20-Hour SAFE MLO Comprehensive Course Syllabus

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1 Course Hours: 20 Instructional Mode: Distance Education Instructor: Richard Madrigal Learning Resources 20-Hour Mortgage Loan Originator, online text Contact Information Student Services Toll Free: International: Fax: Hours: Monday Friday, 7:00 a.m. to 6:00 p.m. Course Description Allied s Mortgage Loan Originator SAFE Comprehensive course is a 20-hour online prelicensing course. It is designed to satisfy all of the pre-licensure education requirements of the SAFE Act. The course includes 3 hours of federal laws and regulations; 3 hours of ethics, which includes instruction on fraud, consumer protection, and fair lending issues; and 2 hours of training related to lending standards for the nontraditional mortgage product marketplace. The remaining 12 hours cover mortgage markets, loan products, the loan package, underwriting, promissory notes, security instruments, settlement procedures, loan servicing, and default and foreclosure. Course Outcomes After completing this course, you should be able to: Specify the purpose of mortgage markets and identify the participants involved. Compare fixed-rate loans, ARMs, and GPMs. Distinguish between conventional and government-backed financing. Specify the steps in completing a loan application and preparing a loan package. Identify and apply underwriting guidelines used to qualify borrowers. Indicate the function of promissory notes within the lending process. Recall the purpose of a security instrument. Analyze closing statements and identify mandatory settlement disclosures. Identify characteristics of loan servicing and specify how a change in servicer affects loan terms. Identify borrower and lender options during a loan default. Recognize federal mortgage-related and consumer protection laws. Identify mortgage fraud and predatory lending. Study Guide The course is divided into twelve topic-related units. In general, each unit s concepts and material build cumulatively. As such, the course is set in a linear fashion to best facilitate successful completion of the course. Study any supplemental resources provided with your course to give you greater depth of understanding of the subject matter. As you complete each unit, the next unit will be released (according to the course schedule). Completed course content is available to you at all times so that you may review assignments. This will help you anticipate your workload and understand how the course concepts are integrated and build upon one another. Office Hours You can communicate directly with the instructor through a chat room session for an hour twice a week. The instructor s office hours will vary within each class; see the Introduce Yourself section for your class s specific Office Hours. 1

2 Discussion Boards The Discussion Board will allow you to participate in focused module s to share your ideas and understanding of module concepts and how these ideas apply to the forum topic. To meet the minimum requirements for required Discussion Boards, you must answer the question posted by the faculty on application of the module s concepts. You must also further participate by acknowledging faculty s feedback to the answer through further clarification of a point or posting a substantive response to the feedback and/or engaging with other students by discussing another original application of the module s concepts. Grading/Evaluation Policy Evaluation is linked directly to the course objectives. Performance is measured by online unit quizzes, activities, participation, and a final exam. To complete this course successfully, students must complete 12 Units including all reading assignments and unit exams, submit 3 Activities to the instructor, participate in 5 Discussions, and complete the course Final Exam. The final exam consists of 75 multiplechoice questions and you will have 2 hours to complete it. If you do not pass the final exam, you may retake a different version of the final without penalty as long as you retake the exam before the course termination date. Student Attendance and Late Assignment Submission Policy Attendance in this course is constituted by assignment submission and participation. During the online course, Allied requires you to communicate with the course instructor and classmates through online means within the learning platform. Instructors will respond and grade assignments within 24 hours. Non-Starts, Incompletes, and Extensions Students who enroll but do not start their course are granted one complimentary restart. You must contact Allied within 30 days of the original enrollment date to schedule the complimentary restart. If you do not contact Allied within 30 days of the original enrollment date to schedule, the restart will be assessed a 15% reenrollment fee. The nature of this course does not allow for extensions. All assignments must be completed within the course time frame. Students who cannot complete by the course termination date will be assessed a 15% reenrollment fee. Student Integrity and Academic Honesty Policy Allied Schools strives to encourage a spirit of honesty and integrity. This policy was created to foster a climate that promotes the most stringent academic standards. Violations of this policy will be dealt with using fair and consistent methods. Committing one or more of the following actions is considered unacceptable and constitutes a violation of this policy: Intentionally using or attempting to use unauthorized materials in any academic exercise; Intentionally aiding or attempting to aid another student to commit any act of academic dishonesty; Bribing or attempting to bribe, or making threats against any individual, with the intention of affecting a grade or an evaluation of academic performance; Falsifying any documents; and Accessing the institution s computer systems or files without proper authorization. Course Schedule The following schedule lists the day that the content for each unit will be available to you, as well as each unit s expectations, assignments, and the approximate time you should spend on the unit. There are no penalties for submitting unit exams, activities, or participating in required s late. However, each assignment listed below must be successfully completed before you can take your final exam. 2

