TrainingPro: 20 Hours_Applying Mortgage Knowledge to Exam Preparation_S.A.F.E. Comprehensive Online Instructor Led Syllabus

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1 TrainingPro: 20 Hours_Applying Mortgage Knowledge to Exam Preparation_S.A.F.E. Comprehensive Online Instructor Led Syllabus Instructor Background: Instructor Contact Information: Course Dates: Purpose of the Course: Course Description: TrainingPro instructors are experts in the field of mortgage lending. With over eight years of experience, our instructors have the knowledge and insight to provide the high quality training our clients expect. TrainingPro s instructors are available via , chat, and through the TrainingPro Class Forum. instructor@trainingpro.com. Please identify yourself in your with your full name, course you are attending and address to reply to. Chat: Your TrainingPro instructor is available via instant chat from 11:00 AM 12:00 PM each day of your class. To chat with your instructor online, please click on the Instructor Contact lesson in your TrainingPro online course to access the chat link. Forum: Your TrainingPro instructor monitors the TrainingPro Class Forum throughout the recommended training time. The instructor will post questions, tips, announcements and answer student questions/concerns. 10AM; June 21, PM; July 2, 2010 (EST) All course assignments must be completed by 5:00 PM (EST) on >>>July 2, 2010<<< Please note: Course dates and duration are established within parameters set by the NMLS for education providers. Students will be required to enter a completion code in order to attest to completion of all course requirements. The completion code WILL NOT be made available until the end of the course. Students will review key terms, practices, and laws related to the mortgage industry and featured on the National Mortgage Loan Originator Test Content Outline. Students will receive 20 hours of continuing education credit upon the successful completion of this course. 20 Hours_Applying Mortgage Knowledge to Exam Preparation_S.A.F.E. Comprehensive is a mortgage pre-licensing course organized to review topics specifically outlined in the National Mortgage Loan Originator Test Content Outline. This course meets the federal mortgage training requirements found in the S.A.F.E. Mortgage Licensing Act of 2008 and helps to prepare students for the National Mortgage Loan Originator Test. There are four modules in this course, each aligned with the test content outline: Federal Mortgage Related Laws, General Mortgage Knowledge, Mortgage Loan Origination Activities, and Ethics. Topics in the Federal Mortgage Related Laws section include RESPA, ECOA, TILA, the S.A.F.E. Act, and other federal laws and guidelines. In the General Mortgage Knowledge module, students will review mortgage programs, mortgage loan products and terms used in the operation of the mortgage market. Focus areas in the Mortgage Loan Origination Activities module are application information and requirements, qualification (processing, and underwriting), appraisals, title reports, specific program guidelines, closing and financial calculations. The final module will discuss Ethics as it pertains to federal mortgage laws, appraisal practices, fraud, and ethical behavior. Students will be presented with many practice test questions throughout this course to begin developing an understanding of how this vital information can be formed into test 1

2 questions. Course Schedule at a Glance Module 1 Federal Mortgage Related Laws Hour 1: Hour 2: Hour 3: Hour 4: Hour 5: Hour 6: Read Module 1, Part A Complete Module 1, Part A Required Assignments Complete Module 1, Test Your Knowledge Quiz A Read Module 1, Part B Complete Module 1, Part B Required Assignments Complete Module 1, Test Your Knowledge Quiz B Read Module 1, Part C Complete Module 1, Part C Required Assignments Complete Module 1, Test Your Knowledge Quiz C Hour 7: Final Practice Exam for Module 1 Module 2 - General Mortgage Knowledge Hour 8: Begin Reading Module 2 Hour 9: Finish Reading Module 2 Hour 10: Complete Module 2 Required Assignments Final Practice Exam for Module 2 Module 3 Mortgage Loan Origination Activities Hour 11: Hour 12: Hour 13: Hour 14: Hour 15: Read Module 3, Part A Complete Module 3, Part A Required Assignments Complete Module 3, Test Your Knowledge Quiz A Read Module 3, Part B Complete Module 3, Part B Required Assignments Complete Module 3, Test Your Knowledge Quiz B Read Module 3, Part C 2

