This 20 Hour NY SAFE Comprehensive Mortgage Loan Originator course is designed to meet the core criteria established by the SAFE Act for national mortgage loan originators, including three hours on federal lending legislation, three hours on the critical topic of fair lending and ethics, and two hours on nontraditional lending products. In addition, the text presents elective topics selected to give students the information they need to successfully enter the mortgage lending field. This course provides a primer on the primary and secondary mortgage markets, as well as a review of the economic, legal, and valuation aspects of the real estate market. This text also details types of loan products and finance instruments—including conventional, government, and nontraditional financing tools—available today. Students will also learn the fundamentals of the residential mortgage lending process—from pre-qualifying potential borrowers, to understanding appraisals, to closing a loan.
The Secure and Fair Enforcement Mortgage Licensing Act also requires all states to implement a mortgage loan originator licensing process. The New York Legislature responded by passing New York Banking Law Article 12-E, Licensed Mortgage Loan Originators. This course also examines that and other laws and regulations in the State of New York related to consumer protection that affect the mortgage industry in general and mortgage loan originators specifically. It introduces the NYS Dept. of Financial Services and describes the scope of its authority. It also discusses specific New York law related to the licensing and activities of mortgage bankers, mortgage brokers, and mortgage loan originators. The three hours of state-specific topics are covered in the New York-Specific Supplement.