11 Hour NY SAFE Comprehensive Mortgage Loan Originator Course 2015

Course Syllabus
Welcome to our New York SAFE Comprehensive Mortgage Loan Originator Course for 2015.
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 2015 NMLS eleven hour mortgage loan originator continuing
education requirement for the state of New York.
Course Description
Our comprehensive course meets the NMLS Comprehensive CE requirement for Massachusetts
by covering the following topics: four hours of Federal Law, two hours of Ethics and Loan
Fraud, two hours of Nontraditional Lending, and three hours of New York Mortgage Law.
Course Dates and Times
This course is offered for the 2015 license renewal period. In order to ensure proper reporting
to NMLS before all mortgage loan originator licenses expire on December 31, 2015, this course
must be completed by December 21, 2015.
Course Objectives
Upon completing this course, you should be able to do the following:
Understand the implementation requirements of the Integrated Disclosures Rule
Accurately complete the Loan Estimate
Explain the Loan Estimate to borrowers
Accurately complete the Closing Disclosure
Explain the Closing Disclosure to borrowers
Understand when a new Loan Estimate is required and/or allowed
Understand when a new Closing Disclosure is required and/or allowed
Understand the timing requirements associated with the Loan Estimate and Closing
Disclosure
Calculate closing dates based on Closing Disclosure requirements
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 and be able to explain mortgage insurance requirements

Recognize and understand the changes to the FHA handbook

Understand the scope and applicability of New York 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 an eleven hour 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 not 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 four parts, covering the following subjects: Federal Law, Loan Fraud,
Nontraditional Mortgage, and New York Mortgage Law

NY Comprehensive SAFE CE 2015 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.
Federal Law Update 2015 Chapter 1: Chapter One includes a disclosure rule overview. It
consists of the following sections:
General Implementation
Timing Requirements
Federal Law Update 2015 Chapter 2: Chapter Two covers the Loan Estimate. It consists of the
following sections:
Loan Estimate Review
Federal Law Update 2015 Chapter 3: Chapter Three reviews miscellaneous issues and a timing
illustration. It consists of the following sections:
Redisclosing and Tolerances
Changes of Circumstance
Timing
Lender Credits
Case Study
Federal Law Update 2015 Chapter 4: Chapter Four reviews the Closing Disclosure. It consists
of the following sections:
Closing Disclosure
Alternative Closing Disclosure
Delivery of the Closing Disclosure
Case Study
Federal Law Update 2015 Chapter 5: Chapter Five includes a transaction scenario. It consists
of the following section:
Timing Case Study

NY Comprehensive SAFE CE 2015 Part 2: Ethics and Loan Fraud

Loan Fraud 2015 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:
Fraud for Housing
Fraud for Profit
Air Loan
Appraisal/Valuation

 Assets
Employment
Identity Theft
Income
Non-Arms Length Transaction
Occupancy Fraud
Settlement Agent
Short Sale
Shot-Gunning
Straw Borrower
Undisclosed Debt
Affinity Fraud
Builder Bail-Out
Foreclosure Rescue
Loan Modification Scams
Reverse Mortgage Fraud
Case Study
Loan Fraud 2015 Chapter 2: Chapter Two will review loan fraud statistics and SARS reporting.
It consists of the following sections:
Loan Fraud Statistics
SARs Reporting
Anti-Money Laundering Rule
SARs Rule Reporting Requirements
Case Study

NY Comprehensive SAFE CE 2015 Part 3: Nontraditional Lending

Nontraditional Mortgage Lending 2015 Chapter 1: Chapter One discusses mortgage insurance.
It consists of the following sections:
Mortgage Insurance is NOT
Warn Your Borrowers!
Mortgage Insurance IS
PMI? MIP?
When Does PMI Disappear?
What is Right for Your Borrowers?
MI Should Always be Avoided Right?
Explain, Explain, Explain!

Nontraditional Mortgage Lending 2015 Chapter 2: Chapter Two covers the new FHA 4000.1
Handbook. It consists of the following sections:
FHA 4000.1 Handbook Purpose
FHA 4000.1 Handbook Effective Date
Assets
Credit
Documents/Processing
Fees
Income/Employment
Insurance
Liabilities
Occupancy
Refinances
Streamline Refinances
Case Study

NY Comprehensive SAFE CE 2015 Part 4:

New York Mortgage Law Update 2015
NY Mortgage Law Update 2015 Chapter 1: Chapter One contains an overview of NY banking
code and corresponding rules and regulations. It consists of the following sections:
Declaration of Policy
Definitions and Explanations
Exemptions
Banking Board
Brokers and Federally-Insured Loans
Junior Mortgage Loans
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
NY Mortgage Law Update 2015 Chapter 2: Chapter Two covers the powers and duties of the
Superintendent along with record keeping and disclosures. It consists of the following sections:
Responsibilities
Grounds for Suspension
Regulations and Fines
Advertising and Disclosures
Superintendent's Powers
Books and Records

Chapter Quiz: 10 question quiz covering all of the material discussed in Chapter Two.

