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12 Hour MS SAFE Comprehensive Mortgage Loan Originator Course 2014

Course Syllabus

Welcome to our Mississippi SAFE Comprehensive Mortgage Loan Originator Course for 2014.
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 2014 NMLS twelve hour mortgage loan originator continuing
education requirement for the state of Mississippi.

Course Description
Our comprehensive course meets the NMLS Comprehensive CE requirement for Mississippi by
covering the following topics: four hours of Federal Law, two hours of Ethics and Loan Fraud,
two hours of Nontraditional Lending, two hours of Advertising/QM Rule, and two hours of
Mississippi Mortgage Law.

Course Dates and Times
This course is offered for the 2014 license renewal period. In order to ensure proper reporting
to NMLS before all mortgage loan originator licenses expire on December 31, 2014, this course
must be completed by December 21, 2014.

Course Objectives
Upon completing this course, you should be able to do the following:

Understand the requirements of the new Loan Estimate disclosure form
Understand the requirements of the new Closing Disclosure form
Compare and contrast the new Loan Estimate disclosure form with the current GFE and
TILA disclosures
Compare and contrast the new Closing Disclosure form with the current HUD-1
Settlement Statement
Analyze situations and properly evaluate them in the context of fair lending compliance
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 recent changes relating to reverse mortgages
Explain the Reverse Mortgage Stabilization Act


Recognize problems and concerns with reverse mortgages
Apply lessons learned from the advertising enforcement activities
Understand the Ability-to-Repay and Qualified Mortgage Rule
Understand the scope and applicability of Mississippi 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 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 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 support@praedo.com.

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 five parts, covering the following subjects: Federal Law, Loan Fraud,
Nontraditional Mortgage, Advertising/QM Rule, and Mississippi Mortgage Law.



MS SAFE CE 2014 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.

2014 Federal Law Update Chapter 1: Chapter One explains the new disclosure rule. It consists
of the following sections:
Disclosure Rule Overview
Loan Estimate Overview
Closing Disclosure Overview
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
2014 Federal Law Update Chapter 2: Chapter Two covers CFPB Supervisory Highlights. It
consists of the following sections:
Supervisory Highlights
CMS
Case Review - First Alliance
Self-Reporting
Self-Policing
Remediation
Cooperation
Case Review - Fidelity
Illegal Referral Schemes
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.
2014 Federal Law Update Chapter 3: Chapter Three reviews fair lending. 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 Three.
2014 Federal Law Update Chapter 4: Chapter Four reviews the Home Mortgage Disclosure Act.
It consists of the following sections:
HMDA
HMDA Case Study
HMDA Data
Tips for Compliance


Case Study #1
Case Study #2
Case Study #3
Recent Cases
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Four.

MS SAFE CE 2014 Part 2: 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:
Loan Fraud Statistics
Definition of Loan Fraud
Consequences of Fraud
Types of Fraud
Fraud Schemes
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 requirements for mortgage
lenders and brokers regarding money laundering and loan fraud reporting. It consists of the
following sections:
Regulatory Agencies
SARs Reporting
Anti-Money Laundering Rule
SARs Rule Reporting Requirements
SARs Statistics
SAR Scenarios
Case Study
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.


MS SAFE CE 2014 Part 3: Nontraditional Mortgage
Nontraditional Lending Chapter 1: Chapter One discusses reverse mortgages. It consists of the
following sections:
Overview of Reverse Mortgages
Who Offers Them?
Payout Options
Maturity Events
Eligibility Requirements
HECM Costs


History of Reverse Mortgages
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
Nontraditional Lending Chapter 2: Chapter Two covers the Reverse Mortgage Stabilization Act.
It consists of the following sections:
Rule Changes
Initial Disbursement Limits
Determining Principal Limit
Term and Tenure Payments
MIP and Principal Limit Factors
Initial MIP Calculations for Refinances
Problems and Concerns with Reverse Mortgages
Third-Party Counseling
Deferred Payment Loan
Proprietary Reverse Mortgages
Alternative to Reverse Mortgages
Dangers of Reverse Mortgages
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.

