This course will cover all of the aspects of the Maine Mortgage Lending Laws.

This course will satisfy the 12 hour continuing education requirements for Maine. Topics include: Ethical Standards in Mortgage Lending - 2 hours Complying with Fair Lending Laws - 2 hours Privacy Laws Applicable to Mortgage Lending Transactions - 2 hours Mortgage Fraud Defined and Applied for Industry Professionals - 2 hours Requirements of the Real Estate Settlement Procedures Act - 2 Hours Maine Consumer Credit Law- 2 hours

Obtain a detailed understanding of The Equal Credit Opportunity Act, The Fair Credit Reporting Act, The Fair Housing Act and identify the differences between each. Review the Home Mortgage Disclosure Act, The Community Reinvestment Act and The Fair and Accurate Credit Transactions Act. Also uncover who is governed under each individual Act.

Understand the role of ethics in mortgage lending. Learn the theory and practice, the legalities of ethics, and the implications that can arise if these rules are not followed. Familiarize yourself with federal laws relating to mortgage lending and legal compliance. Review over 15 federal laws affecting all aspects of mortgage loan origination, evaluation processing, disclosure and timing.

This course will satisfy the pre-licensing education requirements for Maine. Topics include: Ethical Standards in Mortgage Lending - 2 hours Complying with Fair Lending Laws - 2 hours Privacy Laws Applicable ot Mortgage Lending Transactions - 2 hours Mortgage Fraud Defined and Applied for Industry Professionals - 2 hours Requirements of the Real Estate Settlement Procedures Act - 2 hours The Truth-in-Lending Acct as part of Ethical Mortgage Lending - 2 hours Understanding the Evolution and Impact of Predatory Lending - 2 hours Acts Protecting Maine Homeowners - 2 hours

Learn all about fraud including its definition, the difference between various types of fraud and your role in preventing it. Uncover many ways that mortgage fraud can be harmful and protect your clients. Learn what the FBI and others are doing to prevent mortgage fraud and how you can detect potential fraud before it takes place.

Learn the history of privacy issues and how the Gramm-Leach-Bliley Act was created to provide consumer protection. Understand how and why financial institutions are required to have a security program in place to ensure confidentiality of information. Learn the penalties for non compliance and how to protect yourself and your company. Get your questions answered about the Federal Trade Commission’s privacy mission for consumers. Review frequently asked questions, learn how to write effective financial privacy notices and how to communicate effectively.

Review the Real Estate Settlement Procedures Act and learn more about various prohibited acts including kickbacks, fee-splitting and unearned fees. Learn about Good Faith Estimates (GFEs), review costs that must be disclosed, and the process for preparing the GFE for your client. Read proper mortgage procedures, including those in the Servicing Transfer Protection Act. Topics include penalties for violations, requirements for aggregate escrow accounting and preparing a HUD-1 Settlement Statement.

Learn about one of the most important consumer acts in the mortgage business: the Truth-in-Lending Act. Also review the Truth-in-Lending Disclosure, the rules for an ARM loan and review how and when it is legal to rescind a contract. What is Regulation Z, and how does it affect advertising and truth-in-lending? Discover laws that were created to protect consumers from a number of predatory lending practices.

What is predatory lending? Uncover the evolution of abusive lending practices in the subprime market. Learn about loan flipping, excessive fees and packing, fraud and abuse. Review the subprime market and the impact of 1980s legislation. Learn about existing federal laws and regulations that offer consumers protection against abusive lending practices. Find out how states have added legislation to further protect borrowers. Review the role of Freddie Mac and Fannie Mae in subprime lending.