Approved Course Number - 14500
Provider ID - 1400023
Course Cost $29.00 + Banking Fees at $3/Course Hour = $32
This online course is designed to meet your 1 hour SAFE Act continuing education requirements in the state of West Virginia. You will also need to complete the federal SAFE Act requirements to maintain your license.
2-Hour WV SAFE CE 2023 Online
• Emphasize the compliance issues related to the use of social media by the company and mortgage loan originators and issues that could arise and lead to violations of law.
• Describe the Tangible Net Benefit requirements and demonstrate proper completion of the WV statutorily required form.
• Know the late payment penalty maximum charge of $30.00 and describe the requirement that this be disclosed correctly on all loan disclosures.
• Explain the loan-to-value limitation of 100%, unless program is specifically exempted by statute.
• Know that no application fees may be collected. Explain that third party pass through fees may be collected for the actual amount of the service provided.
• Recite fee limitations.
• Explain that no instrument evidencing or securing a primary or subordinate loan may contain a requirement that the final installment be greater than any other installment (balloon).
• Discuss the records that must be maintained per 106CSR5 of the Legislative Rules.
•Illustrate the requirement that an MLOs NMLS unique identifier is displayed on all advertising, including social media.
• Explain the restriction on use of the term “banker”.
• Examine case studies and real life examples and compare them to West Virginia state laws.
• Cover West Virginia specific mortgage and SAFE Act laws.
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