20 Hour Mortgage Loan Originator Vermont SAFE Comprehensive Course Course Syllabus - 10 Day

Welcome to our Vermont SAFE Comprehensive Course. We are excited to assist you in furthering or beginning your mortgage career and are pleased you chose Praedo Institute to satisfy your education requirements.

Course PurposeThis course is meant to satisfy the 20 hour SAFE education requirement for mortgage originator licensure for the state of Vermont.

Course DescriptionAlong with the 18 hours of SAFE required education, this course includes 2 hours of Vermont Law as well as information related to loan qualification and the loan process. This course satisfies the Vermont SAFE requirement. Included in this course are: discussion forums, interactive content, practice questions, and live instructor support.

Course Dates and TimesThis course begins on Wednesday's at 8:00am Mountain Time and must be completed by midnight on the session end date. Please note: In this session, you will be required to complete course work and assignments over the weekend.

Please pay close attention to the course schedule found on the slide following this syllabus. You are required by NMLS to complete assignments and progress through the course with the other students in your session. If you do not submit your assignments by the required time and fall behind in the course, you will automatically fail the course. At that point, you may choose a different session date and re-start the course from the beginning.

NMLS has made it quite clear that courses must be completed in a timely manner. Please consider the following from Functional Specifications for all NMLS Approved Courses: Version 6.

"Note: The availability of Online Instructor-Led courses is intended to ensure an option exists for individuals where attending a classroom course may be problematic due to geography or lack of availability of a local course provider. The scheduling of these courses is not intended to be a convenience option whereby a student can causally work at their own pace or when their schedule allows. Students taking these courses are required to allocate personal/professional time and put forth the same level of effort as would be required to complete a classroom or classroom equivalent course. During the time period in which the course is being offered, instructors are required to hold students accountable for attendance and work, and must be responsive to students assignments and questions just as they would be in a physical classroom. "

Instructor Contact InformationOnce you register for the course, you will receive an email from the instructor assigned to your course. The email will introduce your instructor as well as explain contact methods and expected response times. Once your course session opens, you will be able to contact your instructor via the "Contact Instructor" button on your home page.

Course ObjectivesEach of the individual modules in this course include learning objectives applicable to the individual module itself. Our course is meant to give you an introduction to the mortgage industry. Upon completing this course, you should be able to do the following: Define basic mortgage terms; Perform mathematical calculations common to the mortgage industry; Explain certain mortgage concepts to potential borrowers; Comply with applicable federal laws related to the mortgage industry; Understand the scope and applicability of Vermont mortgage laws; Comply with the requirements for licensees under the applicable laws and rules; and Protect the public by following the requirements set forth in the laws and rules.

Grading PolicyMost of the sections in this course consist of slides mixed with comprehension questions. Each chapter includes a chapter quiz, and most sections include a course final. You may view the slides at your own pace, but you must answer all of the comprehension questions correctly and score 80 percent on all quizzes to receive credit for the course. You must also pass the SAFE practice exam with a score of at least 80 percent.

Several of the modules also include case studies, which involve the completion of a certain project. The details for the individual case studies are found in the course.

Our course also includes 8-10 learning activities. In each of the learning activities, you will be required to either post comments on our discussion forum or email an assignment to your instructor for grading. Instructions for the learning activities are included in the course.

Your course consists of four parts. At the end of each part, you will be required to submit an assignment to your instructor. You must submit your assignment to your instructor by midnight MT on the day the assignment is due. If you fail to submit your assignment by this time, you will fail the course and be required to reschedule your course and start from the beginning.

Your instructor will grade your assignment by 10am MT the following day. Once your assignment has been graded and passed, your instructor will allow you access to the next part of your course. Assignments will ONLY be graded between midnight on the submission date and 10am MT the following day to ensure that all students progress through the course as a cohort.

If your assignment is rejected by your instructor, you will need to re-do and re-submit the assignment. Once the assignment has been re-submitted, you will also need to email support@praedo.com to inform us of the re-submission. Your instructor will grade it in a timely manner and if you pass, you will be allowed to continue with the course. Please be sure to check your course email for your instructor's approval.

Course PoliciesEach 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 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 SupportAs our course is entirely online, we do offer live technical support via telephone and email 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 telephone number is 801-492-9933 and the support email is support@praedo.com. Please note, our technical support staff will often be unable to answer content questions which are more appropriately directed to your instructor.

Using our SystemOnce 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 OutlineThis course consists of four parts, each covering different aspects of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).

SAFE Part One: Consumer Protection

SAFE 20 Hour Pre-licensing Course 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.

Learning Activity Welcome: The student will follow the instructions to make a post about themselves.

