20 Hr SAFE Pre-Licensing & Exam Prep

20 Hour SAFE Comprehensive Pre-Licensing and Exam Prep

Jillayne Schlicke

Jillayne Schlicke

National Association of Mortgage Fiduciaries

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Section 1 Module 1.1

National exam $922 and a half hours100 questions, 10 are sample questions75% to passIf you pass you will know your score.If you fail, they will give you a printout showing

your strong and weak areas.Prometric.com

Jillayne Schlicke


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Section 1 Module 1.1Exam Components35% Federal Law

RESPA, TILA, ECOA, FCRA, SAFE

25% General Mortgage Knowledgeprograms, products, terms

25% Loan Originationapplication, qualifying, title, escrow, math

15% Ethicsconsumer protection, fraud, fair housing

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Section 1 Module 1.1Exam prep basics: If you understand the purpose of

each law, you are on your way to selecting the best answer on a multiple choice exam.

There will be two obvious wrong answers. If you know the purpose of the law, you will be able to spot these. Of the two that remain, one will be a little bit better than the other.

Exam writers do not write trick questions. The language of the test questions look tricky because you are being tested on law and most lay people are not use to reading law on a daily basis. This is the only fair way to deliver a 50-state exam.

Jillayne Schlicke



There are many moving parts in the Mortgage Machine. The function of loan origination is just one piece.

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Title Insurance, Escrow

Secondary marketUnderwritingAppraiserHome inspectorLoan originatorLoan processorsRealtors/ Real estate

brokersMortgage insurance Hazard insuranceFlood insuranceState/Fed regulators

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Section 2 Module 2.3Last two most recent paystubsLast two years W-2sLast three months bank statementsMost recent statement on 401Ks or IRAsDocumentation of ownership of stocks, bondsLast two months statements from any investment accountInformation on current mortgage or landlord contact infoSoc number or green card for all borrowers or co-signersLetter of explanation for any known credit problemsDocumentation supporting any other incomeFor self employed, borrowers paid on commission or in the

field of sales, and borrowers who own other real property:Two years signed personal tax returns including all

schedules6

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Section 2 Module 2.4FIRST RATIOPITIPrincipal, Interest, Taxes, InsuranceDivided byTotal gross monthly income= %

SECOND RATIOPITI plus all other monthly revolving

debtDivided byTotal gross monthly income= %

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Section 4 Title Insurance Module 4.1

What does it mean when we say we hold title to something?

Is there a document called “title” that we get when we buy a home?

Can we do anything we want with and to our home and land?

How deep into the ground and how high up do our property rights extend?

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Section 4 Title Insurance Module 4.2For a one time fee, a title insurance

company will check the public records system and disclose all matters that affect the title of real property.

They will insure against loss and defend you should somebody lay claim to your title.

Pay once, it’s good for as long as you or your heirs own the property.

Starts the day of closing and looks backward in time.

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Section 9 AssignmentReview the CSBS/AAMR Guidance on Non-

Traditional Lending

CSBS = Conference of State Bank SupervisorsAAMR = American Association of Mortgage

RegulatorsOct 2006 banking regulators published guidelines

on non-trad lending. Examples:

Interest only loansPay option ARMsReduced/no documentationSimultaneous second lien

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Section 9 CSBS/AAMR Guidance

Ability to repay

Watch for payment shock

Assure borrower understands the loan terms

Avoid misleading claims…payment, rates, refi-out

Risk management strategies

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Section 10 Module 10.1 Ethics

LawMinimum moral standard“Have to”

EthicsWhen there’s no clear statement in the law

tellingus what to do.“Ought, should.”

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Section 10 Module 10.2 EthicsDifferent sources of moral authorityReligion

We can’t use religion to solve ethical dilemmas when holding a professional role because there are thousands of different religions in the world. Which one would we us?

