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7/28/2019 12 Hour NJ Mortgage Law Update Syllabus
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12 Hour NJ SAFE Comprehensive Mortgage Loan Originator Course 2013
Course Syllabus
Welcome to our New Jersey SAFE Comprehensive Mortgage Loan Originator Course for 2013.
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 2013 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 Fair Lending, two hours
of Ethics and Loan Fraud, two hours of the History of Nontraditional Lending and Current
Trends, and two hours of New Jersey Mortgage Law.
Course Dates and Times
This course is offered for the 2013 license renewal period. In order to ensure proper reporting
to NMLS before all mortgage loan originator licenses expire on December 31, 2013, this course
must be completed by December 20, 2013.
Course Objectives
Upon completing this course, you should be able to do the following:
Explain the Final Rule on Mortgage Loan Originator Qualification and Compensation
Practices
Understand the Qualified Mortgage Rule
Apply lessons learned from the advertising enforcement activities
Analyze situations and properly evaluate them in the context of fair lending compliance
Explain the Home Mortgage Disclosure Act (HDMA)
Comply with the Home Mortgage Disclosure Act
Understand and evaluate potential fair lending violations
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 the history of subprime loans as well as the state of the market now
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Explain predatory lending and how to avoid it
Recognize current trends in the demand and market for subprime loans
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 complete the parts in order to progress
through the 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 PoliciesEach 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 student’s 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, andchat 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 telephone number is 801-492-9933 and the support email is [email protected].
Please note, our technical support staff will often be unable to answer content questions which
are more appropriately directed to your instructor.
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 theintroduction module for instructions on using our online system.
Course Outline
This course consists of five parts, covering the following subjects: Federal Law, Fair Lending,
Loan Fraud, Nontraditional Mortgage and New Jersey Mortgage Law
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NJ SAFE CE 2013 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.
2013 Federal Law Review Chapter 1: Chapter One explains the basic requirements of the LOCompensation Rule. It consists of the following sections:
LO Compensation Rule
Payments Based on Transaction Terms
Reducing LO Compensation on a Transaction
Other Compensation Issues
Case Study
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
2013 Federal Law Review Chapter 2: Chapter Two covers how to advertise in a compliant
manner. It consists of the following sections: Advertising
Commercial Communication
Prohibited Representations
Record Keeping Requirements
Case Study
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.
2013 Federal Law Review Chapter 3: Chapter Three reviews the Ability-to-Repay and Qualified
Mortgage Rule. It consists of the following sections:
Ability to Repay and QM Rule Case Study
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Three.
2013 Federal Law Review Chapter 4: Chapter Four covers the complicated Fair Lending federal
statutes and rules. 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
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Four.
NJ SAFE CE 2013 Part 2: Fair Lending
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SAFE CE 2013 Fair Lending Chapter 1: Chapter One reviews the Home Mortgage Disclosure Act
and tips on maintaining compliance with Fair Lending Laws. It consists of the following
sections:
Home Mortgage Disclosure Act
Tips for Compliance
Case Studies
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
SAFE CE 2013 Fair Lending Chapter 2: Chapter Two reviews several cases filed by the
Department of Justice. It consists of the following sections:
Countrywide Financial Corp.
GFI Mortgage Bankers, Inc.
Midwest BankCentre
Chapter Quiz: 10 question quiz covering all of the material discussed in Chapter Two.
NJ SAFE CE 2013 Part 3: Ethics and Loan Fraud
Ethics and Loan Fraud 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:
Introduction to Loan Fraud
Definition of Loan Fraud
Consequences of Fraud
Types of Fraud
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
Ethics and Loan Fraud Chapter 2: Chapter Two will review the new requirements for mortgagelenders and brokers regarding money laundering and loan fraud reporting. It consists of the
following sections:
SARs Reporting
Anti-Money Laundering Rule
SARs Rule Reporting Requirements
How to File a SAR
SARs Statistics
SAR Scenarios
Case Study
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.
NJ SAFE CE 2013 Part 4: Nontraditional Mortgage
History of Nontraditional Lending and Current Trends Chapter 1: Chapter One introduces the
history of subprime loans. It consists of the following sections:
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History
Examples
Predatory Lending
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
History of Nontraditional Lending and Current Trends Chapter 2: Chapter Two covers thecurrent state of the market with regard to subprime lending and nontraditional mortgages. It
consists of the following sections:
Types of Nontraditional Loans
Non 30-year Fixed
Adjustable Rate Mortgage
Your Responsibility
Balloon Loans
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.
NJ SAFE CE 2013 Part 5: New Jersey Mortgage Law Update
NJ Mortgage Law Update 2013 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/Exemptions
Different Standards
Education Requirements
License Regulations
Insurance Requirements
Records
Permitted Fees
Chapter Quiz: 10 question quiz covering all of the material discussed in Chapter One.
NJ Mortgage Law Update 2013 Chapter 2: Chapter Two covers prohibited practices and
reporting requirements. It consists of the following sections:
Prohibited Practices
More Regulations
Secondary Loans
Investigations
Application Process
Reporting Requirements
Continuing Education
Noncompliance
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Case Study
Chapter Quiz: 10 question quiz covering all of the material discussed in Chapter Two.
NJ Mortgage Law Update 2013 Chapter 3
Commissioner Authority
Keeping of Records Withholding Information
Case Study
NJ SAFE CE 2013 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 listedwith 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!