3 Hour 16: Module 4 Ethics Complete Module 3, Part C Required Assignments Final Practice Exam for Module 3 Hour 17: Begin Reading Module 4 Hour 18: Finish Reading Module 4 Hour 19: Complete Module 4 Required Assignments Final Practice Exam for Module 4 Comprehensive Final Practice Test Hour 20: Course Completion Requirements: Comprehensive Final Practice Test Students must successfully complete all required reading, course assignments and quizzes in order for course credit to be issued. They must also complete TrainingPro s Online Class Student Survey. Completion Certificates will be distributed through students TrainingPro profile once course completion has been evaluated. Assignments That Must Be Completed for Course Credit: Introduction Assignment Forum Discussion Topics (minimum of 5 total) Module 1, Parts A, B and C: Required Reading Module 1, Parts A, B and C: Course Assignments Module 1, Parts A, B and C: Test Your Knowledge Quiz (scored) Module 1: Final Practice Exam (attempted - score not tracked) Module 2: Required Reading Module 2: Course Assignment Module 2: Final Practice Exam (attempted - score not tracked) Module 3, Parts A, B and C: Required Reading Module 3, Parts A, B and C: Course Assignments Module 3, Parts A and B: Test Your Knowledge Quiz (scored) Module 3: Final Practice Exam (attempted - score not tracked) Module 4: Required Reading Module 4: Course Assignments Module 4: Final Practice Exam (attempted - score not tracked) Comprehensive Final Practice Exam (attempted - score not tracked) TrainingPro Online Instructor Led Course Survey State-specific Assignments (if applicable) All assignments must be completed no later than the class end date/time. 3

4 MODULE OBJECTIVES Module 1 Federal Mortgage Related Laws Note: This module satisfies the 3 hour Federal Mortgage Law topic requirement in the S.A.F.E. Act. Module 1 Objectives RESPA: Explore the requirements of the Real Estate Settlement Procedures Act, including HUD s new Good Faith Estimate ECOA: Understand the history and purpose of the Equal Credit Opportunity Act and its regulations TILA: Delve into the effects of new legislation on the Truth-in-Lending Act and the impact on mortgage operations S.A.F.E. Act: Examine the requirements of the federal S.A.F.E. Act and how it affects mortgage professionals Other Federal Laws and Guidelines: Review mortgage industry obligations of additional federal laws including: o Home Mortgage Disclosure Act o Fair Credit Reporting Act o o o o The Telemarketing Consumer Fraud and Abuse Prevention Act, including Do-Not-Call requirements Fair and Accurate Credit Transactions Act FTC Red Flag Rules The USA Patriot Act Module 2 - General Mortgage Knowledge Note: This module satisfies the 2 hour Nontraditional Mortgage Lending topic requirement in the S.A.F.E. Act. Module 2 Objectives Review the Guidance on Nontraditional Mortgage Product Risks and the Subprime Statement on Mortgage Lending Learn about the mortgage product standards the Nontraditional Guidance and Subprime Statement advise Examine the characteristics of loans that will be regulated as higher-priced mortgages and the lending practices and prohibitions required for them Explore the history and recent developments in subprime lending Consider important changes in federal legislation specific to the Homeownership and Equity Protection Act (HOEPA), including: o The special disclosures and notifications required for HOEPA loans o The lending terms and practices prohibited by HOEPA and the reasons for these prohibitions Explore the basics of fixed-rate and adjustable-rate loans Learn the difference between government loan programs and conventional loan programs Review second mortgages and subordinate financing Gain an understanding of securitization and the role the secondary market plays Investigate special need properties and borrowers, including nontraditional 4

5 lending Take a look at the current mortgage lending landscape Review recent developments in the mortgage lending landscape which led to the industry s present condition Examine broad pieces of recent federal legislation that directly impact the business of lending and mortgage origination Understand the impact a single mortgage loan can have on the greater financial markets Learn about the purpose and process of securitization Uncover the meaning of mortgage-backed security and the role it plays in investment in the secondary market Review the steps that turn a mortgage-backed security into a component of additional investment opportunities Define key players in the securitization process Module 3 Mortgage Loan Origination Activities Module 3 Objectives Module 4 Ethics Review the key players and steps in the loan origination process Achieve insight into the origination process and obtain tips on effective loan application communication Gain perspective on what underwriters look for in loan files in order to anticipate and avoid problems Practice some of the important financial calculations associated with the origination process Review the importance of borrower communication and how it can make or break successful loan origination Investigate each step of the loan cycle from origination through funding and servicing and learn about the roles of various individuals involved in the loan process Explore the Uniform Residential Loan Application in detail to ensure compliance Discover how to meet underwriter requirements and avoid underwriting pitfalls Learn about the responsibilities of the title company and information on the post-closing process Understand the critical elements of borrower qualification: credit capacity, credit character and collateral Review the fundamentals of property ownership Explore the property appraisal process Review calculations as they pertain to debt ratios, borrower income and loan amount Examine the components of a credit report This module satisfies the 3 hour Ethics topic requirement in the S.A.F.E. Act. 5

