Mortgage Training Institute

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1 8 Hour S.A.F.E. Continuing Education Comprehensive Course (Classroom Equivalent) Course Syllabus and Agenda Course Timing: Course Requirements: The 8 Hour S.A.F.E. Continuing Education Comprehensive Course will be conducted live on the Internet over 8 hours of webinar presentation. There are four topic segments and all credit hours are based on 50 minute hours. Students are required to complete the entire 8-hour course and participate in each of the in-class discussions and tests. Attendance is continuously monitored, by the instructor, during the course, and attendance logs are maintained for any required review by NMLS. Instructors will occasionally ask for student responses during the class for both interaction and attendance verification. Failing to attend all class sessions will result in required CE hours not being credited to you. Course Technology: MTI webinars are conducted using GoToWebinar online video conferencing. This technology will allow each student to view the presentation material online their computer while listening to the instructor from the computer or on the phone. You will need to have access to the internet to participate in this class. You will be able to ask questions to the instructor by voice or text. You will access the class segments from you re my Classes page in ClubMTI. There will be login requirements to authenticate your identity prior to accessing any class. Without proper verification, you will not be allowed into the class. (see the Class Access Instructions). Upon registration students will be provided with access instructions to enter the course. Additionally, directions for obtain the online text materials and exams will be provided. Technical support is offered both via a live online chat application and telephone: or via at

2 Course Materials and Activities: Text materials are included with the registration of the course. Prior to the start of the webinar segment, you will need to download and print the ebook text materials (PDF files). Text materials are available on the class player page (see the Class Access Instructions). At the completion of the course students will be asked to complete a post class survey/evaluation. The evaluation helps MTI to ensure that the course meets the standards of the students. Course Segments: The following is an outline of the topics covered during class and the topic matter covered. Newly added material, outside of material presented in our approved 20 Hour Comprehensive course, #1155, are show with **. Segment 1: Activity: Federal Laws and Regulations 3 hours Session test and review Learning Objectives: Understanding the federal laws that govern the mortgage industry including recent changes and additions to the laws Responsibilities and restrictions of each federal law as they related to the mortgage loan originator Understanding the penalties involved with each law for noncompliance A working knowledge of any forms associated with each federal law Real Estate Settlement Procedures Act: In this section the parameters enacted by RESPA will be covered including: fees/compensation, required disclosures, violations, prohibited acts, as well as HUD violations. New revisions to GFE and HUD-1 disclosures and re-disclosure requirements.**

3 Truth-in-Lending Act: The rights of recession, penalties and violations, section , section of the Act additional disclosures and an explanation of APR and Amount Financed will be explained. In depth look at HMDA and reporting requirements, including LAR and FFIEC.** New revisions to HOEPA requirements** Fair Lending Compliance: This topic will detail compliance with Fair Lending. Students will understand regulatory matters such as: discrimination, exclusions, enforcement, exemptions and penalties. Additional Laws and Regulations: An overview of other laws and regulations originators must understand for proper compliance within the industry will be covered, such as: ECOA, SAFE Act, Fair Credit Reporting Act, Fair and Accurate Credit Transactions Act, Patriot Act and the Telephone. Todd-Frank Financial Reform Act**: An overview of the financial reform requirements schedule to go into effect in Explanation of the newly created Bureau of Consumer Financial Protection and the regulations the BCFP will oversee.** The loan originator will take from this section a practical understanding of the Federal laws and regulations that influence loan origination. How these laws are implemented and the regulatory body that administers each. This will improve the mortgage loan originator s ability to better help the consumer with the complexities of a real estate mortgage. Break: Section 2: 10 minutes Ethics, Fraud and Consumer Protection 2 hours

4 Learning Objectives: Mortgage Training Institute Understanding what mortgage fraud is and the participants that may play a role How any participant in the real estate transaction could play a role in committing fraud Understanding of ethics in the mortgage industry, appropriate actions and how ethics and regulations may apply different requirements for the MLO How to run your business using the proper professional practices to help ensure the consumer is protected from unscrupulous lending practices. Mortgage Fraud: Students will receive a definition of mortgage fraud, along with effective guidelines for the prevention of fraud. A look at the FBI mortgage fraud report statistics, including 2009 and 2010 figures. Statistics from both MARI and SARS reports.** Specific fraud case studies are covered.** Included will be a discussion on how fraud affects one s ethical behavior within the mortgage industry. Separate case studies will be discussed.** Mortgage Ethics: Covered will be ethical practices within the mortgage industry, including real world scenarios. Such ethical considerations as: false advertising, bait and switch, referral fees, duplicate locking and churning will be covered. The correlation between laws and ethics are illustrated.** Consumer Protection: Students will receive a complete overview of predatory lending and recent updates to federal regulations. In addition, we will discuss the do s and don ts for students who have suspicions of fraud within their day-to-day mortgage business. After completion of this section, the loan originator will understand the ramifications associated with unethical practices; how various parties to a transaction can initiate fraud and how to identify potential problem areas. The loan originator will be prepared to guide each borrower through the mortgage lending process with little potential of a fraudulent transaction.

5 Break: Section 3: Activity: 10 minutes Lending Standards and Loan Terms for Non-Traditional Mortgage Products FHA and VA Loans 2 hours Session test and review Learning Objectives: A thorough understanding of FHA loan programs including various sections of the Act. Each student will be provided a complete list of recent policy and program changes including changes in MIP premiums, project approvals, FHA TOTAL mortgage Scorecard and FHA Connection. Understanding of HECM, reverse mortgage loans. Consumer benefit and requirements A thorough understanding of VA loan programs and how VA loans differ from other types of mortgage loans. An emphasis is placed on eligibility, funding fees and appraisals. FHA and VA Mortgage Products: Government loans are handled differently than conventional loans. This section will provide a thorough understanding for each program and its usage including formulas used and forms required. Both purchase and refinance loans will be discussed. Online services and AUS systems will be covered including case number assignment and CAVIRS authorizations.** The mortgage loan originator will be equipped with a thorough knowledge of both FHA and VA mortgage loan programs and their specific uses. The loan originator will be prepared to counsel the borrower on the benefits and limitations for each loan program and how they will affect the borrower. An understanding of specific rules, forms and calculations will help prepare the loan originator to better server their customer.

6 Break: Section 4: Activity: 10 minutes Elective Credit, Credit Scoring and The new Good Faith Estimate 1 hour Session test and review Learning Objectives: Obtain a detailed understanding of credit scoring Complete understanding of the new Good Faith Estimate including proper calculation Credit Scoring and Credit Report Integration: This section covers credit scoring, key points to a credit report, credit bureaus and reading a sample credit report. Students will receive a complete understanding of credit scoring, the effects of a credit score and how to manage credit scores. The New Good Faith Estimate: One of the biggest and maybe least understood changes in 2010, was the new Good Faith Estimate rules. This section will provide the student with a thorough understanding of this new form and the new RESPA requirements surrounding the form. From this section the mortgage loan originator will be skilled in an understanding of credit, credit reports and how financial decisions can impact a borrower s credit score. The loan originator will also become more proficient with the good faith estimate and be able to explain this new form and its impact to their applicants.

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