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Course Outline and Schedule
Module Reading Assignments Due
Instruction Time
Allocation
(Minutes)
SAFE CE 2013 Part 1:
Federal Law Introduction Attestation 5
Chapter 1 LO Compensation Rule Quiz Questions 20
Chapter 1 Payments Based on
Transaction TermsQuiz Questions 15
Chapter 1
Reducing LO
Compensation on a
Transaction
Quiz Question 5
Chapter 1 Other Compensation
IssuesQuiz Questions 10
Chapter 1 Case Study Quiz Questions 10
Chapter 1 N/A Chapter Quiz 5
Chapter 2 Advertising Quiz Question 5
Chapter 2 Commercial
CommunicationQuiz Question 5
Chapter 2 Prohibited
RepresentationsQuiz Questions 25
Chapter 2 Record Keeping
RequirementsQuiz Question 5
Chapter 2 Case Study Quiz Questions 10
Chapter 2 N/A Chapter Quiz 5
Chapter 3 Ability to Repay and QM
RuleQuiz Questions 35
Chapter 3 Case Study Quiz Questions 10
Chapter 3 N/A Chapter Quiz 5
Chapter 4 Why do we care about
Fair LendingQuiz Question 5
Chapter 4 Department of Justice Quiz Questions 10
Chapter 4 Consumer Financial
Protection Bureau
Quiz Question 5
Chapter 4 Fair Housing Act Quiz Questions 10
Chapter 4 Equal Credit Opportunity
ActQuiz Questions 15
Chapter 4 Types of Discrimination Quiz Questions 15
Chapter 4 N/A Chapter Quiz 5
SAFE CE 2013 Part 2:
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Fair Lending
Chapter 1Home Mortgage
Disclosure ActQuiz Question 6
Chapter 1 Tips for Compliance Quiz Question 4
Chapter 1 Case Studies Quiz Questions 40
Chapter 1 N/A End of Chapter Quiz 5
Chapter 2 Citywide Financial Corp. Quiz Questions 25
Chapter 2 GFI Mortgage Bankers Quiz Questions 15
Chapter 2 Midwest BankCentre Quiz Questions 10
Chapter 2 N/A End of Chapter Quiz 5
SAFE CE 2013 Part 3:
Ethics and Loan
Fraud
Chapter 1 Introduction to Loan
FraudQuiz Question 5
Chapter 1 Definition of Loan Fraud Quiz Question 5
Chapter 1 Consequences of Fraud Quiz Questions 10
Chapter 1 Types of Fraud Quiz Questions 20
Chapter 1 N/A Chapter Quiz 5
Chapter 2 SARs Reporting Quiz Questions 15
Chapter 2 Anti-Money Laundering
RuleQuiz Question 5
Chapter 2 SARs Rule Reporting
RequirementsQuiz Questions 10
Chapter 2 How to File a SAR Quiz Question 5
Chapter 2 SARs Statistics Quiz Questions 15
Chapter 2 SARs Scenarios Quiz Questions 15
Chapter 2 Case Study Quiz Questions 10
Chapter 2 N/A Chapter Quiz 5
SAFE CE 2013 Part 4:
Nontraditional
Mortgage
Chapter 1 History Quiz Questions 10
Chapter 1 Examples Quiz Questions 10
Chapter 1 Predatory Lending Quiz Questions 15
Chapter 1 N/A Chapter Quiz 5
Chapter 2 Types of Nontraditional
LoansQuiz Question 5
Chapter 2 Non 30-year Fixed Quiz Question 5
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Chapter 2 Adjustable Rate Mortgage Quiz Questions 10
Chapter 2 Your Responsibility
Activity 3 - Written
Submission & Quiz
Questions
20
Chapter 2 Balloon Loans Quiz Questions 10Chapter 2 N/A Chapter Quiz 10
SAFE CE 2013 Part 5:
New Jersey
Mortgage Law
Update
Chapter 1Overview of Acts and
State CodeQuiz Question 3
Chapter 1Definitions and
ExplanationsQuiz Questions 8
Chapter 1 LicensingRequirements/Exemptions Quiz Question 2
Chapter 1 Different Standards Quiz Question 6
Chapter 1 Education Requirements Quiz Question 3
Chapter 1 License Regulations Quiz Question 2
Chapter 1 Insurance Requirements Quiz Question 3
Chapter 1 Records Quiz Question 4
Chapter 1 Permitted Fees Quiz Question 3
Chapter 1 N/A End of Chapter Quiz 10
Chapter 2 Prohibited Practices Quiz Questions 10
Chapter 2 More Regulations Quiz Questions 7Chapter 2 Secondary Loans Quiz Question 2
Chapter 2 Investigations Quiz Questions 12
Chapter 2 Application Process Quiz Question 4
Chapter 2 Reporting Requirements Quiz Question 2
Chapter 2 Continuing Education Quiz Question 3
Chapter 2 Noncompliance Quiz Question 3
Chapter 2 Case Study Quiz Questions 5
Chapter 2 N/A End of Chapter Quiz 10
Chapter 3 Commissioner Authority Quiz Question 6
Chapter 3 Keeping of Records Quiz Question 3Chapter 3 Withholding Information Quiz Question 4
Chapter 3 Case Study Quiz Questions 5
SAFE CE 2013 Course
Final N/A Course Final 20
Course Evaluation N/A Evaluation 5