Approved Course Number - 13743
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 2022 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.