MS SAFE CE 2014 Part 4: Advertising and QM Rule
SAFE CE 2014 Advertising: This chapter reviews the Mortgage Acts and Practices Advertising
Rule. 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 this chapter.

SAFE CE 2014 Ability-to-Repay and QM Rule: This chapter 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 this chapter.

MS SAFE CE 2014 Part 5: Mississippi Mortgage Law Update
MS Mortgage Law Update 2014 Chapter 1: Chapter One contains an overview of Mississippi
state law. It consists of the following sections:


Overview of Acts and State code
Definitions and Explanations
Renewals
Records
Chapter Quiz: 10 question quiz covering all of the material discussed in Chapter One.

MS Mortgage Law Update 2014 Chapter 2: Chapter Two covers prohibited practices and rights
of the commissioner. It consists of the following sections:
Business Requirements
Prohibited Acts
Lock-in Fees
Advertising
Penalties
More Rights of the Commissioner
License Suspension and Notification
Violations of Law; Cease and Desist Orders; Failure to Comply with Order; Civil Penalty
Subpoenas
Case Study
Chapter Quiz: 10 question quiz covering all of the material discussed in Chapter Two.

MS Mortgage Law Update 2014 Chapter 3: Chapter Three covers the Veteran's Home
Purchase Board. It consists of the following sections:
Veteran's Home Purchase Board
Refinancing
Prohibitions
Waiver of Divestment Requirement
Servicing Delinquent Loans
Foreclosure Process
Borrower's Request for Information
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Three.
MS SAFE CE 2014 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 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 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!






























Course Outline and Schedule
Module Reading Assignments Due
Instruction Time
Allocation (Minutes)
MS SAFE CE 2014 Part
1: Federal Law
Introduction Attestation 7
Chapter 1
Disclosure Rule
Overview
Quiz Questions 10
Chapter 1
Loan Estimate
Overview
Quiz Questions 15
Chapter 1
Closing Disclosure
Overview
Quiz Questions 10
Chapter 1 N/A Chapter Quiz 5
Chapter 2 Supervisory Highlights Quiz Question 5
Chapter 2 CMS Quiz Questions 10
Chapter 2
Case Review - First
Alliance
Quiz Question 5
Chapter 2 Self-Reporting Quiz Question 5
Chapter 2 Self-Policing Quiz Question 5
Chapter 2 Remediation Quiz Question 5
Chapter 2 Cooperation Quiz Question 5
Chapter 2 Case Review - Fidelity Quiz Question 5
Chapter 2
Illegal Referral
Schemes
Quiz Question 5
Chapter 2 N/A Chapter Quiz 5
Chapter 3
Why do we care
about Fair Lending
Quiz Question 5
Chapter 3 Department of Justice Quiz Questions 10
Chapter 3
Consumer Financial
Protection Bureau
Quiz Question 5
Chapter 3 Fair Housing Act Quiz Questions 10
Chapter 3
Equal Credit
Opportunity Act
Quiz Questions 15
Chapter 3
Types of
Discrimination
Quiz Questions 15
Chapter 3 N/A Chapter Quiz 5
Chapter 4 HMDA Quiz Question 5
Chapter 4 HMDA Case Study Quiz Questions 10
Chapter 4 HMDA Data Quiz Questions 5
Chapter 4 Tips for Compliance Quiz Questions 5
Chapter 4 Case Study #1 Quiz Questions 10
Chapter 4 Case Study #2 Quiz Questions 10


Chapter 4 Case Study #3 Quiz Questions 10
Chapter 4 Recent Cases Quiz Question 10
Chapter 4 N/A Chapter Quiz 5
MS SAFE CE 2014 Part
2: Ethics and Loan
Fraud

Chapter 1 Loan Fraud Statistics Quiz 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 10
Chapter 1 Fraud Schemes Quiz Questions 10
Chapter 1 N/A Chapter Quiz 5
Chapter 2 Regulatory Agencies Quiz Questions 15
Chapter 2 SARs Reporting Quiz Questions 10
Chapter 2
Anti-Money
Laundering Rule
Quiz Question 5
Chapter 2
SARs Rule Reporting
Requirements
Quiz Questions 10
Chapter 2 SARs Statistics Quiz Questions 10
Chapter 2 SARs Scenarios Quiz Questions 10
Chapter 2 Case Study Quiz Questions 5
Chapter 2 N/A Chapter Quiz 5
MS SAFE CE 2014 Part
3: Nontraditional
Mortgage

