which was designed to meet the core criteria established by the SAFE Act for national mortgage loan originators, including three hours on federal lending legislation—including recent changes to the Truth in Lending Act and the Real Estate Settlement Procedures Act as a result of the Mortgage Disclosure Improvement Act—three hours on the critical topic of fair lending and ethics, and two hours on nontraditional lending products. In addition, the text presents elective topics selected to give students the information they need to successfully enter the mortgage lending field. This course provides a primer on the primary and secondary mortgage markets, as well as a review of the economic, legal, and valuation aspects of the real estate market. This text also details types of loan products and finance instruments—including conventional, government, and nontraditional financing tools—available today. Students will also learn the fundamentals of the residential mortgage lending process—from pre-qualifying potential borrowers, to understanding appraisals, to closing a loan.
Participants learn the general loan process from origination to closing. Lessons provide comprehensive information in the areas of federal mortgage related laws, general mortgage knowledge, mortgage loan origination activities and ethics. The course provides a solid foundation of knowledge to prepare participants for the national mortgage licensing exam.
Over a one-week period, students will examine the following topics in great detail:
This course is designed for individuals who are new to the mortgage origination business or those who want to refresh their knowledge with the requirements of the SAFE Act. By the end of the course, you will be able to:
Title V of the Housing and Economic Recovery Act of 2008 (H.E.R.A.), “the SAFE Act,” became effective July 30, 2009 and mandates that state-licensed mortgage loan originators meet certain minimum requirements for licensure.
States were required to enact SAFE laws that will bring their mortgage loan originators into compliance with the SAFE Act no later than December 31, 2010.
What The SAFE Act Does
Essentially, SAFE requires states to establish minimum rules and standards for the licensing and registration of mortgage loan originators. This allows easy access to a Loan Officer and Mortgage Broker's credentials and allows the public to know what kind of mortgage history these providers have.
The National Mortgage Licensing System (NMLS) is the governing body associated with SAFE. Under the SAFE Act, Loan Officers and Mortgage Brokers are required to take the SAFE course.
SAFE standards and mandates are required in all states by the end of 2010. NMLS training satisfies the requirements needed to originate mortgage loans.