IntuitionIntuition can sometimes steer us in the wrong direction

Emotion“If I can’t sleep at night it’s not ethical.”If the only reason we’re choosing to do/not do something is out of fear, that’s a pretty low standard of motivation

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Section 10 Module 10.2 EthicsDifferent sources of moral authorityWritten codes of ethics

There is no source of moral authority over LOs other than the law. What written codes of ethics that do exist are voluntary and not mandatory. The written codes of ethics that exist are weak, vague, have no sanctions for violations and in most cases, just simply re-state federal law.

Philosophical ethicsMoral philosophical ethical theories can take the place of a mandatory code of ethics until one is written.

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Professional StatusSpecialized knowledgeFormal, pre-licensing educationMandatory continuing educationTestLicensingFiduciary DutiesCode of ethics with sanctions for violations

Compare to non-professionals such as a retail salesperson.

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Section 10 Module 10.3 and 10.5Question: Are loan originators professional?Specialized knowledgeFormal, pre-licensing educationMandatory continuing educationTestLicensingFiduciary Duties (this is emerging in some states)

Code of ethics with sanctions for violations(this piece is not yet in place.)

LOs are classified as “an emerging profession.”

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Section 10 Module 10.4 Assignment: Small group discussion:

What do you remember from past classes in ethics?

What is ethics?

Think about a person you admire or look up to as a mentor, living or dead. What do admire about that person?

Think about an ethical dilemma you’ve faced in your career. How did you solve your dilemma?

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Section 10 Module 10.4 Assignment: Large group recap after small

group discussion, while instructor slowly completes the slide with the three normative moral theories.

Lacking any mandatory, prescriptive and descriptive ethical code, this is the best way for LOs to learn ethics. The next slide lays out the following:

--what kind of person do I want to become?--what duties do I have?--what are the possible consequences?

Jillayne Schlicke


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Aristotle Kant J.S. MillRespect

honesty(promotes autonomy)

LoyaltyResponsibilityIntegrityBeneficenceNon-

maleficenceCompassionJustice

384 BC-322 BC

Duty-based ethics

If we have a duty to do something, we ought do it.

What I want for myself, I must also want for the other.

1724-1804

Utilitarianism

Maximize good consequences for the most number of people and also minimize bad consequences for the most number of people

1806-1873

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Fiduciary Duties May Include…1. Disclose all loan information to

the borrower2. Act in good faith and deal fairly3. Avoiding secret fees or

undisclosed fee splitting4. No self dealing

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1968 Civil Rights Act1968 Fair Housing

Act~

Protected Classes:RaceColorReligion (Creed)SexNational OriginFamilial Status

Sexual orientation added in 2012

Disability

Section 11Module 11.1, 11.3

Intent v. Effect

Realtors and lenders have great power to affect neighborhoods

Fair Housing/Fair Lending http://www.hud.gov/offices/fheo/lending/index.cfm

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RedliningDenying or increasing the cost of services to residents of a racially specific geographical area

SteeringGuiding prospective homebuyers to or away from a specific neighborhood based on his/her race

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BlockbustingEncouraging white property owners to sell their homes at a loss by fraudulently implying that racial or religious minorities were moving into their neighborhood


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Section 11 Module 11.4In Mortgage Lending: No one may take any of the

following actions based on race, color, national origin, religion, sex, familial status or handicap (disability):

Refuse to make a mortgage loanRefuse to provide information regarding loansImpose different terms or conditions on a loan, such as

different interest rates, points, or feesDiscriminate in appraising propertyRefuse to purchase a loan orSet different terms or conditions for purchasing a loan.Fair Housing/Fair Lending http://www.hud.gov/offices/fheo/lending/index.cfm

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Section 11 Module 11.7Fair Housing Thought Questions

Should sexual orientation be added as one of the protected classes?

Should we make a woman on maternity leave return to work before counting her income when qualifying for a loan?

Should we make long term disabled applicants provide additional documentation proving that they will stay disabled?