3 The NMLS requires that you spend a minimum of 20 classroom hours* in this course. As such, you will not be permitted to access the Final Exam until you have logged real hours (980 minutes) in the course and have successfully passed all required assignments. If you complete the coursework before the 980-minute mark, log the appropriate time by reviewing the 12 units of content or by taking the optional practice exam. You will be logged out of the course after 6 minutes of inactivity. *A classroom hour is defined as 50 seat minutes for each clock hour the course is approved Title & Availability Objectives Assignments Time Course Introduction Day 1 Unit 1: Overview of the Mortgage Markets Day 1 Unit 2: Loan Products Day 1 Unit 3: Loan Programs Day 2 Unit 4: The Loan Package Day 3 Identify features of the learning management system. Recall school and course policies. Register with NMLS. Read the course introduction materials Read the Course Introduction Apply for an NMLS Unique ID Introduce yourself to your instructor and classmates 30 mins Specify the purpose of the mortgage markets. Identify the participants in the mortgage markets. Recall the functions of Ginnie Mae. Recognize the types of mortgage-backed securities. Recall the functions of Fannie Mae. Recall the functions of Freddie Mac. Read Unit 1: Overview of the Mortgage Markets Complete the Unit 1 Exam with 45 mins Specify the purpose of a real estate loan. Select the definition of amortization from four given choices. Recognize loan amortization types. Identify the features of fixed-rate loans. Identify the features of adjustable-rate loans. Identify the features of graduated payment loans. Identify characteristics of conventional loans. Recognize characteristics of mortgage insurance. Recall conforming and non-conforming loan guidelines. Identify FHA guidelines. Recognize DVA guidelines. Recall the different types of alternative financing. Recognize steps involved in obtaining a real estate loan. List items included in a loan package. Identify information included in sections of the Uniform Residential Loan Application. Specify when the borrower may lock in an interest rate. Designate loan packaging procedures. Distinguish between primary and alternative types of documentation. Read Unit 2: Loan Products 1 hr Complete the Unit 2 Exam with 45 mins Complete the Recommending a Loan Activity and submit your answers to the instructor Participate in required the Discussion about Loan Products Read Unit 3: Loan Programs 2 hrs Complete the Unit 3 Exam with 15 mins Read Unit 4: The Loan 1 hr Package 15 mins Complete the Unit 4 Exam with Discussion about the Loan Package 3

4 Title & Availability Objectives Assignments Time Unit 5: Underwriting Day 4 Unit 6: Promissory Notes Day 5 Unit 7: Security Instruments Day 6 Unit 8: Settlement and Closing Day 7 Recall the underwriting process. Recognize the three Cs of credit. Recognize underwriting guidelines. Distinguish between types of credit history. Specify features of credit reporting. Name methods of credit scoring. Indicate features of promissory notes. Recognize loan instrument clauses. Recall elements of negotiable instruments. Recognize elements of the Uniform Commercial Code. Specify defenses of the maker in a court action. Name types of promissory notes. Indicate features of promissory notes. Recognize loan instrument clauses. Recall elements of negotiable instruments. Recognize elements of the Uniform Commercial Code. Specify defenses of the maker in a court action. Name types of promissory notes. Recall the purpose of a security instrument. Recognize uniform covenants in security instruments. Indicate statutory redemption. Identify the elements of a mortgage. Identify the elements of a deed of trust. Distinguish between lien theory and title theory. Recall the process of closing (settlement). Designate the role of the participants in the closing. Identify marketability of title. Identify property tax issues. Categorize the various closing costs. Recognize elements of the loan closing process. Read Unit 5: Underwriting 1 hr Complete the Unit 5 Exam with 30 mins Discussion about Underwriting a Loan Read Unit 6: Underwriting 1 hr Complete the Unit 6 Exam with Read Unit 7: Security 1 hr Instruments Complete the Unit 7 Exam with Read Unit 8: Settlement and 2 hrs Closing 15 mins Complete the Unit 8 Exam with Complete the GFE and HUD-1 Activity and submit your answers to the instructor Discussion about Settlement and Closing 4

