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8 Hour WV SAFE Comprehensive Mortgage Loan Originator Course
2015
Course Syllabus
Welcome to our West Virginia SAFE Comprehensive Mortgage Loan
Originator Course for 2015.
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 2015 NMLS eight hour
mortgage loan originator continuing
education requirement for the state of West Virginia.
Course Description
Our comprehensive course meets the NMLS Comprehensive CE
requirement for West Virginia
by covering the following topics: three hours of Federal Law,
two hours of Ethics and Loan
Fraud, two hours of Nontraditional Lending, and one hour of West
Virginia Mortgage Law.
Course Dates and Times
This course is offered for the 2015 license renewal period. The
deadline to complete West
Virginia CE is November 30, 2015. In order to ensure proper
reporting to NMLS, this course
must be completed by November 20, 2015.
Course Objectives
Upon completing this course, you should be able to do the
following:
Understand the implementation requirements of the Integrated
Disclosures Rule
Accurately complete the Loan Estimate
Explain the Loan Estimate to borrowers
Accurately complete the Closing Disclosure
Explain the Closing Disclosure to borrowers
Understand when a new Loan Estimate is required and/or
allowed
Understand when a new Closing Disclosure is required and/or
allowed
Understand the timing requirements associated with the Loan
Estimate and Closing Disclosure
Calculate closing dates based on Closing Disclosure
requirements
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 and be able to explain mortgage insurance
requirements
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Recognize and understand the changes to the FHA handbook
Understand the scope and applicability of West Virginia mortgage
laws
Comply with the requirements for licensees under the applicable
laws and rules
Protect the public by following the requirements set forth in
the laws and rules
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 an eight 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 Policies
Each 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 not 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
students 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, and
chat 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 mailing address is 42 North, 200 East, Ste. 3,
American Fork, UT 84003. Our
telephone number is 801-492-9933 and our support email is
[email protected].
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 the
introduction module for instructions on using our online
system.
Course Outline
This course consists of four parts, covering the following
subjects: Federal Law, Loan Fraud,
Nontraditional Mortgage, and West Virginia mortgage law.
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WV Comprehensive SAFE CE 2015 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.
Federal Law Update 2015 Chapter 1: Chapter One includes a
disclosure rule overview. It
consists of the following sections:
General Implementation
Timing Requirements
Federal Law Update 2015 Chapter 2: Chapter Two covers the Loan
Estimate. It consists of the
following sections:
Loan Estimate Review
Federal Law Update 2015 Chapter 3: Chapter Three reviews
miscellaneous issues and a timing
illustration. It consists of the following sections:
Redisclosing and Tolerances
Changes of Circumstance
Timing
Lender Credits
Case Study
Federal Law Update 2015 Chapter 4: Chapter Four reviews the
Closing Disclosure. It consists
of the following sections:
Closing Disclosure
Alternative Closing Disclosure
Delivery of the Closing Disclosure
Case Study
Federal Law Update 2015 Chapter 5: Chapter Five includes a
transaction scenario. It consists
of the following section:
Timing Case Study
WV Comprehensive SAFE CE 2015 Part 2: Ethics and Loan Fraud
Loan Fraud 2015 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:
Fraud for Housing
Fraud for Profit
Air Loan
Appraisal/Valuation
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Assets
Employment
Identity Theft
Income
Non-Arms Length Transaction
Occupancy Fraud
Settlement Agent
Short Sale
Shot-Gunning
Straw Borrower
Undisclosed Debt
Affinity Fraud
Builder Bail-Out
Foreclosure Rescue
Loan Modification Scams
Reverse Mortgage Fraud
Case Study
Loan Fraud 2015 Chapter 2: Chapter Two will review loan fraud
statistics and SARS reporting.
It consists of the following sections:
Loan Fraud Statistics
SARs Reporting
Anti-Money Laundering Rule
SARs Rule Reporting Requirements
Case Study
WV Comprehensive SAFE CE 2015 Part 3: Nontraditional Lending
Nontraditional Mortgage Lending 2015 Chapter 1: Chapter One
discusses mortgage insurance.
It consists of the following sections:
Mortgage Insurance is NOT
Warn Your Borrowers!
Mortgage Insurance IS
PMI? MIP?
When Does PMI Disappear?
What is Right for Your Borrowers?
MI Should Always be Avoided Right?
Explain, Explain, Explain!