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Section 12 Consumer ProtectionModule 12.1Module 12.2Module 12.3

Pages 53-54 in the course book

Case Study: Carnell v. KMC FundingRead the case. In small groups discuss the

questions.As a large group, share your anwers

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Fraud for Housing, or fraud for property, is perpetrated by borrowers and/or one or more industry professionals when they misrepresent information on the loan application. This type of fraud does not usually result in significant losses to a financial institution.

.

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FBI US Department of JusticeFinancial Crimes Report to the Public 2010-2011http://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011

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Fraud for profit consists of systematic transactions by industry professionals who are attempting to steal a significant amount of the funds associated with one or more mortgage transactions. This type of fraud usually involves multiple parties in various disciplines within the mortgage industry, such as mortgage originators, appraisers, real estate brokers, escrow closers, builders and title companies. Fraud for profit usually results in significant—if not catastrophic—losses to financial entities involved in mortgage loan transactions and it is of major concern to the mortgage industry

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Property FlippingSilent SecondStraw BorrowersIdentity TheftAppraisal FraudForeclosure RescueEquity SkimmingLoan Mod ScamsShort Sale Fraud

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Section 13 Module 13.3Red Flags

When seeking employment as an LOWhen working with real estate agents or RealtorsWhen working with consumers

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Section 13 Modules 13.6-13.20SARSSuspicious Activity ReportsAMLAnti Money Laundering

Pages 46 in the 2013 course book

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Financial Crimes Enforcement Network Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Residential Mortgage Lenders and Originators AGENCY: Financial Crimes Enforcement Network (‘‘FinCEN’’), Treasury. ACTION: Final rule.Federal Register / Vol. 77, No. 30 / Tuesday, February 14, 2012 / Rules and Regulations Page 8159Subpart C—Reports Required To Be Made by Loan or Finance Companieshttp://www.gpo.gov/fdsys/pkg/FR-2012-02-14/pdf/2012-3074.pdf

20 Hour SAFE Comprehensive Pre-Licensing and Exam Prep

Jillayne Schlicke

DAY 2

Jillayne Schlicke


The Main Fed Law AcronymsTILATruth in Lending ActMDIAMortgage Disclosure Improvement ActRESPAReal Estate SettlementAnd Procedures ActECOAEqual Credit Opportunity ActFCRAFair Credit Reporting ActSAFESecure and Fair Enforcement Act

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Purpose: To promote informed use of credit. (Instead, creates mass confusion.) Gives consumers the right to cancel some transactions (o.o. refi), regulates variable rate loans.

TILA Disclosures: 3 days from date of application, final disclosure at settlement

Disclosure content: variable rate features, payment schedule, demand feature, prepayment penalty, security interest in the property, insurance cancellation, assumption policy.

CHARM Booklet required on ARM loans

Section 16 Truth in Lending Act

Modules 16.1-16.3

Truth in Lending Acthttp://www.fdic.gov/regulations/laws/rules/6500-200.html

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Four Government Boxes

This info must be presented in clear and conspicuous place:

Annual Percentage Rate/APR (will cover this soon)

Finance Charge Interest + closing costs

Amount Financed Loan amount less closing costs

Total of Payment All P&I if all payments made

Section 16 Truth in Lending Act

Modules 16.3


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Rescission: on an o.o. refinance, the borrower has 3 days after signing the final loan documents to cancel and receive a full refund from the lender. LOs must refund any money collected for third party services, even if spent.

For TILA RESCISSION purposes, business days include Saturday.

Can the 3 day right of rescission ever be waived?

Section 16 Truth in Lending ActModules 16.4-16.5


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Section 16 TILA Module 16.4

Case Study: What is the first business day on

which funds may be disbursed if:

Closing date: Thurs, May 2

1st bus. day: Fri, May 32nd bus. day: Sat, May 4

Sun, May 53rd bus. day: Mon, May 6

The loan can fund on Tuesday May 7th

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APR is a measure of the cost of credit, expressed as a nominal yearly rate. It relates the amount and timing of value received by the consumer to the amount and timing of payments made.

Disclosure of the APR is central to the uniform credit cost disclosure envisioned by the TILA.

