Mortgage Licensing School Course Descriptions

Transcription

1 Mortgage Licensing School Course Descriptions Click on a course to jump to its description. History of Licensing NMLS, Licensing, and the State Agency NMLS Resource Center and Support NMLS Account Management and System Navigation for Account Administrators NMLS Account Management and System Navigation for Organization Users SAFE Act Requirements Work List Management & Assignment MLO License Applications Industry Perspective Record Access, Relationships, and Sponsorship License Statuses License Item Management Reviewing MLO License Applications Reviewing a Criminal Background Check Reviewing a Credit Report Reviewing Individual Amendments Company License Applications Industry Perspective Reviewing Company License Applications Business Plans Dedicated Resources Compliance Management Systems Company Management Oversight Responsibilities Risk Management Programs Business Continuity and Disaster Recovery Audits Branch License Applications Industry Perspective Reviewing Branch License Applications Reviewing Company/Branch Amendments Advance Change Notice Regulatory Actions Testing and Education Investigations Adverse and Final License Statuses License Surrender Using NMLS Reports Agency Fee Invoicing NMLS Consumer Access Privacy, Agreements, and IT Security Agency Administration Data Analytics Agency Communications Library Updated: 4/24/2018 Copyright State Regulatory Registry LLC 1

2 History of Licensing By the end of this course you will be able to identify key components of the licensing industry and recognize the necessity of major legislative changes. The major players and common products of the mortgage industry Mortgage industry regulatory framework prior to the SAFE Act of 2008 and other regulations Industry standards introduced by the SAFE Act and Dodd-Frank Act Impact of the SAFE Act and other regulations on the mortgage industry Total course time (audio and video) is 18 minutes. Additional time is required to complete course quizzes and Next Steps. NMLS, Licensing, and the State Agency By the end of this course, regulators will understand all of the different parties involved in maintaining and developing NMLS, as well as how they interact with each other. Goals of NMLS and the System s impact on regulatory supervision of financial services industries NMLS governance Decision making process behind developing the System Who supports the System and who to contact with questions or concerns Importance of state licensing checklists and license fees and settings Total course time (audio and video) is 26 minutes. Additional time is required to complete course quizzes and Next Steps. NMLS Resource Center and SRR Support Updated: 4/24/2018 Copyright State Regulatory Registry LLC 2

3 By the end of this course, you will understand the NMLS Resource Centers and the available support found on these sites. Resources and tools available through the Regulator Resources site Regulator support from the Regulatory User Group (RUG) Industry support from the NMLS Call Center Resources available for industry on the NMLS Resource Center Overview of Federal Registry Resource Center Total course time (audio and video) is 21 minutes. Additional time is required to complete course quizzes and Next Steps. Updated: 4/24/2018 Copyright State Regulatory Registry LLC 3

4 NMLS Account Management and System Navigation for Account Administrators By the end of this course, you will be able to manage the agency s NMLS account and all users. How to navigate the System Registering a two-factor credential Manage all components of the user login and profile Create and manage Organization Users for your agency Manage and assign work items, review items, and NMLS notification subscriptions Total course time (audio and video) is 41 minutes. Additional time is required to NMLS Account Management and System Navigation for Organization Users By the end of this course, you will be able to manage your Organization User account and successfully navigate NMLS. Differences between Account Administrators and Organization Users Maintaining your contact information via the User Profile Basic account management and upkeep (unlocking, resetting password, etc.) Total course time (audio and video) is 20 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 4

5 SAFE Act Requirements By the end of this course, you will understand the SAFE Act requirements, including professional standards applicable to a mortgage loan originator and the Mortgage Call Report requirement applicable to entities. Components of the SAFE Act requirements and standards Differences between pre-licensure education and continuing education Testing requirements, including specifics surrounding the Uniform State Test SAFE Act criminal standards and how the criminal background check implements those standards SAFE Act financial responsibility standards Mortgage Call Report requirements Total course time (audio and video) is 22 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 5

6 Work List Management & Assignment By the end of this course, you will be able to identify the significance of the Work Lists and understand workflows to improve your daily licensing workload. The purpose of the work lists and how they are used in NMLS How you are expected to use the Work Lists in accordance with your agency s work processes Differences between the Agency Work List & Assignment, My Work List, and Review Item Assignment pages Differences between a Work Item and a Review Item How agency s Account Administrators can set up default assignees and manage work list subscriptions Using the filtering and sorting options to customize your list of work How agencies commonly use the work list to distribute work Use the System s clocks to keep track of application turn times Total course time (audio and video) is 28 minutes. Additional time is required to MLO License Applications - Industry Perspective By the end of this course, you will understand the application process from the perspective of a mortgage loan originator (MLO). Overview and purpose of the Individual Form (MU4) Total course time (audio and video) is 23 minutes. Additional time is required to Record Access, Relationships, and Sponsorship Updated: 4/24/2018 Copyright State Regulatory Registry LLC 6

