8 Hour MA SAFE Comprehensive Mortgage Loan Originator Course 2014

Course Syllabus


Welcome to our Massachusetts SAFE Comprehensive Mortgage Loan Originator Course for
2014. 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 2014 NMLS eight hour mortgage loan originator continuing
education requirement for the state of Massachusetts.

Course Description
Our comprehensive course meets the NMLS Comprehensive CE requirement for Massachusetts
by covering the following topics: three hours of Federal Law, two hours of Ethics and Loan
Fraud, two hours of Nontraditional Lending, and one hour of Massachusetts Mortgage Law.

Course Dates and Times
This course is offered for the 2014 license renewal period. In order to ensure proper reporting
to NMLS before all mortgage loan originator licenses expire on December 31, 2014, this course
must be completed by December 21, 2014.

Course Objectives
Upon completing this course, you should be able to do the following:
Understand the requirements of the new Loan Estimate disclosure form
Understand the requirements of the new Closing Disclosure form
Compare and contrast the new Loan Estimate disclosure form with the current GFE and
TILA disclosures
Compare and contrast the new Closing Disclosure form with the current HUD-1
Settlement Statement
Analyze situations and properly evaluate them in the context of fair lending compliance
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 recent changes relating to reverse mortgages


Explain the Reverse Mortgage Stabilization Act
Recognize problems and concerns with reverse mortgages
Understand the scope and applicability of Massachusetts mortgage laws
Comply with the requirements for licensees under the applicable laws and rules
Protect the public by following the requirements set forth in the laws and rules

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 eight 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 Massachusetts Mortgage Law.



MA SAFE CE 2014 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.

2014 Federal Law Update Chapter 1: Chapter One explains the new disclosure rule. It consists
of the following sections:
Disclosure Rule Overview
Loan Estimate Overview
Closing Disclosure Overview
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
2014 Federal Law Update Chapter 2: Chapter Two covers CFPB Supervisory Highlights. It
consists of the following sections:
Supervisory Highlights
CMS
Case Review - First Alliance
Self-Reporting
Self-Policing
Remediation
Cooperation
Case Review - Fidelity
Illegal Referral Schemes
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.
2014 Federal Law Update Chapter 3: Chapter Three reviews fair lending. It consists of the
following sections:
Why do we care about Fair Lending
Department of Justice
Consumer Financial Protection Bureau
Fair Housing Act
Equal Credit Opportunity Act
Types of Discrimination
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Three.

MA SAFE CE 2014 Part 2: Ethics and Loan Fraud
Ethics and Loan Fraud 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:
Loan Fraud Statistics
Definition of Loan Fraud


Consequences of Fraud
Types of Fraud
Fraud Schemes
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
Ethics and Loan Fraud Chapter 2: Chapter Two will review the requirements for mortgage
lenders and brokers regarding money laundering and loan fraud reporting. It consists of the
following sections:
Regulatory Agencies
SARs Reporting
Anti-Money Laundering Rule
SARs Rule Reporting Requirements
SARs Statistics
SAR Scenarios
Case Study
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.

MA SAFE CE 2014 Part 3: Nontraditional Mortgage
Nontraditional Lending Chapter 1: Chapter One discusses reverse mortgages. It consists of the
following sections:
Overview of Reverse Mortgages
Who Offers Them?
Payout Options
Maturity Events
Eligibility Requirements
HECM Costs
History of Reverse Mortgages
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.
Nontraditional Lending Chapter 2: Chapter Two covers the Reverse Mortgage Stabilization Act.
It consists of the following sections:
Rule Changes
Initial Disbursement Limits
Determining Principal Limit
Term and Tenure Payments
MIP and Principal Limit Factors
Initial MIP Calculations for Refinances
Problems and Concerns with Reverse Mortgages
Third-Party Counseling


Deferred Payment Loan
Proprietary Reverse Mortgages
Alternative to Reverse Mortgages
Dangers of Reverse Mortgages
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.

MA SAFE CE 2014 Part 4: Massachusetts Mortgage Law Update
MA Mortgage Law Update 2014 Chapter 1: Chapter One covers CMR and state law as it
applies to loan originators, lenders, and brokers. It consists of the following sections:
Overview of CMR and State Code
Definitions and Explanations
Loan Originators
Lenders and Brokers
209 CMR Disclosures
209 CMR Limitations
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter One.

