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Online - Kentucky Fundamentals 30 Hours – Pre-Licensing 
Price: $399.00

 

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Kentucky Fundamentals 30 Hours – Pre-Licensing

The 30 Hour Kentucky Fundamentals course satisfies the 30 hour pre-licensing education requirement that is necessary to license a Mortgage Broker entity and has been approved by the Kentucky Office of Financial Institutions. This course will not satisfy continuing education requirements for loan originators.

Kentucky Fundamentals contains the following:

  • Kentucky State Law [3.0 CEU] – comprehensive and up to date coverage of the Kentucky State Law, with a section by section breakdown.
  • Real Estate Settlement Procedures Act (RESPA) [4.0] – defines the parameters set forth by this federal law regarding fees and compensations, required disclosures, escrow accounts, violation penalties, as well as an expansive section covering Affiliated Business Arrangements.
  • Truth-in-Lending Act (TIL or TILA) [2.0 CEU] – lays out disclosure and advertising requirements, rights of rescission, and penalties for violation, as stated in this federal statue, as well as a detailed APR explanation.
  • Equal Credit Opportunity Act (ECOA) & Fair Housing Act [2.0 CEU] – addresses discrimination, enforcement, civil liability and annual reports as defined by this federal law. Defines prohibitions, discriminations, religious and private club exemptions, enforcements, and penalties, as outlined in this federal law. The relationship of the Fair Housing Act to other law is examined. Prohibitions against coercion, interference, and intimidation are addressed
  • The Fair and Accurate Credit Transactions Act (FACTA), Fair Credit Reporting Act (FCRA) and HUMDA [2.0 CEU] -- The FACTA and its connection to the Fair Credit Reporting Act (FCRA) are introduced, and the sections most relevant to mortgage professionals are highlighted. This section explains the obligations of mortgage brokers in the disclosure of credit scores, negative information about the borrower, as well as the special rule on marketing. Other aspects of FACTA are covered, including consumer dispute processing, blocked data, and risk-based pricing notices, among others.
  • Ethics [4.0 CEU] – examines ethical practice through theories and case studies with definitions of predatory lending practices. Additionally addressing business development in compliance with state and federal law and the higher standards of providing complete disclosures and communication to the customer in compliance with the intent of the law.
  • Predatory Lending and Fraudulent Real Estate Practices
    • Introduction to Fraud in the Mortgage Industry [2.0 CEU] – an in-depth examination of fraud in the mortgage industry. This module begins with a definition of fraud, and then works through the applicable criminal statues and civil penalties.
    • Ethics and Mortgage Fraud [1.0 CEU] – discussion of the ethical considerations of fraud in the mortgage industry.
    • Buyer and Seller Fraud [1.0 CEU] – discusses the various types of fraud committed by borrowers.
    • Prevention of Buyer and Seller Fraud [1.0 CEU] how to detect buyer and seller fraud and steps that mortgage professional can take to prevent borrower fraud.
    • Actions to Take If You Suspect Fraud [1.0 CEU] – a detailed section on actions to take if fraud is suspected in the student’s mortgage business.
    • Mortgage Fraud and Fair Housing Law [1.0 CEU] examines the relationship between fraud schemes and the federal Fair Housing Law, including penalties for violating the law.
    • Mortgage Fraud and Truth in Lending [1.0 CEU] examines the relationship between fraud schemes and the federal Fair Housing Law, including penalties for violating that law.
  • Introduction to Processing [1.0 CEU] – covers problems that can occur after loan closing and stresses the importance of compliance with state and federal regulations, as well as quality control procedures, to prevent issues with loan repurchase, buy-back, or early default and foreclosure.
  • Processing Fundamentals [1.0 CEU] – This module covers topics such as: Credit Bureaus, How to Read a Credit Report, Consumer Rights.
  • Understanding Credit [1.0 CEU] – This module covers topics such as: Choosing the Loan Product, Steps in Loan Processing, The Appraisal, Insurance Supporting Documents.
  • Mortgage Math [1.0 CEU] – this module covers topics such as: Income Calculation & Documentation, Loan-to-Value Ratios, Qualifying Borrowers, Calculating Payments and Points.
  • Processing Best Practices [1.0 CEU] – covers topics such as: Submission for Pre-approval, Stacking the File, Loan Processing Tips and Tricks, Preventing Fraud, Mortgage Screening Checklists, Processing Case Study.

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Financial Strategies also offers education in Consumer Finance, Real Estate and Law.