Consumer Protection Chapter 1: Chapter One covers the Gramm-Leach-Bliley Act. It consists of the following sections: Privacy Rule Safeguard Rule Pre-textingConsumer Protection Chapter 2: Chapter Two covers the Do Not Call Rules. It consists of the following sections: Do Not Call Registry Do Not Fax RulesConsumer Protection Chapter 3: Chapter Three covers the Red Flags Rule. It consists of the following sections: Definitions Red Flag Rule Requirements Identifying Red Flags

Learning Activity Consumer Protection: The student will follow instructions to post information on the discussion forum regarding consumer protection.

Identity Theft Case Study: The student will review information on the Federal Trade Commission's web site and answer related questions.

Learning Activity Identity Theft: After reviewing the information from the case study, the student will follow instructions to post remarks on the discussion forum.

Fair Lending & Housing Chapter 1: Chapter One covers the Fair Housing Act, the Equal Credit Opportunity Act, and the Home Mortgage Disclosure Act. It consists of the following sections: Fair Housing Act Equal Credit Opportunity Act Home Mortgage Disclosure ActFair Lending & Housing Chapter 2: Chapter Two covers the Fair Credit Reporting Act and the Fair and Accurate Credit Transaction Act. It consists of the following sections: Fair Credit Reporting Act Fair and Accurate Credit Transaction ActFair Lending & Housing Chapter 3: Chapter Three covers the governmental agencies who participate in regulating the mortgage industry. It consists of the following sections: Role of the Federal Reserve Role of the Federal Trade Commission Role of the Department of Housing and Urban Developments

Hud Case Study: The student will review information on the HUD web site and answer related questions with regard to Fair Housing.

Learning Activity Fair Housing: After completing the HUD case study, the student will follow instructions to post a scenario on the discussion forum.

Loan Fraud & Ethics 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: Introduction to Loan Fraud Definition of Loan Fraud Consequences of Loan Fraud Types of FraudLoan Fraud and Ethics Chapter 2: Chapter Two will review popular loan fraud schemes and loan fraud statistics. This chapter also discusses ways to detect fraud and licensee obligations when it comes to loan fraud. It consists of the following sections: Common Loan Fraud Schemes Short Sale Fraud MARI Fraud Index

Loan Fraud Case Study: The student will review information on the FBI's web site and answer related questions with regard to fraud.

Learning Activity Loan Fraud & Ethics: The student will search the Internet for two examples of loan fraud and report their findings to their instructor through the internal email system.

This assignment must be completed and submitted by midnight MT on the date indicated in the course schedule.

SAFE Part Two: Federal Law

Non-Traditional Mortgage Products Chapter 1: Chapter One introduces the student to non-traditional mortgage products. It consists of the following sections: Introduction to the Industry Definition of the Industry Product OverviewsNon-Traditional Mortgage Products Chapter 2: Chapter Two covers federal guidance of the non-traditional mortgage industry. It consists of the following sections: Interagency Guidance on Nontraditional Mortgage Product Risks Loan Terms and Underwriting Standards Portfolio and Risk Management Practices Consumer Protection Issues Statement on Sub-prime Mortgage Lending Predatory Lending Prepayment Penalties Reduced Documentation Payment Shock Workout Arrangements Consumer Protection Principles

RESPA Chapter 1: Chapter One introduces RESPAs provisions regarding disclosure of costs and record keeping. It consists of the following sections: Purposes of the Real Estate Settlement Procedures Act Scope of RESPA Exempt Transactions Definitions Advance Disclosure of Costs - Good Faith EstimateRESPA Chapter 2: Chapter Two explains RESPAs kickback and referral fee provisions. It consists of the following sections: Eliminate Kickbacks and Referral Fees Common RESPA ViolationsRESPA Chapter 3: Chapter Three covers affiliated business arrangements and servicing requirements set forth in RESPA. It consists of the following sections: Affiliated Business Arrangements Servicing Issues

Learning Activity RESPA: The student will follow the instructions to post a comment on the discussion forum regarding RESPA.

TILA Chapter 1: Chapter One introduces the Truth in Lending Act and includes definitions as well as information on APR and advertising. It consists of the following sections: Definitions Annual Percentage Rate Advertising Rules Trigger Terms Required DisclosuresTILA Chapter 2: Chapter Two covers disclosure and the right to cancel. It consists of the following sections: Disclosure Requirements Early Disclosures Early Disclosure and Closing Collecting Fees Changes During the Transaction Right of Rescission High-Cost Loans Additional Disclosures Higher-priced LoansTILA Chapter 3: Chapter Three covers loan officer compensation. It consists of the following sections: LO Compensation Rule Payments Based on Transaction Terms Reducing LO Compensation on a Transaction Other Compensation Issues Final Rule and Official Staff Commentary Safe Harbor Presenting Loan OptionsTILA Chapter 4: Chapter Four Covers the ability to repay and QM rule. It consists of the following section: Ability to Repay and QM Rule

Learning Activity TILA: The student will follow the instructions to search the Internet to find mortgage ads which include trigger terms. They will complete an assignment and submit it to their instructor through the internal email system.

