8 Hour CORE SAFE Pre-Licensing Education Course - OIL #18652
This is an online instructor-led (OIL) pre-licensing education course for new mortgage loan originators (MLOs). The 8-hour course satisfies the CORE NMLS pre-licensure education requirements and covers the following topics:
- 3 hours on federal law
- 3 hours on ethics including instruction on fair lending and consumer protection
- 2 hours on the nontraditional and traditional mortgage marketplace
This course is meant for current MLOs obtaining a license in a state requiring 8 Hours of CORE PE before obtaining a license. Some states require MLOs licensed in other states who have not taken the 20-Hour PE OIL in recent years to take 8 hours of CORE PE before becoming licensed. There are case studies throughout the course and a chapter quiz following each chapter. At the end of the course, the learner will take a 25-question final exam.
IMPORTANT NOTE: You have 30 days from registration to start the course. The course may only be started Monday through Thursday between 9:00 AM and 5:00 PM CT.
Once you start the course, you must complete it within 24 hours.
By the end of this course, learners will be able to:
- Redefine all the different mortgage products like fixed, ARM, construction, and bridge
- Explain the basic qualifications for conventional, VA, FHA, and USDA loans
- Describe mortgage insurance, loan to value, bankruptcy, debt-to-income, down payment, loan limits, seller concessions, and reserves
- Understand what constitutes an application under TRID
- Restate the requirements under ECOA and HMDA
- Explain the TILA umbrella and what TILA considers an advertisement
- Restate the advertising requirements under TILA and the MAP Rule
- Outline the requirements under RESPA
- Understand the requirements under the Telemarketing and Consumer Fraud and Abusive Prevention Act
- Describe compensation and what is required under the LO Comp Rule
- Restate the requirements under FCRA and FACTA related to credit reports
- Outline the QM and ATR Rules
- Restate the requirements under HOEPA and Section 35 of TILA
- Restate the requirements under GLBA and BSA/AML
- Redefine ethics and morals
- Explain the different types of mortgage fraud that exist
- Restate the different types of UDAAPs that exist
- Relate what is considered predatory lending and steering
- Describe the key terms related to fair lending
Topics Covered:
- Chapter 1: Learning the Products & Programs
- Chapter 2: Introduction to Federal Law
- Chapter 3: Mortgage Ethics
