American School of Business


	NMLS Approved Provider #1400050 New Jersey State Specific NMLS#1178 New York State Specific NMLS #132

TO FULFILL THE NEW NMLS REQUIREMENTS!
	All NJ Loan Originators must complete 20 hours of Pre-Licensing Education and Pass a State and National Test by the end of April, 2010 !
COURSE DESCRIPTION:
	On July 30, 2008, the Housing and Economic Recovery Act (HERA) of 2008 was signed into law by President George W. Bush, marking a significant component of mortgage reform. Title V of HERA is better known as the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). It establishes national minimum standards for mortgage training, including prelicensing and annual continuing education.

PRESS RELEASE:

The American School of Business, a leading education provider for the real estate industry, has gained approval as a mortgage education course provider through the Nationwide Mortgage Licensing System & Registry (NMLS). The Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) requires that pre-licensing and continuing education courses be approved by the NMLS. The NMLS was established in 2004 as an initiative of state mortgage regulators in order to provide a standardized system aimed at streamlining the mortgage licensing process.

Established as part of the Housing and Economic Recovery Act in 2008, the S.A.F.E. Act is intended to improve consumer protection and reduce fraud through establishing various licensing standards. Currently, 20-hour pre-licensing and 8 hour continuing education courses are set as the minimum requirements in every state. In order to meet these S.A.F.E. Act requirements, courses must be approved by the NMLS.

The criteria for granting course provider approval established by the NMLS includes course quality and rigor, student satisfaction, ensured instructor qualifications, provided evidence for satisfactory course completion, and legal/business integrity. The American School of Business has successfully met all of the established criteria, allowing ASB to take the next step in submitting specific pre-licensing and continuing education coursework for approval by the NMLS.

"We are proud to have been deemed an approved mortgage education provider by the National Mortgage Licensing System & Registry, and thank the NMLS team for their commitment to building this industry-Wide, federally-mandated licensing and registry initiative," said Edward Davies, Director for The American School of Business. "At ASB, we are committed to helping our customers stay compliant with the industry's changing regulations while meeting their education and training needs. It is our goal to be the premier source for S.A.F.E. Act continuing education and help industry professionals meet their licensing requirements."

COURSE OBJECTIVES: *Upon completion of this course, students will be able to:
		Discuss disclosure provisions of federal laws related to mortgage lending.
		Identify procedures to protect the privacy of consumers as required by federal law.
		Define education requirements for mortgage lending professionals.
		Define ethics and discuss the purpose of codes of ethics.
		Discuss various anti-discrimination laws.
		Identify protected classes and practices in relation to fair housing and lending.
		Recognize indicators of mortgage fraud.
		Identify predatory lending practices.
		Identify the characteristics of a conventional loan.
		Contrast conforming and nonconforming loans.
		Identify qualifying standards for FHA-insured loans.
		Identify qualifying standards for VA-guaranteed loans.
		Identify guaranteed and direct loan options available through Rural Development.
		Describe the advantages and disadvantages of buy down plans.
		Identify the elements that make up an adjustable rate mortgage.
		Discuss agency guidelines on lending and subprime loans.
		Identify historical events affecting today’s mortgage industry.
		Contrast the primary mortgage market and secondary mortgage market.
		Identify the steps in the loan process.
		Discuss the information necessary to complete a standard loan application.
		Identify criteria for evaluating borrowers.
		Calculate income and total debt ratios.
		Define the purpose of different types of mortgages.
		Identify typical mortgage clauses.
		Discuss the use of private mortgage insurance.
		Identify the essential elements of a valid contract.
		Distinguish among the different forms of deeds.
		Discuss various types of liens and easements and their impact on property.
		Describe how several broad factors and specific principles impact the value of property.
		Identify the steps necessary to complete a real estate appraisal.
		Contrast the three appraisal approaches used to arrive at an opinion of value.
		Define the various roles that mortgage professionals play.

WHO IS REQUIRED TO TAKE THIS COURSE?
	All Mortgage Originators/Loan Officers/Account Executives, All Mortgage Bankers and Brokers.

COURSE TUITIONS & DISCOUNT PACKAGES:
(Course Book & Additional Course Materials are included with your full tuition)

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