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Nontraditional Mortgage Lending 2015 Chapter 2: Chapter Two
covers the new FHA 4000.1
Handbook. It consists of the following sections:
FHA 4000.1 Handbook Purpose
FHA 4000.1 Handbook Effective Date
Assets
Credit
Documents/Processing
Fees
Income/Employment
Insurance
Liabilities
Occupancy
Refinances
Streamline Refinances
Case Study
WV Comprehensive SAFE CE 2015 Part 4:
West Virginia Mortgage Law Update 2015
WV Mortgage Law Update 2015 consists of the following
sections:
Overview of Acts and State Code
Definitions and Explanations
Licensing and Registration Requirements for Loan Originators
Prohibited Acts
Record Keeping
Mortgage Lenders and Brokers
Disclosure Notices
Grounds for Suspension
Case Study
WV Comprehensive SAFE CE 2015 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.
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Course Schedule
This course consists of the four parts outlined below. The
requirements for each part are listed
with 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 an eight 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)
WV Comprehensive SAFE CE 2015 Part 1: Federal Law
Introduction Instructions ROC & Attestation 10
Chapter 1 General
Implementation Quiz Questions 20
Chapter 1 Timing Requirements Quiz Questions 25
Chapter 2 Loan Estimate Review Quiz Questions 50
Chapter 3 Redisclosing and
Tolerances Quiz Questions 10
Chapter 3 Changes of
Circumstance Quiz Questions 5
Chapter 3 Timing Quiz Question 5
Chapter 3 Lender Credits Quiz Question 5
Chapter 3 Case Study Quiz Questions 10
Chapter 4 Closing Disclosure Quiz Questions 20
Chapter 4 Alternative Closing
Disclosure Quiz Question 5
Chapter 4 Delivery of the Closing
Disclosure Quiz Questions 10
Chapter 4 Case Study Quiz Questions 15
Chapter 5 Timing Case Study Quiz Questions 20
WV Comprehensive SAFE CE 2015 Part 2: Ethics and Loan Fraud
Chapter 1 Types of Fraud Quiz Questions 35
Chapter 1 Case Study Quiz Questions 10
Chapter 2 Loan Fraud Statistics Quiz Questions 5
Chapter 2 SARs Reporting Quiz Questions 15
Chapter 2 Anti-Money
Laundering Rule Quiz Question 5
Chapter 2 SARs Rule Reporting
Requirements Quiz Questions 15
Chapter 2 Case Study Quiz Questions 20
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WV Comprehensive SAFE CE 2015 Part 3: Nontraditional Lending
Chapter 1 Mortgage Insurance is
NOT Quiz Question 3
Chapter 1 Warn Your Borrowers! Quiz Question 3
Chapter 1 Mortgage Insurance IS Quiz Question 3
Chapter 1 PMI? MIP? Quiz Questions 10
Chapter 1 When Does PMI
Disappear? Quiz Question 3
Chapter 1 What is Right for Your
Borrowers? Quiz Question 3
Chapter 1 MI Should Always be
Avoided Right? Quiz Question 5
Chapter 1 Explain, Explain,
Explain! Quiz Question 3
Chapter 2 FHA 4000.1 Handbook Purpose
Quiz Question 2
Chapter 2 FHA 4000.1 Handbook Effective Date
Quiz Question 2
Chapter 2 Assets Quiz Question 5
Chapter 2 Credit Quiz Question 5
Chapter 2 Documents/Processing Quiz Question 5
Chapter 2 Fees Quiz Question 2
Chapter 2 Income/Employment Quiz Questions 10
Chapter 2 Insurance Quiz Question 2
Chapter 2 Liabilities Quiz Question 3
Chapter 2 Occupancy Quiz Question 2
Chapter 2 Refinances Quiz Question 3
Chapter 2 Streamline Refinances Quiz Question 2
Chapter 2 Case Study Quiz Questions 10
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WV Comprehensive SAFE CE 2015 Part 4: West Virginia Mortgage Law
Update 2015
WV Mortgage Law Update 2015
Overview of SAFE and state code
Quiz Question 3
WV Mortgage Law Update 2015
Definitions and Explanations
Quiz Question 3
WV Mortgage Law Update 2015
Licensing and Registration
Requirements for Loan Originators
Quiz Questions 6
WV Mortgage Law Update 2015
Prohibited Acts Quiz Question 3
WV Mortgage Law Update 2015
Record Keeping Quiz Question 3
WV Mortgage Law Update 2015
Mortgage Lenders and Brokers
Quiz Question 5
WV Mortgage Law Update 2015
Disclosure Notices Quiz Questions 2
WV Mortgage Law Update 2015
Grounds for Suspension
Quiz Question 4
WV Mortgage Law Update 2015
Case Study Quiz Questions 5
Course Final N/A Comprehensive Final
Exam 25
Course Evaluation N/A Evaluation 5