Mortgage Lending Education

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1 Mortgage Lending Education Over the last several years, the mortgage industry has been besieged with new lending rules and requirements. With the dramatic upsurge in regulations, mitigating mortgage lending risk has become increasingly complex. Consequently, choosing a proven, reputable mortgage lending education training partner is more critical than ever before. At BankersEdge, we ve built our reputation for excellence on several cornerstones one of which is the reliability of our course content. According to our customers, the accurate, frequently maintained content we deliver sets us a world apart from the competition. When developing our Mortgage Lending Education program, we upheld this standard by carefully selecting a leading NMLS-approved course provider MortgageEducation.com that shares our steadfast commitment to quality content. Comprised of 25 courses, our comprehensive mortgage lending curriculum provides the fundamentals your employees need to ensure your organization s compliance with the law. For more information about our Mortgage Lending Education series, call EDGE (3343). Choosing BankersEdge as our preferred provider for our mortgage compliance training program was definitely the right decision. With BankersEdge, we can always count on accurate, up-to-date course content and impeccable service. Senior Mortgage Lender

2 Federal Law Anti-Money Laundering AML & SAR for Mortgage Lenders and Originators 360V3R MIN. This course explains the money laundering process, key anti-money laundering legislation and ways you, as a mortgage lender, can help prevent money laundering at your lending institution. Also explore how to meet the requirements of an AML program that includes the filing of suspicious activity reports. Federal Law Credit and Information Do Not Call Implementation Act 376A6R MIN. This course covers the Do Not Call Implementation Act (DNCIA) and the 2007 amendment to the DNCIA. The intent behind this Act is to prohibit sellers and telemarketers from contacting consumers who register their telephone numbers on a Do Not Call Registry. Equal Credit Opportunity Act Part I 371A6R MIN. This course covers the Equal Credit Opportunity Act (ECOA) and Regulation B (Reg B), which are aimed at protecting consumers, borrowers and lenders. Knowing the regulations well will be critical for your business with regards to regulators, litigation and reputational challenges. Although ECOA and Reg B apply to all professionals who are involved in credit decisions, this course focuses on those sections of the regulations that are applicable to the mortgage industry. Please note: The provisions of the ECOA and Reg B that pertain to Adverse Action Notices are NOT included in this course. That topic is covered in Part II of this course series. Equal Credit Opportunity Act Part II 372A6R MIN. This course covers the provisions of the Equal Credit Opportunity Act (ECOA) and Regulation B (Reg. B), which apply to Adverse Action Notices. Although ECOA and Reg. B apply to all professionals who are involved in credit decisions, this course focuses on those sections of the regulations that are applicable to the mortgage industry. Fair Credit Reporting Act & Fair and Accurate 373A6R MIN. Credit Transactions Act This course covers the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA). Although the FCRA and FACTA apply to all professionals involved in credit decisions, this course focuses on those sections of the regulations that are applicable to the mortgage industry. Home Mortgage Disclosure Act (HMDA) 375A6R MIN. This course covers the Home Mortgage Disclosure Act (HMDA), which requires mortgage lending institutions to publicly disclose information about their home mortgage lending activity. As of 1992, the lending institutions covered by the HMDA included traditional depository institutions as well as non-majority-owned savings and loan corporations; mortgage banking subsidiaries of bank holding companies or depository institutions; and independent non-depository mortgage lenders that have an office in a metropolitan statistical area (MSA). The HMDA also expanded its scope from covering only mortgage loans to including all loan applications received through a loan broker. This course focuses on those sections of the regulations that are applicable to the mortgage industry. The Red Flag Rule 374A6R MIN. This course covers the Red Flag Rule, which is aimed at protecting consumer information and preventing malicious acquisition of personal information for misuse and financial gain. If you are taking this course, it is assumed that you have taken Fair Credit Reporting Act (FCRA) and Fair and Accurate Credit Transactions Act (FACTA) course or have had comparable training.

3 Federal Law RESPA and SAFE Home Ownership and Equity Protection Act 380A6R MIN. As a consequence of the subprime mortgage market development, reports of abusive, unethical and, in some cases, illegal lending practices are increasingly being revealed. In order to help curb some of these practices, Congress passed the Home Ownership and Equity Protection Act (HOEPA) in 1994 (which was further amended in 2002 and again in 2008) to prevent the exploitation of borrowers. This course identifies and describes the types of mortgages regulated by the HOEPA. In addition, prohibited actions and disclosure requirements are explained for Section 32 and Section 35 loans. Introduction to RESPA and SAFE 367A6R MIN. (HUD) consumer protection statute designed to educate homebuyers about the home buying process by requiring lenders to provide them with proper disclosures at various stages of the transaction process. This course provides an introduction to RESPA. Introduction to the Truth-in-Lending Act 377A6R MIN. This course provides an introduction to the Truth in Lending Act (TILA), which is the most important U.S. consumer protection law for borrowing. Knowing TILA well will be critical for your business with regards to regulators, litigation and reputational challenges. Real Estate Settlement Procedures Act Part I 368A6R MIN. (HUD) consumer protection statute designed to help homebuyers become savvier shoppers in the home buying process by requiring lenders to provide them with proper disclosures at various stages of the transaction process. This course focuses on the RESPA disclosures that must be provided to an applicant at the time of the loan application. The specific emphasis of this course is on the preparation of the good faith estimate (GFE). Real Estate Settlement Procedures Act Part II 369A6R MIN. (HUD) consumer protection statute designed to help homebuyers be better shoppers in the home buying process by requiring lenders to provide them with proper disclosures at various stages of the transaction process. This course focuses on the RESPA disclosures that are required before settlement/closing occurs, at settlement and after settlement. It also focuses on Section 8 of the RESPA, regarding acceptance of fees, kickbacks or any item of value in exchange for referrals of settlement service business. Secure and Fair Enforcement Act 370A6R MIN. This course provides an introduction to The Secure and Fair Enforcement for Mortgage Licensing Act, which was enacted in This Act sets forth requirements for the licensing and registration of all mortgage loan originators (MLOs). TILA Advertising and Right to Rescission 379A6R MIN. This course covers the Truth in Lending Act (TILA) regulations that were written to minimize chances that consumers are misled by focusing more on beneficial loan terms and ignoring the risky terms. It also provides guidance on the right to rescission, which allows consumers time to reexamine their credit agreements and cost disclosures and to reconsider whether they want to place their homes at risk by offering them as security for the credit.

