4 Hour West Virginia SAFE: Understanding West Virginia Mortgage Law (ID#10949)
4 Hour WV SAFE: Understanding West Virginia Mortgage Law On-line Self-Study Pre-Licensing Education [Course #10949]
Course Format: OSS (Online Self-Study)
Credit Hours: 4 Elective PE Credit
NMLS Approval #10949
This 4-hour West Virginia Mortgage Law pre-licensing education course is conducted in an online setting. Students are able to move through online courses at their own learning pace. My Mortgage Trainer, Inc. uses their Learning Management System (LMS) which supports multiple browsers.
Additionally, this course is delivered in six (6) modules of content and can be accessed at any time. The course will utilize case studies and practice quizzes to help you better comprehend the course material. As required by the NMLS, the class completes with a final exam and survey.
This course will cover key topics such as the WV DFI, Licensing, Residential Mortgage Loans, Conditions and Limitations of Certain Mortgage Transactions, Disclosures and Advertising, and Disciplinary Action. By the end of the course you will be able to:
- Describe the tangible net benefit requirements and demonstrate proper completion of the WV statutorily required form;
- Know the late payment penalty maximum charge of $30, and describe the requirement that this be disclosed correctly on all loan disclosures;
- Explain the loan-to-value limitation of 100% unless program is specifically exempted by statute;
- Know that no application fees may be collected. Explain that third-party pass-through fees may be collected for the actual amount of the service provided.