6 Module 4 Objectives Review federal consumer protection laws aimed at protecting consumers and ensuring the industry is free of discrimination and other unscrupulous practices, including o RESPA o TILA o ECOA o Gramm-Leach-Bliley Act Examine the ethics of appraisal and appropriate appraiser relations Consider ethical expectations of the mortgage industry through the Codes of Conduct published by several professional organizations Investigate the key elements of mortgage fraud and learn how to prevent it Explore ethical interactions with various mortgage industry players, including consumers, appraisers, settlement service providers and investors Explore case studies relevant to Ethics, Fraud, Consumer Protection and Fair Lending Course Materials: All materials for the course are made available online. Course content is formatted as static HTML pages, streaming Flash content, and PDF documents. Course participants are required to complete all assignments online and participate in TrainingPro s Class Forum. Directions on how to access the TrainingPro Class Forum are available in your Instructor Led Online Course Orientation lesson found in your online course. Technical Requirements: COURSE AGENDA Required Reading: Discussion Topics: In order to meet the technical requirements for TrainingPro's Online-Instructor Led course, you must have reliable internet access including capabilities. Either a broadband or dial-up connection is adequate for TrainingPro's online course. Also, TrainingPro's online program allows for any internet browser to be used (i.e. Microsoft Internet Explorer, Firefox, etc). Access and read course content for each module via your personal log-in at Visit Log in using your TrainingPro User Name and Password sent to you from TrainingPro via . If you do not receive your log in information, please contact TrainingPro customer support at support@trainingpro.com. Click on the Course: 20 Hour Applying Mortgage Knowledge to Exam Preparation. This will take you to the lesson listing page where you will find all your course material. Each module section has a discussion topic associated with it. Discussion topics are posted on the course forum throughout the duration of your course you will be responsible for checking the forum regularly until the last date of your course for new discussion topics/threads. You must respond to a minimum of 5 topics in order to receive course credit. In order to access the forum, select any lesson listing labeled Discussion 6

7 Short Answer Assignments: Topics you will find a link to your specific course forum. In order to post to the forum, click the topic you wish to reply to and click Post Reply Each module section includes an assignment requiring short answer responses relevant to the course content in that particular module. Each assignment contains 3 4 questions/exercises and completion is required before you will be able to advance to the next lesson. Instructions for completing each assignment are found in the lesson listings labeled Course Assignments. Test Your Knowledge Quizzes: Module Practice Exams: Comprehensive Final Practice Exam: Class Survey Attendance: There are several Test Your Knowledge quizzes throughout your course which address topics covered in the previous module section. You will be given several chances to achieve a passing score on the quizzes you must obtain a score of 75% or better to move on to the next lesson in your course. Following the required reading and assignments for each module, you will find a final practice exam. Final practice exams are scored so that you may assess your progress, however TrainingPro does not track the score you may move on to the next lesson in your course with or without a passing score. You may also re-take the practice exams over and over without penalty. Final practice exams are accessed through the lesson listing found in your individual TrainingPro online course. Visit the TrainingPro Class Forum to review any questions students have asked or any new postings from the instructor. You should spend the last hour of the course completing TrainingPro s Comprehensive Final Practice Exam, which is found in the lesson listing for your online course ( and is listed as the very last lesson. This interactive practice exam will test your knowledge on the entire course curriculum and provide answers and explanations to each question. You must complete the TrainingPro class survey upon completion of your course. A link is provided to the survey in the final lesson in your course. Students are required to use a secure log-in to access online course content. Identity verification questions are used throughout a student s access of TrainingPro s Learning Management System. Students are also required to provide identifying information privately to the course instructor during class events. Students receive course credit only if they are in full attendance, have complied with identity verification requirements and successfully complete all applicable course assignments. Students are evaluated on a daily basis concerning their attendance and participation in course assignments. The instructor completes an affidavit for each course section and notes if a student is not in attendance or does not participate. If a student fails to complete any portion of the training program, no credit will be given for that course. Students must make up courses in another program offering. Make up courses are scheduled, based on availability, by a TrainingPro account representative. Student Behavior: Students are expected to conduct themselves in a professional manner while taking part in instructor-led online courses. Students should actively participate in the course by using all available methods of communication with the instructor and fellow students. 7

8 Although students participate in class remotely and have the freedom to self-pace, the online instructor-led format should be treated like a live class in terms of established start and end dates/times and required activities. Students are expected to respect the rights of the instructor and fellow students. Students should refrain from using offensive or abusive language during real-time, online discussions and may not post offensive or abusive comments or material to class discussion boards. Students must also refrain from introducing any non-course related content or information to discussions or Class Forums. Participants will be provided with instructor contact information for questions or comments and are encouraged to discuss non-course topics with other participants off-line. Contacts: Course Instructor: instructor@trainingpro.com Phone: (410) Fax: (443) Customer Service and Technical Support: support@trainingpro.com (877)