LATE CE 2 Hour OR SAFE: Understanding Oregon Law OSS (16998)
Description
In this course, we will discuss many important topics. The state of Oregon has provided us with an outline of topics that they think are important for MLOs to learn about every year. These topics include license maintenance and licensing requirements, recordkeeping and reporting, compliance topics like rate-lock-disclosure forms, negative amortization, reverse mortgages, and many more.
NMLS Provider ID #1400062
Late CE 2 Hour OR SAFE Course ID #
$51.96
Course Objectives
By the end of this course, learners will be able to:
- Describe when a company may allow a mortgage professional to originate Oregon loans
- Explain Oregon’s restriction on originating for more than one mortgage banker/broker
- Recognize the licensee’s obligations for keeping their NMLS record up-to-date and responding to deficiencies timely
- Understand renewal requirements for mortgage professionals
- Discuss assumed business names
- Know the requirement to keep copies of correspondence with applicants
- Know Oregon’s definition of residential mortgage loan, and how it differs from TILA
- Discuss Oregon’s rate-lock disclosure form
- Identify the disclosures that are required to be provided in a language other than English
- Describe the limitations on negative amortization loans
- Identify the limitations on use of certification of professional designations for mortgage professionals
- Discuss the special disclosure for reverse mortgage loans
- Know that MLOs are required to sign initial and final loan applications
- Explain the requirements for handling of client funds, including determining when funds are considered trust funds, refunds of funds, as well as manner of deposit and disbursement of trust funds
- Demonstrate the advertising requirements and prohibitions
- Explain the definition of dishonest, fraudulent, unfair, and unethical practices and prohibited activities for mortgage professionals
- Explain the requirement for reverse mortgages in which lender must send a notice on property taxes unless the loan includes a reserve account for taxes
- Know that providing financial advice related to a security, such as advice to take a loan against a retirement account for a down payment, requires additional licensure as a broker-dealer or investment advisor representative