MA Mortgage Law Update 2014 Chapter 2: Chapter Two covers license limitations and
responsibilities. It consists of the following sections:
Additional Definitions
Escrows
Coercion of Appraiser
Servicing Practices
Case Study
Disclosures
Massachusetts HB 3492
Chapter Quiz: 5 question quiz covering all of the material discussed in Chapter Two.
MA SAFE CE 2014 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 eight 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)
SAFE CE 2014 Part 1:
Federal Law
Introduction Attestation 7
Chapter 1
Disclosure Rule
Overview
Quiz Questions 10
Chapter 1
Loan Estimate
Overview
Quiz Questions 15
Chapter 1
Closing Disclosure
Overview
Quiz Questions 10
Chapter 1 N/A Chapter Quiz 5
Chapter 2 Supervisory Highlights Quiz Question 5
Chapter 2 CMS Quiz Questions 10
Chapter 2
Case Review - First
Alliance
Quiz Question 5
Chapter 2 Self-Reporting Quiz Question 5
Chapter 2 Self-Policing Quiz Question 5
Chapter 2 Remediation Quiz Question 5
Chapter 2 Cooperation Quiz Question 5
Chapter 2 Case Review - Fidelity Quiz Question 5
Chapter 2
Illegal Referral
Schemes
Quiz Question 5
Chapter 2 N/A Chapter Quiz 5
Chapter 3
Why do we care
about Fair Lending
Quiz Question 5
Chapter 3 Department of Justice Quiz Questions 10
Chapter 3
Consumer Financial
Protection Bureau
Quiz Question 5
Chapter 3 Fair Housing Act Quiz Questions 10
Chapter 3
Equal Credit
Opportunity Act
Quiz Questions 15
Chapter 3
Types of
Discrimination
Quiz Questions 15
Chapter 3 N/A Chapter Quiz 5
SAFE CE 2014 Part 2:
Ethics and Loan Fraud

Chapter 1 Loan Fraud Statistics Quiz Question 5
Chapter 1
Definition of Loan
Fraud
Quiz Question 5


Chapter 1
Consequences of
Fraud
Quiz Questions 10
Chapter 1 Types of Fraud Quiz Questions 10
Chapter 1 Fraud Schemes Quiz Questions 10
Chapter 1 N/A Chapter Quiz 5
Chapter 2 Regulatory Agencies Quiz Questions 11
Chapter 2 SARs Reporting Quiz Questions 10
Chapter 2
Anti-Money
Laundering Rule
Quiz Question 5
Chapter 2
SARs Rule Reporting
Requirements
Quiz Questions 8
Chapter 2 SARs Statistics Quiz Questions 10
Chapter 2 SARs Scenarios Quiz Questions 8
Chapter 2 Case Study Quiz Questions 5
Chapter 2 N/A Chapter Quiz 5
SAFE CE 2014 Part 3:
Nontraditional
Mortgage

Chapter 1
Overview of Reverse
Mortgages
Quiz Questions 4
Chapter 1 Who Offers Them? Quiz Question 5
Chapter 1 Payout Options Quiz Question 3
Chapter 1 Maturity Events Quiz Question 4
Chapter 1
Eligibility
Requirements
Quiz Question 5
Chapter 1 HECM Costs Quiz Question 4
Chapter 1
History of Reverse
Mortgages
Quiz Questions 7
Chapter 1 N/A Chapter Quiz 5
Chapter 2 Rule Changes Quiz Questions 7
Chapter 2
Initial Disbursement
Limits
Quiz Questions 5
Chapter 2
Determining Principal
Limit
Quiz Questions 5
Chapter 2
Term and Tenure
Payments
Quiz Question 3
Chapter 2
MIP and Principal
Limit Factors
Quiz Question 3


Chapter 2
Initial MIP
Calculations for
Refinances
Quiz Question 5
Chapter 2
Problems and
Concerns with
Reverse Mortgages
Quiz Questions 10
Chapter 2
Third-Party
Counseling
Quiz Questions 8
Chapter 2
Deferred Payment
Loan
Quiz Question 3
Chapter 2
Proprietary Reverse
Mortgages
Quiz Question 3
Chapter 2
Alternative to Reverse
Mortgages
Quiz Question 5
Chapter 2
Dangers of Reverse
Mortgages
Quiz Questions 5
Chapter 2 N/A Chapter Quiz 5
SAFE CE 2014 Part 4:
Massachusetts
Mortgage Law
Update

Chapter 1
Overview of CMR and
State Code
Quiz Question 4
Chapter 1
Definitions and
Explanations
Quiz Question 5
Chapter 1 Loan Originators Quiz Questions 4
Chapter 1 Lenders and Brokers Quiz Questions 3
Chapter 1 209 CMR Disclosures Quiz Question 13
Chapter 1 N/A End of Chapter Quiz 5
Chapter 2 Additional Definitions Quiz Question 5
Chapter 2 Escrows Quiz Question 3
Chapter 2 Coercion of Appraiser Quiz Question 5
Chapter 2 Servicing Practices Quiz Question 3
Chapter 2 Case Study Quiz Questions 4
Chapter 2 Disclosures Quiz Questions 8
Chapter 2
Massachusetts HB
3492
Quiz Questions 10
Chapter 2 N/A End of Chapter Quiz 5
SAFE CE 2014 Course
Final
N/A Course Final 20
Course Evaluation N/A Evaluation 5


Total Course Time
(Minutes)
480