Section 16 Truth in Lending Act A closer look at APR (Annual Percentage

Rate)


Jillayne Schlicke


Common consumer question: What costs are included when calculating APR?

At a typical mortgage company, software systems are already programmed to do this for LOs. However, customers ask questions about the TILA disclosure forms and regulators expect licensees to know how to answer basic questions about the information contained in the TILA disclosure form.

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Section 16 Truth in Lending Act A closer look at APR (Annual Percentage Rate)


Jillayne Schlicke


IncludedPrepaid interestMortgage insurance

premiumsWire transfer feesRecording feesLoan origination feeMortgage broker feeEscrow (closing fee)Discount pointsPest inspection (VA only when

prop is located in mod to high probability of area of pest infestation and lender is paying for it.

Flood Ins. premiums

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Hazard Insurance (IF obtained from a neutral company)

Seller paid pointsDocument prep feeTitle insurance (lender

policy)Notary feeAppraisalCredit reportImpounds for taxes &

insFlood Hazard Check

Excluded

http://www.fdic.gov/regulations/laws/rules/6500-200.html

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Section 16 Truth in Lending Act A closer look at APR (Annual Percentage Rate)

Tip: How to remember which costs are included/excluded when calculating APR:

Costs included

These are costs that benefit the lender or costs that the lender requires in order to obtain a loan.

Costs excluded

These are costs that are paid to and benefit third parties other than the lender.


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APR Tolerances…Can we make a mistake and still be in compliance? Yes:

Example:

|________|_______ APR 7.75_______|________|.25 .125 .125 .25 ARM FRM FRM ARM

ARM = Adjustable Rate Mortgage

FRM = Fixed Rate MortgageTruth in Lending Acthttp://www.fdic.gov/regulations/laws/rules/6500-200.html

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Section 17 MDIA Module 17.3 We now have three categories of mortgage

loansHOEPA (Added in 1994 as Section 32 of TILA)High cost/2nd mtg/HELOC

Higher PricedHigh Risk (Added in 2009 as part of MDIA)1.5 or more points higher (APR) FRM3.5 or more points higher (APR) ARM3.5 or more points higher for a subordinate lien

QRM Qualified Residential Mortgage (Added as part of the Dodd Frank Act of 2010)Definition of a QRM scheduled to be announced in 2013

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Truth in Lending AmendmentsRegulation Z, Subpart C, Closed End Credit, Section 226.17,General Disclosure Requirements Effective July 30, 2009

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Section 17 Module 17.6 Quiz ReviewQuiz Question 7:

0 Mon Jan 51 Tues Jan 62 Wed Jan 73 Thurs Jan 84 Fri Jan 95 Sat Jan 10

Sun Jan 116 Mon Jan 127 Tues Jan 13

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Section 17 Module 17.6 Quiz Review

TILA Quiz Question 10

Mon July 9 Consumer must receive disclosures

Tues July 10Wed July 11Thurs July 12 Signing is scheduled

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Section 18 Federal Reserve Board (FRB) ruleon Loan Originator Compensation

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Module 18.1BackgroundFTC v. Golden Empire

Mortgage

Federal ReserveRegulation Z: Loan Originator Compensation and Steering 12 CFR 226http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf


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Section 18 Federal Reserve Board Rule onLoan Originator Compensation

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Module 18.2 Three main prohibitions:P1: Compensation based on a transaction’s term

or conditions.

P2: Compensation by someone other than the consumer.

P3: Prohibitions against steering.Federal ReserveRegulation Z: Loan Originator Compensation and Steering 12 CFR 226http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf

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Module 18.2 Three main prohibitions:P1: Compensation based on a transaction’s term

or conditions:> Payment based on transaction terms or

conditions.> Compensation cannot go up or down

based on the loan’s terms or conditions.> Minimum or max dollar amount of

compensation may not vary with each loan.