Chapter 1
Overview of Reverse
Mortgages
Quiz Questions 4
Chapter 1 Who Offers Them? Quiz Question 5
Chapter 1 Payout Options Quiz Question 5
Chapter 1 Maturity Events Quiz Question 4
Chapter 1
Eligibility
Requirements
Quiz Question 5
Chapter 1 HECM Costs Quiz Question 4
Chapter 1
History of Reverse
Mortgages
Quiz Questions 7
Chapter 1 N/A Chapter Quiz 5
Chapter 2 Rule Changes Quiz Questions 7
Chapter 2 Initial Disbursement Quiz Questions 5


Limits
Chapter 2
Determining Principal
Limit
Quiz Questions 5
Chapter 2
Term and Tenure
Payments
Quiz Question 5
Chapter 2
MIP and Principal
Limit Factors
Quiz Question 5
Chapter 2
Initial MIP
Calculations for
Refinances
Quiz Question 5
Chapter 2
Problems and
Concerns with
Reverse Mortgages
Quiz Questions 10
Chapter 2
Third-Party
Counseling
Quiz Questions 8
Chapter 2
Deferred Payment
Loan
Quiz Question 5
Chapter 2
Proprietary Reverse
Mortgages
Quiz Question 5
Chapter 2
Alternative to Reverse
Mortgages
Quiz Question 5
Chapter 2
Dangers of Reverse
Mortgages
Quiz Questions 5
Chapter 2 N/A Chapter Quiz 5
MS SAFE CE 2014 Part
4: Advertising and
QM Rule

Chapter 1 Advertising Quiz Question 8
Chapter 1
Commercial
Communication
Quiz Question 8
Chapter 1
Prohibited
Representations
Quiz Questions 25
Chapter 1
Record Keeping
Requirements
Quiz Question 8
Chapter 1 Case Study Quiz Questions 10
Chapter 1 N/A End of Chapter Quiz 5
Chapter 2
Ability to Repay and
QM Rule
Quiz Questions 30
Chapter 2 Case Study Quiz Questions 10
Chapter 2 N/A End of Chapter Quiz 5
MS SAFE CE 2014 Part


5: Mississippi
Mortgage Law
Update
Chapter 1
Overview of Acts and
State Code
Quiz Question 4
Chapter 1
Definitions and
Explanations
Quiz Questions 11
Chapter 1 Renewals Quiz Questions 8
Chapter 1 Records Quiz Questions 8
Chapter 1 N/A End of Chapter Quiz 10
Chapter 2
Business
Requirements
Quiz Question 4
Chapter 2 Prohibited Acts Quiz Questions 11
Chapter 2 Lock-in Fees Quiz Question 3
Chapter 2 Advertising Quiz Question 4
Chapter 2 Penalties Quiz Question 4
Chapter 2
More Rights of the
Commissioner
Quiz Questions 7
Chapter 2
License Suspension
and Notification
Quiz Question 4
Chapter 2
Violations of Law;
Cease and Desist
Orders; Failure to
Comply with Order;
Civil Penalty
Quiz Question 4
Chapter 2 Subpoenas Quiz Question 4
Chapter 2 Case Study Quiz Questions 5
Chapter 2 N/A End of Chapter Quiz 10
Chapter 3
Veteran's Home
Purchase Board
Quiz Question 4
Chapter 3 Refinancing Quiz Question 2
Chapter 3 Prohibitions Quiz Question 1
Chapter 3
Waiver of
Divestment
Requirement
Quiz Questions 4
Chapter 3
Servicing
Delinquent Loans
Quiz Question 1
Chapter 3
Foreclosure
Process
2
Chapter 3
Borrower's
Request for
Information
Quiz Question 2


Chapter 3 N/A End of Chapter Quiz 3
SAFE CE 2014 Course
Final
N/A Course Final 20
Course Evaluation N/A Evaluation 5
Total Course time 720

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