4 Federal Law RESPA and SAFE (continued) TILA Disclosure Requirements 378A6R MIN. This course describes both the general and specific disclosure requirements for variable rate loans and reverse mortgages. In order to understand how to complete each section of the Truth in Lending Act (TILA) disclosure statement, a sample TILA disclosure is provided. This sample disclosure is broken into four sections and completed accordingly. Nontraditional Mortgages Fixed-Rate Products Nontraditional Fixed Rate Mortgages 366A6R MIN. Nontraditional mortgage products became popular in the early 1980s, when high interest rates put buying a home beyond the reach of many first-time homeowners. In response, banks and savings institutions quickly introduced a variety of alternative mortgage products, all designed to reduce the homebuyer s mortgage payment or allow the buyer to finance a more expensive home. This course discusses the features, pros/cons and pitfalls of various nontraditional products, including buy-down mortgages, balloon mortgages, second lien loans, construction loans, and reverse mortgages. Nontraditional Mortgages ARMs and IOs Nontraditional Adjustable Rate Mortgages 365A6R MIN. Adjustable rate mortgages (ARMs) first appeared in the 1960s, but did not gain legislative or regulatory approval until the early 1980s, when volatile interest rates made it unwise for lenders to make 30-year amortized mortgages at fixed rates of interest. This course provides an introduction to ARMs and discusses ARM refinancing options. Interest Only and Negative Amortization Mortgages 364A6R MIN. In the early 1980s, when high interest rates put buying a home beyond the reach of many first-time homeowners, banks and savings institutions introduced a variety of alternative mortgages designed to reduce the homebuyer s mortgage payment or to allow the buyer to finance a larger home. This course identifies some of these alternative mortgage products and provides an introduction to two nontraditional mortgages interest only mortgages and negative amortization mortgages. Loan Fundamentals Introduction to Mortgage Loan Fundamentals 360A6R MIN. This course provides information regarding the three Cs of mortgage loans. As you will learn during this course, it is vital for loan officers to not only understand the three Cs, but also to be able to assess whether or not a customer meets the criteria of each C.

5 Loan Fundamentals (continued) Mortgage Loan Fundamentals Basic Loan Products 363A6R MIN. This course explains the difference between conforming, non-conforming, FHA and VA loans. Products sold under these categories, such as a fixed rate mortgage (FRM) and an adjustable rate mortgage (ARM), will also be described. This course provides information that will allow you to better understand the different types of lenders/ brokers and the types of loan products they offer. Mortgage Loan Fundamentals Full Document Loans 361A6R MIN. When potential borrowers come to you for help with obtaining a mortgage, it s essential that you have the knowledge to determine if you can help them. Knowing loan basics is just the beginning of that process. It s also important you understand the differences between the full document, limited document and no-income verification loans, and that you can identify which type of loan is most suitable for your customer. This course provides information regarding the income and employment verification process for full document loans. Limited document and no-income verification loans are discussed in a separate course in the Mortgage Loan Fundamentals course series. Mortgage Loan Fundamentals Limited and No-Income 362A6R MIN. Verification Loans Having the knowledge you need to assist potential borrowers with the loan process is essential. Understanding loan basics is just the beginning of that process. It s also important that you understand the differences between the full document, limited document and no-income verification loans and that you can identify which type of loan is most suitable for your customer. This course provides information regarding the income/cash flow verification process for limited document and no-income verification loans. Full document loans are discussed in a separate course in the Mortgage Loan Fundamentals course series. Ethics and Fair Lending Ethics and Fair Lending Federal Law Applicability 381A6R MIN. This course provides an ethical foundation and summary of the fair lending laws, such as the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA). Federal law applicability in regards to ethics will also be discussed. Ethics and Fair Lending HOEPA and Predatory Lending 382A6R MIN. This course provides information on the Home Ownership and Equity Protection Act (HOEPA) that was passed by Congress in order to help curb predatory lending. Additionally, the amendments to the HOEPA will be detailed. Ethics and Fair Lending Mortgage Fraud 383A6R MIN. and Consumer Protection This course provides information on mortgage fraud and consumer protection. Mortgage fraud is a serious problem facing America and the lack of fraud reporting is not helping to reduce its occurrence. Explore the gravity of this problem, as well as the two distinct areas of mortgage fraud.

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