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Module 18.2 Three main prohibitions:P2: Compensation by someone other than the

consumer.If an LO will be compensated by the consumer, the LO may not also receive compensation from the lender funding the loan, or any other person connected with that transaction.


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Module 18.2 Three main prohibitions:P3: Prohibitions against steering.

LOs may not steer a consumer to a loan only because the LO will be compensated at a higher rate by selling that product, unless the loan is in the best interest of the consumer.Federal Reserve

Regulation Z: Loan Originator Compensation and Steering 12 CFR 226http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf

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Module 18.3Review the Section 18 Handout:RESPA Roundup

RESPA Roundup: Compliance Guide for REPA as it applies to the Federal Reserve Board’s MLO Compensation Rules Published on Sept 24, 2010

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Section 19 Real Estate Settlement and

Procedures ActRESPAModules 19.1-19.2

Applies to all federally related loans; sale or refi, primary market loans only.

Exemptions: 25 acres or more, temporary financing, assumptions with lender approval, conversions (contract to deed), secondary market transactions, vacant property.

Which entities must comply?Real Estate Settlement and Procedures Act http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

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Section 19 RESPA Modules 19.1-19.2

Which entities must comply?Lenders (banks, brokers, etc.)Real estate agents/RealtorsTitle and XOAppraisersHome inspectorsMortgage insurance companiesCredit reporting agenciesFlood hazard check companiesAttorneysHazard insurance companiesHome warranty companiesBuilders

Real Estate Settlement and Procedures Act http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

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PurposeTimely disclosure of settlement costsLimits on escrow reserve accountsProhibits seller-directed title

insuranceForbids kickbacks (Section 8. See next

slide)GFE and HUD 1Disclosure of Affiliated Business

ArrangementsDisclosure of potential loan servicing

charges“Settlement Cost Booklet”Lender required use agreements


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Section 8 Referral Fees

Prohibits the giving or taking of a fee or other thing of value for a referral involving a federally related loan

Un-earned feeA fee we receive but we have performed no work in exchange for receiving the fee.



Jillayne Schlicke


TILA/RESPA Definition of “an Application”

Financial DataBorrower’s NameSocIncomeEstimated valueLoan Amount…..Prop address (will have this if refi, might not have

this right away if borrower is still house-shopping.)

…..Any other info deemed necessary by the LO

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New Good Faith EstimateMortgage Brokers who table fund are mortgage

brokersAll yield spread premium dollars credited from the

lender when a borrower selects a higher note rate is for the borrower’s benefit.

This was a huge change for mortgage broker LOs and many fled to non-depository lenders after these 2009 changes were enacted. Then FRB rule on LO Comp (which went into effect April 5, 2011) disallowed steering borrowers into a higher rate loan, solely for the purpose of LOs making more money for all LOs no matter where they work.

Section 20RESPA Amendments in 2009Modules 20.1

Real Estate Settlement and Procedures Act (2009 Changes)http://www.federalreserve.gov/boarddocs/supmanual/cch/respa.pdf

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GFE tolerancesViolations, penaltiesDefinition of “An Application”GFE delivery, loan term availabilityChanged circumstancesSeller paid feesRequired useAverage charge pricing, volume discounting

RESPA Amendments Quiz

Section 20RESPA Amendments in 2009Modules 20.1-20.7

Real Estate Settlement and Procedures Act (2009 Changes)http://www.federalreserve.gov/boarddocs/supmanual/cch/respa.pdf

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Section 21 Module 21.1 and 21.2Equal Credit Opportunity Act ECOA

1974ECOA points us toward the evaluation based

on creditworthiness only.

Nine categories; the prohibited bases:

RaceColorReligionSexMarital StatusNational OriginIncome from Public Assistance(Age)Whether an applicant has exercised

his or herrights under this act.

Equal Credit Opportunity Acthttp://www.fdic.gov/regulations/laws/rules/6500-1200.html

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Section 21 ECOA Module.21.2It is a violation to discourage an

applicant from making an application for credit on a prohibited basis.

Cannot ask an applicant if he or she receives alimony, child support. The applicant may volunteer such information.