This assignment must be completed and submitted by midnight MT on the date indicated in the course schedule.

SAFE Part Three: Industry Basics

Industry Chapter 1: Chapter One reviews the structure of the mortgage industry. It consists of the following sections: Structure of the Mortgage Industry The Primary Market The Secondary Market Mortgage Brokers Mortgage Lenders/Bankers Secondary Market Transactions The Capital MarketIndustry Chapter 2: Chapter Two discusses the basic mortgage categories. It consists of the following sections: Mortgage Industry Overview Purchase Transactions Rate/Term Refinance Cash-Out Refinance Mortgage Categories Conventional/Conforming FHA - Federal Housing Administration Advantages of FHA Lending Higher Debt to Income Ratios Non-occupant Co-borrowers Disadvantages of FHA Lending VA Loans Rural Housing Construction Loans Jumbo/Non-Conforming Second Mortgage/HELOC Reverse Equity/HECM

Loan Process: Qualification Chapter 1: Chapter One covers pre-qualification. It consists of the following sections: Pre-qualification Down Payment Income Debts CreditLoan Process: Qualification Chapter 2: Chapter Two explores file documentation. It consists of the following sections: Assembling the File Income Documentation Acceptable AssetsLoan Process: Qualification Chapter 3: Chapter Three reviews credit reports. It consists of the following sections: Credit Reports Credit Scores

FICO Scores Case Study: The student will review credit scores and answer questions related to FICO.

Learning Activity Credit Report: The student will follow the instructions to post a comment on the discussion forum regarding credit scores.

Learning Activity Loan Process: Qualification: The student will complete an assignment based on qualification calculations and submit their work to their instructor through the internal email system.

This assignment must be completed and submitted by midnight MT on the date indicated in the course schedule.

SAFE Part Four: Loan Process Part II & Vermont Law

Loan Process: Part II Chapter 1: Chapter One covers mortgage products. It consists of the following sections: Fixed Rate Mortgages Adjustable Rate Mortgages Balloons HELOC - Home Equity Line of Credit Reverse MortgagesLoan Process: Part II Chapter 2: Chapter Two covers appraisals. It consists of the following sections: Types of appraisals Cost Approach Income Approach Market ApproachLoan Process: Part II Chapter 3: Chapter Three covers the closing process. It consists of the following sections: Hazard Insurance Flood Insurance Mortgage Insurance Dropping Mortgage Insurance Title, Escrow and Closing Mortgages, Notes and Liens Title Insurance Policies

Learning Activity Loan Process: Part II: The student will review the types of loan products discussed and follow the instructions to post a comment on the discussion forum and respond to another student's post.

VT Mortgage Law Chapter 1: Chapter One includes an overview of Acts and state code as well as definitions and explanations. It consists of the following sections: Regulatory Authority Responsibilities Definitions and Explanations Loan Originator Licensing Exemptions Licensee Qualifications and Application Process Financial Responsibility Background Check and Fingerprints Pre-licensing Education and Experience Grounds for Denying LicenseVT Mortgage Law Chapter 2: Chapter Two covers compliance and disciplinary actions. It consists of the following sections: License Maintenance and Continuing Education Personal Information Updates and Required Notifications Renewal Record Keeping Compliance Fees and Charges Disclosures and Agreements Advertising Case Study Disciplinary Action Notifications, Hearings, and Appeals Suspension, Revocation, and Rescission of Licenses Civil and Criminal Liability

VT Mortgage Definitions Case Study: The student will review terms in the Vermont Statutes. To complete the assignment, the student will explain terms and answer questions regarding the terms. The student will submit their completed assignment through the internal email system to their instructor for grading.

This assignment must be completed and submitted by midnight MT on the date indicated in the course schedule.

Course Final: The student is required to take and pass a 25 question comprehensive final exam with a score of 80% or higher. You have 10 attempts to pass the exam.

Course Evaluation: Students will be allowed to give feedback regarding the course.

The course final and evaluation must be completed and submitted by midnight MT on the date indicated in the course schedule.

Course ScheduleThis course consists of the four parts outlined above. The requirements for each part are listed in the course schedule with the time allowed to complete each learning module. You must follow this schedule and progress through the course with the other students in your session in order to receive credit for the course. Per NMLS regulations, if you do not complete the course as outlined in the course schedule, you will automatically fail the course. At that point, you may choose a different session date and re-start the course from the beginning.

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 20 hour course and must be completed in its entirety in order for you to receive credit.

Good LuckOnce 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!