Rules issued by the CFPB pursuant to Dodd-Frank amended Regulation Z and now require that a loan originator must receive periodic training. This training must cover Federal and State law requirements that relate to the individual loan originator’s origination activities. What training will meet the standards to satisfy the rule?
The rule is not specific about how much or what type of training is enough, but the rule provides a safe harbor. The rule indicates that one way to obtain a safe harbor is for the MLO to receive training approved by the NMLS for continuing education.
You can obtain the safe harbor through CUNA’s NMLS approved comprehensive mortgage loan originator course. This course is new in 2015 and meets NMLS’ two-year rule.
8 Hour SAFE Comprehensive 2015 MLO Course # 5208 (NMLS #1405021)
This course covers the following:
- Federal Law and Regulations
- Truth in Lending Act / Regulation Z
- Real Estate Settlement Procedures Act / Regulation X
- Fair Credit Reporting Act / Regulation V
- Ethics, Consumer Protection and Fair Lending
- Equal Credit Opportunity Act / Regulation B
- Fair Housing Act
- Home Mortgage Disclosure Act / Regulation C
- Servicemember Civil Relief Act
- Non-Traditional Mortgage Products
- Adjustable Rate Mortgages
- Higher Priced Mortgage Loans
- High-Cost Mortgages
- Undefined Mortgage Instruction
- Appraisal Requirements
- Flood Insurance
- Private Mortgage Insurance
This course was designed to meet the continuing education requirements of the SAFE Act inclusive of (3) hours federal laws & regulations, (3) hours ethics, consumer protection & fair lending and (2) hours lending standards for the non-traditional mortgage product marketplace.
The course is instructed by Michael Christians from PolicyWorks.
For additional information regarding the course including pricing, please contact Tracy Blaske, CUNA’s Director of Compliance Education at 608-231-4030 or firstname.lastname@example.org.