MORTGAGE LOAN BROKERING

AGENT COLLEGE

45 hours

COURSE DESCRIPTION

Our Mortgage Loan Brokering course is written in accordance with the strict outline developed by the Department of Real Estate, so salespeople, brokers, and the general public have a better understanding of California laws and regulations relating to mortgage loan brokering. We've recently added sections call "Advice from a Pro". These sections were written by a seasoned loan professional who has been in the business for over 30 years.

PREREQUISITES: None

TYPE OF COURSE:
The course is a home study course in book format taken at the student's convenience. Tests and quizzes are done online. The course is available 24 hours a day, seven days per week.

COURSE OUTLINE:

MORTGAGE LOAN BROKERING

Chapter 1: Scope of Mortgage Loan Brokering

• Introduction
• Brokerage
• Mortgage Loan Brokers
• Mortgage Bankers
• Chapter Summary
• Terminology

Chapter 2: The California Department of Real Estate

• California Department of Real Estate
• Recovery Account
• Real Estate Brokers
• Real Estate Salespersons
• Chapter Summary
• Terminology
  

Chapter 3: Department of Corporations Licensing

• Personal Property Brokers
• California Financial Lenders Law
• California Residential Mortgage Lending Act
• Chapter Summary
• Terminology
  

Chapter 4: Mortgage Loan Activities Requiring a License

• Broker Defined
• Specific Activities Requiring a Real Estate License
• Advance Fee
• Loan Correspondents
• Chapter Summary
• Terminology

Chapter 5: Exemptions From Licensing Requirements

• Broker Defined
• Principal
• Without Compensation
• Business and Professions Code
• Mortgage Bankers and Lenders
• Other Exemptions - Business and Professions Code 10133.15
• Chapter Summary
• Terminology

Chapter 6: Supervising and Licensing Compliance

• Responsibility of Broker or Designated Officer to Supervise Learning Objectives
• Notification Duties of Real Estate Brokers
• Effect of Salesperson Violation on Broker
• Additional Violations Leading to Disciplinary Action
• Responsibility to Review Documents
• Written Employment Contracts
• Branch Offices
• Fictitious Business Names
• Telemarketing, Loan Processing, Documentation Preparation and Compliance
• Problems in Telemarketing Loans
• Foreclosure Consultants
• Chapter Summary
• Terminology

Chapter 7: Agency

• Introduction
• Agent - Employee - Independent Contractor
• Types of Agents
• Creation of Agents
• Authority of Agents
• Undisclosed Agency
• Duties of the Agent to the Principal
• Delegation of Duties
• Duties to Third Parties
• Termination of a Agency
• Types of Agency Relationships
• Agency Disclosure Form
• Escrow Duties
• Chapter Summary
• Terminology

Chapter 8: Disclosures in Mortgage Loan Transactions

• Truth in Lending
• Mortgage Loan Disclosure
• Lender/Purchaser Disclosure Statement
• Chapter Summary
• Terminology

Chapter 9: Additional Mortgage Loan Disclosures

• Real Estate Settlement Procedures Act
• Adjustable Rate Mortgage Loans
• Seller Carryback Requirements
• Lead-Based Paint Disclosure
• Credit Card Disclosure
• Housing and Community Development
• Home Mortgage Disclosure Act
• Chapter Summary
• Terminology

Chapter 10: Fair Lending Practices

• Federal Fair Housing Laws
• California Fair Housing Laws
• The Real Estate Industry and Fair Lending
• Chapter Summary
• Terminology

Chapter 11: Trust Fund Handling

• Trust Funds
• Trust Account
• Broker-Maintained Impound Accounts
• Advance Fees
• Loan Brokerage Deposits
• Broker as Principal
• Escrows
• Broker Funds in Trust Account
• Commingling
• Trust Funds Returned
• Trust Fund withdrawals and Disbursements
• Conflicting Claims on Trust Funds
• Offset of Trust Funds
• Trust Fund Status Reports
• Fiscal Year Report
• Trust Account Records
• DRE Audits
• Chapter Summary
• Terminology

Chapter 12: Hard Money Makers and Arrangers

• Definitions
• Sources of Funds
• Loan Characteristics and Requirements
• Investor Protection
• Investor Protection
• Loan-File-Minimum Documentation
• Article 5
• Article 6
• Article 7
• Trust Fund Handling
• Required Disclosures
• Chapter Summary
• Terminology

Chapter 13: Securities in the Lending Industry

• Corporate Security Act of 1968
• Exceptions to Department of Corporate Jurisdictions
• Application to Real Estate Brokers
• Exemptions From California SEcurities Law for Loan Transactions
• Chapter Summary
• Terminology

Chapter 14: Third Party Originators

• Definition - Third Party Originator
• Why Third Party Originators
• Licensing
• Finders
• Advertising
• Trust Fund Handling
• Reports
• Disclosures
• Forms and Stacking Order
• Chapter Summary
• Terminology

Chapter 15: Mortgage Banking

• Definition, Scope and History of Mortgage Banking
• The Assumability Problem
• Conduits
• Government Involvement in Lending
• Licensing Requirements
• Reporting Requirements
• Trust Fund Handling
• Disclosures
• Forms and Stacking
• Quality Control
• Chapter Summary
• Terminology

Glossary

Index

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