7 By the end of this course, you will understand the process for creating, removing, and maintaining company relationships and sponsorships in NMLS, as well as learn your role in making sponsorship status decisions. How NMLS defines record access, regulator relevance, relationships, and sponsorships Which entities are responsible for both establishing and ending access, relationships, and sponsorships How users are notified of sponsorship requests and removals, as well as how to respond to such actions Total course time (audio and video) is 22 minutes. Additional time is required to License Statuses By the end of this course, you will understand the significance of license statuses and identify standard workflows and best practices for updating license statuses in NMLS. How the System's clocks help track application turn times User roles as related to license status updates How to use license statuses as part of the application and license maintenance process Importance of internal notes, external notes, and license status dates Notification of adverse license status updates Total course time (audio and video) is 30 minutes. Additional time is required to License Item Management Updated: 4/24/2018 Copyright State Regulatory Registry LLC 7

8 By the end of this course, you will understand the purpose of license items as well as how to use them to manage communication during the application and license management process in NMLS. What a license item is and how to use them during the application review process Distinguishing between system-set license items and license items added by a regulator Internal due date best practices License item impacts on License Statuses Management of license items using dashboard, reports, and work list Clearing license items upon satisfaction of outstanding requirements Total course time (audio and video) is 21 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 8

9 Reviewing MLO License Applications By the end of this course, you will be able to review individual applications in NMLS and make the appropriate licensing decision. System s enforcement of testing, education, federal criminal background check, and credit report requirements The recommended new application workflow Distinguishing the important areas of both Composite View and the Individual Form (MU4) Total course time (audio and video) is 21 minutes. Additional time is required to Reviewing a Criminal Background Check By the end of this course, you will be able to review a criminal background check associated with an MLO License Application in order to make a licensing decision Criminal background check (CBC) fee and the legislation that requires MLOs to authorize a CBC The role Fieldprint has in the NMLS fingerprinting process Differences between a CBC status and a CBC result CBC user roles and information available within the CBC reports When agencies can require a CBC How a CBC is authorized and fingerprinting exception process Proper handling of Criminal History Record Information (CHRI) Recommended methods of communication when issues are found Total course time (audio and video) is 27 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 9

10 Reviewing a Credit Report By the end of this course, you will be able to review a credit report associated with an MLO license application in order to make a licensing decision Credit report fee, credit report type, and the legislation that requires MLOs to authorize a credit report How a credit report is authorized and common exceptions When agencies can require a credit report How to view credit report information Credit report user roles How the System notifies your agency of credit report submissions and determines changes from one report to the next Content included in an NMLS credit report Why credit reports may not be accessible or have limited information Total course time (audio and video) is 34 minutes. Additional time is required to Reviewing Individual Amendments By the end of this course, you will understand how NMLS identifies individual amendments, common amendment mistakes, and the best ways to prioritize and disseminate amendment review items. What the System considers an individual amendment Importance of amendment checklists Common mistakes made by MLOs How to best manage and prioritize individual amendment review items Handling multiple amendments submitted by one entity How to take action on incomplete and inaccurate amendments Total course time (audio and video) is 15 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 10

11 Company License Applications Industry Perspective By the end of this course, you will understand the application process from the perspective of a company user. The process the company user completes in order to submit a license request How the Individual Form (MU2) Form is completed and maintained Completing the financial statement required by many states as part of the initial application submission process Total course time (audio and video) is 31 minutes. Additional time is required to Reviewing Company License Applications By the end of this course, you will understand the Company Form (MU1) new application review process. How to navigate within NMLS in order to properly review the Company Form (MU1) General purpose of each section of the Company Form (MU1) and best practices for review Best practices for the review of the Individual Form (MU2) associated to the company license application Sections of the form that require document submission, both through NMLS and potentially outside of the System Total course time (audio and video) is 44 minutes. Additional time is required to Business Plans By the end of this course, you will understand the purpose of the Business Plan and what it encompasses. Total course time (audio and video) is 5 minutes. Additional time is required to Dedicated Resources Updated: 4/24/2018 Copyright State Regulatory Registry LLC 11

12 By the end of this course, you will be able to identify the key resources that should be in place prior to licensing given the size and complexity of the company. Total course time (audio and video) is 5 minutes. Additional time is required to Compliance Management Systems By the end of this course, you will be able to identify the components of a Compliance Management System (CMS) and explain its purpose. Total course time (audio and video) is 18 minutes. Additional time is required to Company Management Oversight Responsibilities By the end of this course, you will understand the importance of a risk management program and its components. Total course time (audio and video) is 7 minutes. Additional time is required to Risk Management Programs By the end of this course, you will understand the nine basic risk categories that affect the lending business so that they may be able to review a Risk Management Program. Total course time (audio and video) is 7 minutes. Additional time is required to Business Continuity and Disaster Recovery By the end of this course, you will understand the importance of business continuity and ways to ensure the company is equipped with a disaster recovery plan. Total course time (audio and video) is 6 minutes. Additional time is required to Audits By the end of this course, you will understand the purpose of Financial Audits, comprising of both External and Internal Audits. Updated: 4/24/2018 Copyright State Regulatory Registry LLC 12

