8 Hour SAFE Comprehensive 2024 MLO Course Ohio

All licensed and registered mortgage loan originators are required to take seven hours of standard annual renewal education. Three modules comprise this series, each focusing on a major topic area.

The first module of the course is about sweeping laws and rules that apply to mortgage loans and mortgage loan originators across the country. A review of the SAFE Act, Regulation Z, and the ECOA is illustrated through 10 common rule and law violations made by MLOs as selected by the Multi-State Mortgage Committee as required topics to be covered in 2024 core continuing education classes.

The second module deals with ethical considerations and consumer protection. A discussion of business ethics and the duties that apply to financial services professionals start us off. Then, topics related to consumer protection and the requirements under the Equal Credit Opportunity Act (ECOA) take center stage. The promotion of fair lending practices are emphasized. After that, the current state of mortgage fraud in the United States is addressed, and we will examine ways to identify and deter predatory lending schemes and other types of mortgage fraud.

The third module looks at a variety of non-traditional mortgage loan products and the increased risks and scrutiny that accompany most alternatives to the 30-year fixed rate mortgage loan. We will examine adjustable rate mortgages (ARMs), reverse mortgages, high-cost and higher-priced mortgage loans, counseling requirements, and information on lending standards. Other types of loans and financing options are also considered, including government programs and owner financing.

Finally, the fourth module provides information on renovation mortgage loans in general, including what they are and when to use them, with a focus on Fannie Mae HomeStyle® and FHA 203(k) renovation loans.

Each module will be followed by an assessment and quiz portion that begins with an activity in which students will read a short case scenario then answer questions based on what was just covered in that section of the course. A 25 question final exam will conclude the seven-hour course.