12 Hour NJ SAFE Comprehensive Mortgage Loan Originator Course 2015
Course Syllabus
Welcome to our New Jersey 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 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 Ethics and Loan Fraud,
two hours of Nontraditional Lending, two hours of Fair Lending, and two hours of New Jersey
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
Explain why fair lending is an important compliance issue for mortgage companies
Understand the federal laws related to fair lending
Apply lessons learned in fair lending cases to your mortgage practice
Analyze situations and properly evaluate them in the context of fair lending compliance
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 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 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 five parts, covering the following subjects: Federal Law, Loan Fraud,
Nontraditional Mortgage, Fair Lending, and New Jersey Mortgage Law
NJ 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
NJ 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
NJ 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
NJ Comprehensive SAFE CE 2015 Part 4: Fair Lending
Fair Lending Chapter 1: Chapter One reviews fair lending. 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
Fair Lending Chapter 2: Chapter Two reviews the Home Mortgage Disclosure Act. It consists of
the following sections:
HMDA
HMDA Case Study
HMDA Data
Tips for Compliance
Case Study #1
Case Study #2
Case Study #3
Recent Cases
NJ Comprehensive SAFE CE 2015 Part 5:
New Jersey Mortgage Law Update 2015
NJ Mortgage Law Update 2015 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
License Regulations
Insurance Requirements for Borrowers
Records
Examinations
Permitted Fees
NJ Mortgage Law Update 2015 Chapter 2: Chapter Two covers prohibited practices. It consists
of the following sections:
Prohibited Practices
Prohibited Wording
Prohibited Acts with Secondary Mortgages
Investigations
Applicability
Application Process
Case Study
NJ 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 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 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)
NJ 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 4 Case Study Quiz Questions 15
Chapter 5 Timing Case Study Quiz Questions 20
NJ Comprehensive SAFE CE 2015 Part 2: Ethics and Loan Fraud
Chapter 1 Types of Fraud Quiz Questions 35
Chapter 1 Case Study Quiz Questions 10
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
Chapter 2 Case Study Quiz Questions 20
NJ 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
Chapter 2 Case Study Quiz Questions 10
NJ Comprehensive SAFE CE 2015 Part 4: Fair Lending
Chapter 1 Why do we care
about Fair Lending Quiz Question 5
Chapter 1 Department of Justice Quiz Questions 5
Chapter 1 Consumer Financial Protection Bureau
Quiz Question 5
Chapter 1 Fair Housing Act Quiz Questions 9
Chapter 1 Equal Credit
Opportunity Act Quiz Questions 11
Chapter 1 Types of
Discrimination Quiz Questions 13
Chapter 2 HMDA Quiz Question 5
Chapter 2 HMDA Case Study Quiz Questions 5
Chapter 2 HMDA Data Quiz Questions 3
Chapter 2 Tips for Compliance Quiz Questions 3
Chapter 2 Case Study #1 Quiz Questions 10
Chapter 2 Case Study #2 Quiz Questions 8
Chapter 2 Case Study #3 Quiz Questions 10
Chapter 2 Recent Cases Quiz Question 8
NJ Comprehensive SAFE CE 2015 Part 5: New Jersey Mortgage Law Update 2015
Chapter 1 Overview of Acts and
State Code Quiz Question 4
Chapter 1 Definitions and
Explanations Quiz Questions 9
Chapter 1 Licensing
Requirements Quiz Question 4
Chapter 1 License Regulations Quiz Question 3
Chapter 1 Insurance
Requirements for Borrowers
Quiz Question 3
Chapter 1 Records Quiz Question 3
Chapter 1 Examinations Quiz Question 4
Chapter 1 Permitted Fees Quiz Question 4
Chapter 2 Prohibited Practices Quiz Questions 12
Chapter 2 Prohibited Wording Quiz Questions 10
Chapter 2 Prohibited Acts with
Secondary Mortgages Quiz Questions 4
Chapter 2 Investigations Quiz Question 5
Chapter 2 Applicability Quiz Question 3
Chapter 2 Application Process Quiz Question 5
Chapter 2 Case Study Quiz Question 6
Course Final N/A Comprehensive Final
Exam 25
Course Evaluation N/A Evaluation 5
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