13 Total course time (audio and video) is 14 minutes. Additional time is required to Branch License Applications Industry Perspective By the end of this course, you will understand the branch application process from the perspective of a company user. The process the company user completes in order to submit a branch license request How the Individual Form (MU2) is completed in order to meet the Branch Form (MU3) requirements Total course time (audio and video) is 24 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 13

14 Reviewing Branch License Applications By the end of this course, you will be able to complete the review process for branch license applications. The purpose of each section of the Branch Form (MU3) and best practices for review of each section of the form Add branch license items and update license statuses Total course time (audio and video) is 18 minutes. Additional time is required to Reviewing Company/Branch Amendments By the end of this course, you will understand how NMLS identifies company and branch amendments, common amendment mistakes, and the best ways to prioritize and disseminate amendment review items. Best practices for reviewing amendment categories How to best manage and prioritize amendment review items How to handle multiple amendments for a single entity Taking action on incomplete and inaccurate amendments Importance of amendment checklists Total course time (audio and video) is 30 minutes. Additional time is required to Advance Change Notice By the end of this course, you will be able to identify agency s Advance Change Notice (ACN) requirements and demonstrate the steps a licensee must take to submit an ACN through NMLS. Identify, prioritize, and manage an Advance Change Notice Total course time (audio and video) is 26 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 14

15 Regulatory Actions By the end of this course, regulators will understand Regulatory Actions and the effect they may have on an entity s record. Creating and managing actions General workflow when identifying and entering a regulatory action Requesting respondent accounts How to correctly use privacy levels Viewing actions as part of the license application review process Using reports to manage posted actions Public regulatory actions on NMLS Consumer Access site Total course time (audio and video) is 20 minutes. Additional time is required to Testing and Education Investigations By the end of this course, you will be able to identify and review a testing and education investigation. The team responsible for performing the investigation The purpose and contents of the testing Candidate Agreement Rules of Conduct for test takers Rules of Conduct for NMLS Approved Education courses Administrative Action Procedures (Course Providers/Test Takers and Students) Standards of Conduct for Course Providers Searching and reviewing records with testing and education investigation flags Total course time (audio and video) is 18 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 15

16 Adverse and Final License Statuses By the end of this course, you will understand the various license statuses that are considered final and its effects to an entity s record. Final license statuses and trigger rules behind adverse indicator The recommended process for managing surrender, withdrawal, and cancelation requests Rejecting a transition request Effects of a license denial or revocation Final statuses related to license renewals Updating license statuses in bulk Total course time (audio and video) is 22 minutes. Additional time is required to License Surrender By the end of this course, you will understand the license surrender review process completed as a regulator. Common requirements included in the review process for surrender requests. Total course time (audio and video) is 10 minutes. Additional time is required to Using NMLS Reports By the end of this course, you will understand the reports available through the System and the different ways to use reports to streamline your work processes. Origin of NMLS reports User roles necessary in order to request reports Report formatting information How to understand report request criteria Custom Ad Hoc report request process Best practices and which reports are typically run on a daily, monthly, quarterly, and annual basis Updated: 4/24/2018 Copyright State Regulatory Registry LLC 16

17 Total course time (audio and video) is 31 minutes. Additional time is required to Privacy, Agreements, and IT Security By the end of this course, you will have a comprehensive overview of NMLS privacy policies, what you agree to when you are using the system, and IT best practices for agencies that have data contained in NMLS. Agency Administration By the end of this course, you will have a high-level overview and best practices for using the License Settings Fees System (LSFS), State Agency Contact List, and the NMLS Document Worksite. Data Analytics By the end of this course, you will understand how to access and use NMLS Data Analytics products that are available to licensing managers and mortgage examiners for developing and delivering reports. Agency Communications Library By the end of this course, you will understand how to access, view, and post communications to the agency communications library on the NMLS Regulator Resources website. Agency Fee Invoicing By the end of this course, you will be able to understand the Agency Fee Invoicing function available through NMLS. Purpose and limitations of the Agency Fee Invoicing (AFI) feature How to create a single invoice How to create multiple invoices via the batch upload process Using the Unpaid Invoice List Cancel an unpaid invoice How to use the Agency Fee Invoicing Management report Updated: 4/24/2018 Copyright State Regulatory Registry LLC 17

18 Total course time (audio and video) is 18 minutes. Additional time is required to NMLS Consumer Access By the end of this course, you will understand the purpose of NMLS Consumer Access and its value to consumers. How data displays on Consumer Access and how long it is accessible by consumers Data fields that are public for company, branch, and individual records How public Regulatory Actions display The Suppression Request process Business-to-Business (B2B) subscription information Total course time (audio and video) is 27 minutes. Additional time is required to Updated: 4/24/2018 Copyright State Regulatory Registry LLC 18