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The Secure and Fair Enforcement for Mortgage Lending Act of 2008 (SAFE Act) established requirements for the licensing and registration of all Mortgage Loan Originators (MLOs). The SAFE Act requires state-licensed MLOs to pass a written qualified test, complete pre-licensure education, and take annual continuing education courses. This course fulfills the 20-hour pre-licensure educational requirement for New York MLOs and prepares you for the national component of the SAFE Mortgage Test. The course includes the required hours for core subjects on Federal Mortgage Law (three), ethics (three), and non-traditional mortgages (two), as well as fraud, consumer protection, and fair lending. Additional subject areas covered include: a review of loan programs and components of qualifying the borrower; financial calculations; loan origination and processing; loan origination; closing documents and disclosures; refinancing; credit reports and FICO scores; PMI; sales contracts; title insurance; and HVCC, state, and local mortgage law.
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