You must ask if he or she PAYS alimony or child support.

Unmarried…ECOA requires the lender to provide a

copy of the appraisal report.Application need not be in writing for

this act to apply.Can we ask questions NOT related to

creditworthiness? Adverse Action Form

Equal Credit Opportunity Acthttp://www.fdic.gov/regulations/laws/rules/6500-1200.html

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Section21Module 21.2Equal Credit Opportunity Act

ECOAMarital Status

1. Unmarried =SingleDivorcedWidowed

2. Married

3. SeparatedEqual Credit Opportunity Acthttp://www.fdic.gov/regulations/laws/rules/6500-1200.html

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Passed to ensure consumers have access to credit information used by lenders and others so that remedial steps could be taken when incorrect or outdated information remained in their file.

Purpose of a credit report:Insurance, licensing, instruction from consumer, extension of credit, employment, response to a court order, potential investor risk, other legitimate business needs.

Credit reports are deemed privileged info.

A CRA has 30 days to respond to a disputed item

Adverse Action: Name, address and phone number of the CRA, reason, and info on how to obtain a free copy of their report.

Section 22 Module 22.1 and 22.2Fair Credit Reporting Act FCRAFair Credit Reporting Act

http://www.fdic.gov/regulations/laws/rules/6500-200.html

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HMDA Home Mortgage Disclosure ActCRA Community Reinvestment ActGLB Gramm Leach Bliley Act AKA

Privacy ActHOEPA Home Owner’s Equity Protection

ActBank Secrecy ActU.S. Patriot ActPMI ActFACTA Fair and Accurate Credit

Transactions ActDo Not Call

Additional Federal Laws Quiz

Section 23 Modules 23.1-23.10Other Federal Laws Governing Mortgage

Lending

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Section 24 SAFE Mortgage Licensing ActModule 24.1

The SAFE Act of 2008

SAFE = Secure and Fair Enforcement Act

Passed in order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud. Establishes the Nationwide Mortgage Licensing System and Registry. Title V SAFE Mortgage Licensing Act of 2008

http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS%20Document%20Library/SAFE-Act.pdf

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Section 24 SAFE Act Module 24.2

“Registered Loan Originator”

An employee of:a depository institution;a subsidiary that is:

owned and controlled by a depositoryinstitution ANDregulated by a federal banking

agency OR

An institution regulated by the Farm Credit Admin

Title V SAFE Mortgage Licensing Act of 2008http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS%20Document%20Library/SAFE-Act.pdf

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State or Federally Chartered Depository Banks:

LOs are exempt from testing and education.

NOT exempt from “registration.”

Register with the Nationwide Mortgage Licensing System (NMLS) and will be given a unique identifier.

“Registered” LOsTitle V SAFE Mortgage Licensing Act of 2008http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS%20Document%20Library/SAFE-Act.pdf

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Issuance of a License:

Never revokedNo felony last 7 yearsNo felony at any time re fraud, dishonesty,

breach of trust, money launderingFinancial responsibilityPre-licensing educationWritten test

Net worth and surety bond Title V SAFE Mortgage Licensing Act of 2008http://mortgage.nationwidelicensingsystem.org/SAFE/NMLS%20Document%20Library/SAFE-Act.pdf

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LO exam:

75% to passCan retake 3 X at 30 day intervalsIf fail 3 X, must wait 6 months

5 year lapse in license: must retake the test


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Continuing Ed

3 hours Federal Law2 hours Ethics, Consumer Protection, Fraud,

Fair Housing2 hours Non Traditional Lending1 hour Undefined

No carry-oversCan’t take the same class each year.


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Jillayne SchlickeCE Forward, Inc.National Assoc of Mortgage

Fiduciaries206-931-2241jillayne@ceforward.commortgagefiduciaries.com

20 Hr SAFE Pre-Licensing & Exam Prep

Real Estate

Transcript of 20 Hr SAFE Pre-Licensing & Exam Prep