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10 Hour NV SAFE Comprehensive Mortgage Loan Originator Course 2015

Course Syllabus
Welcome to our Nevada 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 10 hour mortgage loan originator continuing
education requirement for the state of Nevada.
Course Description
Our comprehensive course meets the NMLS Comprehensive CE requirement for Nevada by
covering the following topics: three hours of Federal Law, two hours of Ethics and Loan Fraud,
two hours of Nontraditional Lending, and three hours of Nevada Mortgage Law.
Course Dates and Times
This course is offered for the 2015 license renewal period. Nevada mortgage licenses expire
December 31st of each year. To avoid expiration, all required paperwork must be submitted to
the Commissioner by November 30. To ensure proper reporting, this course must be
completed by November 20, 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 Nevada 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 a ten 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 student’s 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 Nevada Mortgage Law.

NV 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

NV 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-Arm’s 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

NV 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

NV Comprehensive SAFE CE 2015 Part 4:
Nevada Mortgage Law Update 2015
NV Mortgage Law Update 2015 Chapter 1: Chapter One contains an overview of the Acts and
state code. It consists of the following sections:
 Overview of Acts and State Code
 Definitions and Explanations
 License Law and Regulation
NV Mortgage Law Update 2015 Chapter 2: Chapter Two covers the powers and duties of the
Commissioner along with record keeping and disclosures. It consists of the following sections:
 Compliance
 Mortgage Bankers
 Mortgage Brokers
 License Qualifications and Application Process
NV Mortgage Law Update 2015 Chapter 3: Chapter Three covers mortgage agent discipline
and mortgage bankers. It consists of the following sections:
 Compliance for all Licensees
 Loan Modification
 Disciplinary Action

NV 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 a ten 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)

NV 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

5

Quiz Question
Quiz Question
Quiz Questions
Quiz Questions

5
5
10
20

Quiz Question

5

Quiz Questions

10

Quiz Questions
Quiz Questions

15
20

NV 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

5

Quiz Questions

15

Quiz Questions

20

NV 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

3

Quiz Question
Quiz Question
Quiz Questions

3
3
10

Quiz Question

3

Quiz Question

3

Quiz Question

5

Quiz Question

3

Quiz Question

2

Quiz Question

2

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

NV Comprehensive SAFE CE 2015 Part 4: Nevada Mortgage Law Update 2015
Chapter 1
Chapter 1
Chapter 1
Chapter 2
Chapter 2
Chapter 2
Chapter 2
Chapter 3
Chapter 3
Chapter 3
Chapter 3

Overview of Acts and
State Code
Definitions and
Explanations
License Law and
Regulation
Compliance
Mortgage Bankers
Mortgage Brokers
License Qualifications
and Application
Process
Compliance for all
Licensees
Loan Modification
Disciplinary Action
Case Study

Course Final

N/A

Course Evaluation

N/A

Quiz Questions

5

Quiz Questions

9

Quiz Question

12

Quiz Question
Quiz Question
Quiz Question

15
12
7

Quiz Question

20

Quiz Question

5

Quiz Question
Quiz Question
Quiz Question
Comprehensive Final
Exam
Evaluation

3
20
12
25
5