4 Hour OR SAFE: Understanding Oregon Mortgage Law On-line Self-Study Pre-Licensing Education [Course #10977]
Course Format: OSS (Online Self-Study)
Credit Hours: 4 Elective PE Credit
NMLS Approval #10977
This 4-hour Oregon 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 four (4) 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 Licensing and Renewal Requirements, Required Conduct and Prohibited Acts, Mortgages and Trust Deeds, and the Oregon Mortgage Fraud Prevention Act. By the end of the course you will be able to:
- Know Oregon’s definition of residential mortgage loan, and how it differs from TILA;
- Describe when a company may allow a MLO to originate Oregon loans.
- Explain Oregon’s restriction on originating for more than one mortgage banker/broker.
- Recognize the licensee’s obligations for keeping the NMLS record up-to-date and responding to deficiencies timely.
- Discuss Oregon’s rate-lock disclosure form;
- Identify the disclosures that are required to be provided in a language other than English;
- Describe the limitations on negative amortization loans;
- Discuss the special disclosure for reverse mortgage loans;
- Know that MLO is required to sign initial and final loan applications;
- Explain the requirements for handling of client funds, including determining when funds are considered trust funds, refunds of funds as well as manner of deposit and disbursement of trust funds.
- Know the requirement to keep copies of correspondence with applicants;
- Demonstrate the advertising requirements and prohibitions;
- Explain the definition of dishonest, fraudulent, unfair and unethical practices and prohibited activities for loan originators.
- Discuss the use of assumed business names as set forth in OAR 441-860-0025.
- Identify the limitations on the use of certifications or professional designations for mortgage loan originators included in OAR 441-870-0081.