2 Hour WV SAFE: 2019 Requirements and Prohibitions

The 2 Hour WV SAFE: Requirements and Prohibitions course meets SAFE Act continuing education requirements for licensed entities through review and analysis of state requirements, limitations, and restriction for residential mortgage loan transactions.

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Please note that the SAFE Act specifically prohibits the taking of the same course in successive years.

Agenda

Upon completion of this course, you will be able to:

  • Name the regulator responsible for administering the West Virginia SAFE Mortgage Licensing Act (MLA) and list the penalties for violations of the Act
  • Recognize West Virginia State requirements for residential mortgage loans
  • Explain the loan-to-value limitation of 100%, unless program is specifically exempted by statute
  • Describe the Tangible Net Benefit requirements and demonstrate proper completion of the WV statutorily required form
  • Examine the determination of ability to repay (or exemption from the requirement). If debt-to-income ratio exceeds 50%, a written assessment containing certain information must be signed by the lender or lender’s representative and the borrower
  • Describe the requirements regarding the Good Funds Settlement Act
  • Discuss the explanation and documentation required if a non-local appraiser (greater than 75 miles) is used.
  • Discuss the records that must be maintained per 106CSR5 of the Legislative Rules
  • 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)
  • Recite fee limitations
  • 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
  • Know the late payment penalty maximum charge of $30.00 and describe the requirement that this be disclosed correctly on all loan disclosure
  • Explain the restriction on use of the term “banker”
  • List the state requirements for a mortgage advertisement
  • Determine when advertising content is fair and reasonable
  • Illustrate the requirement that an MLOs NMLS unique identifier is displayed on all advertising, including social media

Download Agenda

Course Delivery

Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles and real-world examples, with audio and/or video recordings of industry experts.

The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. This course will take no less than one hour to complete.

Tuition and Registration

This course satisfies one hour of NMLS-approved Continuing Education training as an elective. Tuition for this course is $100.00 and includes the Credit Banking and Admin Fee applicable to this course.

Students have until December 31 in the year in which the course is purchased to complete the course. You may complete the course at any time during this period. However, course providers are afforded seven calendar days to credit the student’s NMLS account following successful completion of the course. It is strongly advised that you complete the course at least one week prior to the December 31 deadline.

NOTE: The SAFE Act specifically prohibits the taking of the same course in successive years.

For more information or to register by phone, call your Regional Account Executive at (800) 848-4904 or email sales@allregs.com.