NY Mortgage Law Update 2015 Chapter 3: Chapter Three covers mortgage loan originator
requirements. It consists of the following sections:
Mortgage Loan Originators
Revocable Actions
Continuing education
Exemptions
Required Records
More Revocable Offenses
Suspension Procedures
Case Study
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Three.
NY Comprehensive SAFE CE 2015 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 four 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 an eleven 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)

NY Comprehensive SAFE CE 2015 Part 1: Federal Law

Introduction
Chapter 1
Chapter 1
Chapter 2
Chapter 3
Chapter 3
Chapter 3
Chapter 3
Chapter 3
Chapter 4
Chapter 4
Chapter 4
Chapter 4
Chapter 5

Instructions
General
Implementation
Timing Requirements
Loan Estimate Review
Redisclosing and
Tolerances
Changes of
Circumstance
Timing
Lender Credits
Case Study
Closing Disclosure
Alternative Closing
Disclosure
Delivery of the Closing
Disclosure
Case Study
Timing Case Study

ROC & Attestation

10

Quiz Questions

20

Quiz Questions
Quiz Questions

25
50

Quiz Questions

10

Quiz Questions

Quiz Question
Quiz Question
Quiz Questions
Quiz Questions

5
5
10
20

Quiz Question

Quiz Questions

10

Quiz Questions
Quiz Questions

15
20

NY Comprehensive SAFE CE 2015 Part 2: Ethics and Loan Fraud

Chapter 1
Chapter 1
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2

Types of Fraud
Case Study
Loan Fraud Statistics
SARs Reporting
Anti-Money
Laundering Rule
SARs Rule Reporting
Requirements
Case Study

Quiz Questions
Quiz Questions
Quiz Questions
Quiz Questions

35
10
5
15

Quiz Question

Quiz Questions

15

Quiz Questions

20

NY Comprehensive SAFE CE 2015 Part 3: Nontraditional Lending

Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2

Mortgage Insurance is
NOT
Warn Your Borrowers!
Mortgage Insurance IS
PMI? MIP?
When Does PMI
Disappear?
What is Right for Your
Borrowers?
MI Should Always be
Avoided Right?
Explain, Explain,
Explain!
FHA 4000.1
Handbook Purpose
FHA 4000.1
Handbook
Effective Date
Assets
Credit
Documents/Processing
Fees
Income/Employment
Insurance
Liabilities
Occupancy
Refinances
Streamline Refinances
Case Study

Quiz Question

Quiz Question
Quiz Question
Quiz Questions

3
3
10

Quiz Question

Quiz Question

Quiz Question

Quiz Question

Quiz Question

Quiz Question

Quiz Question
Quiz Question
Quiz Question
Quiz Question
Quiz Questions
Quiz Question
Quiz Question
Quiz Question
Quiz Question
Quiz Question
Quiz Questions

5
5
5
2
10
2
3
2
3
2
10

NY Comprehensive SAFE CE 2015 Part 4: New York Mortgage Law Update 2015
Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 1
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 3
Chapter 3
Chapter 3
Chapter 3
Chapter 3
Chapter 3
Chapter 3
Chapter 3
Chapter 3

Declaration of Policy
Definitions and
Explanations
Exemptions
Banking Board
Brokers and FederallyInsured Loans
Junior Mortgage Loans
N/A
Responsibilities
Grounds for
Suspension
Regulations and Fines
Advertising and
Disclosures
Superintendent's
Powers
Books and Records
N/A
Mortgage Loan
Originators
Revocable Actions
Continuing Education
Exemptions
Required Records
More Revocable
Offenses
Suspension
Procedures
Case Study
N/A

Course Final

N/A

Course Evaluation

N/A

Quiz Question

Quiz Question

Quiz Question
Quiz Question

2
4

Quiz Questions

Quiz Question
End of Chapter Quiz
Quiz Question

4
5
5

Quiz Questions

10

Quiz Question

Quiz Questions

10

Quiz Question

Quiz Question
End of Chapter Quiz

6
10

Quiz Questions

Quiz Question
Quiz Question
Quiz Questions
Quiz Questions

6
2
6
2

Quiz Question

Quiz Question

Quiz Questions
End of Chapter Quiz
Comprehensive Final
Exam
Evaluation

7
5
25
5