5 Title & Availability Objectives Assignments Time Unit 9: Loan Servicing Day 8 Unit 10: Default and Foreclosure Day 9 Unit 11: Federal Lending Laws and Regulations Day 10 Unit 12: Ethics Day 11 Final Exam and Survey Day 11 to 14, 11:59 PM PST Identify characteristics of loan servicing. Read Unit 9: Loan Servicing 1 hr Specify how a change in servicer affects loan terms. Complete the Unit 9 Exam with 15 mins Recognize procedures for loan servicing transfers. Recall the responsibilities of real estate loan administrators. Identify the purpose of an escrow (impound) account. Select the elements in a payoff demand statement. Select the definition of default from given choices. Identify borrower options during a loan default. Identify lender options during a loan default. Choose the different types of foreclosure from a list. Indicate the order in which lenders are paid off in foreclosure. Indicate how a lender sues on the promissory note. Name regulations and laws regarding financial reform, including the Dodd-Frank Act and amendments to HUD Regulation X and FRB Regulation Z. Name federal fair housing laws and recall protected classes. Name federal credit protection laws, including Title X of the Dodd-Frank Act that established the Consumer Financial Protection Bureau. Recall that Regulation B was issued to implement the ECOA. Name the main features of RESPA. Identify types of mortgage fraud. Recall characteristics of predatory lenders. Distinguish principles from values. Pass exam with a 70% score or higher Read Unit 10: Default and Foreclosure Complete the Unit 10 Exam with Read Unit 11: Federal Laws and Regulations Complete the Unit 11 Exam with Complete the Determining a Finance Charge and the Calculating an APR Activities and submit your answers to the instructor Discussion about Fair Lending laws 1 hr 15 mins 2 hrs 30 mins Read Unit 12: Ethics 45 mins Complete the Unit 10 Exam with Complete the Final Exam 2 hrs Provide your NMLS Unique ID Complete the How Would You Grade Us Survey 5

6 System Requirements Component Requirement Computer and processor 500-megahertz (MHz) processor or higher 1 Memory 256 megabyte (MB) RAM or higher 1, 2 Hard disk Drive Display 2 gigabyte (GB); a portion of this disk space will be freed after installation if the original download package is removed from the hard drive. CD-ROM or DVD drive 1024x768 or higher resolution monitor Operating system Microsoft Windows XP with Service Pack (SP) 2, Windows Server 2003 with SP1, or later operating system 3 Other Certain inking features require running Microsoft Windows XP Tablet PC Edition or later. Speech recognition functionality requires a close-talk microphone and audio output device. Information Rights Management features require access to a Windows 2003 Server with SP1 or later running Windows Rights Management Services. Connectivity to Microsoft Exchange Server 2000 or later is required for certain advanced functionality in Outlook Instant Search requires Microsoft Windows Desktop Search 3.0. Dynamic Calendars require server connectivity. Connectivity to Microsoft Windows Server 2003 with SP1 or later running Microsoft Windows Share Point Services is required for certain advanced collaboration functionality. Microsoft Office Share Point Server 2007 is required for certain advanced functionality. PowerPoint Slide Library requires Office Share Point Server To share data among multiple computers, the host computer must be running Windows Server 2003 with SP1, Windows XP Professional with SP2, or later. Internet Explorer 6.0 or later, 32 bit browser only. Internet functionality requires Internet access (fees may apply). Additional Actual requirements and product functionality may vary based on your system configuration and operating system. 1 1 gigahertz (GHz) processor or higher and 512 MB RAM or higher recommended for Business Contact Manager. Business Contact Manager not available in all languages MB RAM or higher recommended for Outlook Instant Search. Grammar and contextual spelling in Word is not turned on unless the machine has 1 GB memory. 3 Office Clean-up wizard not available on 64 bit OS. 6