20-Hour Mortgage Loan Originator SAFE Comprehensive Course

NMLS Course #1218

To register for the 20 Hour Mortgage Loan Originator SAFE Comprehensive Course, click the link to the right for Mortgage Courses.

We are pleased to now offer an ONLINE version of the 20 Hour Mortgage Loan Originator SAFE Comprehensive Course! Click here for Online Mortgage Courses

Course Description and Background:

On July 30, 2008, the Housing and Economic Recovery Act (HERA) of 2008 was signed
into law by President George W. Bush, marking a significant component of mortgage
reform. Title V of HERA is better known as the Secure and Fair Enforcement for
Mortgage Licensing Act of 2008 (SAFE Act). It establishes national minimum
standards for mortgage training, including pre-licensing and annual continuing
education.

This 20-Hour Mortgage Loan Originator SAFE Comprehensive Course uses the
Mortgage Lending Principles and Practices textbook, which was designed to meet the
core criteria established by the SAFE Act for national mortgage loan originators,
including three hours on federal lending legislation, three hours on the critical topic of
fair lending and ethics, and two hours on nontraditional lending products. In addition, the
text presents elective topics selected to give students the information they need to
successfully enter the mortgage lending field. This course provides a primer on the
primary and secondary mortgage markets, as well as a review of the economic, legal,
and valuation aspects of the real estate market. This text also details types of loan
products and finance instruments—including conventional, government, and
nontraditional financing tools—available today. Students will also learn the fundamentals
of the residential mortgage lending process—from pre-qualifying potential borrowers, to
understanding appraisals, to closing a loan.

Course Objectives

Upon completion of this course, students will be able to:

• Discuss disclosure provisions of federal laws related to mortgage lending.
• Identify procedures to protect the privacy of consumers as required by federal law.
• Define education requirements for mortgage lending professionals.
• Define ethics and discuss the purpose of codes of ethics.
• Discuss various anti-discrimination laws.
• Identify protected classes and practices in relation to fair housing and lending.
• Recognize indicators of mortgage fraud.
• Identify predatory lending practices.
• Identify the characteristics of a conventional loan.
• Contrast conforming and nonconforming loans.
• Identify qualifying standards for FHA-insured loans.
• Identify qualifying standards for VA-guaranteed loans.
• Identify guaranteed and direct loan options available through Rural Development.
• Describe the advantages and disadvantages of buydown plans.
• Identify the elements that make up an adjustable rate mortgage.
• Discuss agency guidelines on lending and subprime loans.
• Identify historical events affecting today’s mortgage industry.
• Contrast the primary mortgage market and secondary mortgage market.
• Define the various roles that mortgage professionals play.
• Identify the steps in the loan process.
• Discuss the information necessary to complete a standard loan application.
• Identify criteria for evaluating borrowers.
• Calculate income and total debt ratios.
• Define the purpose of different types of mortgages.
• Identify typical mortgage clauses.
• Discuss the use of private mortgage insurance.
• Identify the essential elements of a valid contract.
• Distinguish among the different forms of deeds.
• Discuss various types of liens and easements and their impact on property.
• Describe how several broad factors and specific principles impact the value of property.
• Identify the steps necessary to complete a real estate appraisal.
• Contrast the three appraisal approaches used to arrive at an opinion of value. 

Resources for the NMLS SAFE Act Exam

 If you are getting ready to take the national or state portion of the SAFE exam, you'll find these websites as great resources:

http://www.prometric.com/NMLS/default.htm

http://prometric.com/NMLS/Information_Kit.htm

The second link includes a very helpful video about what you can expect on test day, along with the rules and regulations of the testing center.