Approved Course Number - 14804
Provider ID - 1400023
Course Cost $29.00 + Banking Fees at $1.50/Course Hour = $32
This online course is designed to meet your 2 hour SAFE Act continuing education requirements in the state of Oregon. You will also need to complete the federal SAFE Act requirements to maintain your license.
2-Hour OR SAFE CE 2023 Online
• Discuss the use of assumed business names as set forth in OAR 441-860-0025.
• Identify the limitations on the use of certifications or professional designations for mortgage loan originators included in OAR 441-870-0081.
• Know that providing financial advice related to a security, such as advice to take a loan against a retirement account for a down payment, requires additional licensure as a broker-dealer or investment advisor representative.
• Explain the requirement for reverse mortgages in which lender must send a notice on property taxes unless the loan includes a reserve account for taxes. (Change from HB 2562 from 2017 to be codified in ORS 86A.196.)
• Know Oregon’s definition of residential mortgage loan, and how it differs from TILA
• Describe when a company may allow a MLO to originate Oregon loans.
• Explain Oregon’s restriction on originating for more than one mortgage banker/broker.
• Recognize the licensee’s obligations for keeping the NMLS record up-to-date and responding to deficiencies timely.
• Discuss Oregon’s rate-lock disclosure form.
• Identify the disclosures that are required to be provided in a language other than English.
• Describe the limitations on negative amortization loans.
• Discuss the special disclosure for reverse mortgage loans.
• Know that MLO is required to sign initial and final loan applications.
• Explain the requirements for handling of client funds, including determining when funds are considered trust funds, refunds of funds as well as manner of deposit and disbursement of trust funds.
• Know the requirement to keep copies of correspondence with applicants.
• Demonstrate the advertising requirements and prohibitions.
• Explain the definition of dishonest, fraudulent, unfair and unethical practices and prohibited activities for loan originators.
• Examine case studies and real life examples and compare them to Oregon state laws.
• Cover Oregon specific mortgage and SAFE Act laws.
Meet Your Instructor
Ken Perry is the President and Founder of Knowledge Coop (KC), a training and consulting firm that specializes in mortgage education. As a 20-year veteran of the mortgage industry, Ken’s vast interactions training mortgage professionals inspired him to pursue his dream of bringing positive change to the mortgage industry on a much larger scale. The Knowledge Coop is an approved course provider of the National Mortgage Licensing System (NMLS) and is dedicated to bringing a unique, not-what-you-expect style of education to clients by mixing passion and humor with extreme knowledge.
Sawyer Jones came to The Knowledge Coop shortly after graduating with a degree in Business Administration from Biola University. He has lived in Europe and North Africa and speaks French fluently. Sawyer has also been involved in the Real Estate and Property Management industries. Sawyer enjoys problem-solving, thinking creatively, and strives to bring that to bear on a daily basis at the Knowledge Coop through creating engaging content.