8 Hour SAFE Core and Florida Law 2024 MLO Package

This package consists of two approved courses.

1 Hour FL SAFE 2024 State Law Ccourse

The 1-hour course on Florida laws and regulations fulfills the state elective requirement for annual license renewal for residential mortgage loan originators. Licensed MLOs in the state must take 8 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours on ethics, 2 hours on non-traditional mortgage lending, and 1 hour of state-specific defined electives.

Topics included in this 1-hour class are as follows:

• Compliance filings (MCR, Financial Condition, and Audited Financial Statements)
• Examinations and Audits
• Records, Financial Statements and Reports
• Net Worth Requirements
• Escrow and Trust Accounts
• Disclosures and Advertising
• Conditions and Limitations of Certain Mortgage Transactions
• Residential Mortgage Loans
• Enforcement
• Investigation of Violations and Unsafe Practices; Remedial Action
• Disciplinary and Other Actions
• Prohibited Acts; Penalties
• Declaration of Intent to Engage Solely in Loan Processing [Chapter 494.00331, Florida Statutes. Fla. Admin. Code R. 69V-40.0331]

7 Hour SAFE Course 2024 MLO CE Florida

We will start the class with a look at several recent changes to rules and laws, including those related to enhanced regulation of residential mortgages and “business-purpose” loans, as well as the Florida State Homestead Property Tax Exemption.

We will then present an overview of the regulatory structure governing MLOs, including the state and federal SAFE Acts and the Florida Office of Financial Regulation (FL-OFR). The OFR is responsible for oversight of residential mortgage loan originators in Florida. The agency also works with federal regulators and the NMLS to create uniform application of federal lending practices.

We will then look at state-specific requirements for mortgage lending in Florida, such as conditions and limitations on certain mortgage transactions, the general provisions of the Mortgage Guaranty Trust Fund, and compliance filings ((MCR, Financial Condition, and Audited Financial Statements). Class concludes with a review of prohibited practices, penalties, and the various ways the state enforces proper conduct in the financial services industry.

To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 15-question final exam will wrap up the course.

Every licensed and registered mortgage loan originator in Florida must complete seven hours of standard annual renewal education. There are three modules, each concentrating on a major topic. The first module examines the laws that impact mortgage loans and originators across the nation. It provides an overview of key legislation such as the SAFE Act, Regulation Z, and the Equal Credit Opportunity Act (ECOA). Learn more about the 10 common violations made by MLOs — these are selected by the Multi-State Mortgage Committee for the 2024 core continuing education classes. Next, we examine ethics and consumer protection. The second module begins by discussing business ethics and financial professionals’ responsibilities. Then, you’ll learn about protection under the ECOA with an emphasis on fair lending practices. Lastly, it addresses mortgage fraud within Florida’s market and provides strategies for detection and prevention. Module three covers non-traditional mortgage loans, and highlights the risks associated with alternatives to the 30-year fixed rate mortgage loan. Other topics include adjustable-rate mortgages (ARMs), reverse mortgages, high-cost and higher-priced mortgage loans, and counseling requirements and lending standards. You’ll also read about other loan options such as government programs and owner financing.