4 Hour Online SAFE PE - New Jersey State Law

(Note: Starting November 1st, 2019, only State Law Specific

Pre-licensing classes will be Online Self Study)

Summary

This course covers New Jersey Law relevant to Mortgage Loan Originators(MLOs) and is structured to reflect the outline of the New Jersey State License Exam.  During this  4-hour pre-licensing  course covering New Jersey Mortgage law, we will cover several laws including: the New Jersey Residential Mortgage Lending Act in its entirety and portions of the New Jersey Administrative Code (3.1-16. 1-11) and (3.2-1. 1-9); the New Jersey Home Ownership Security Act of 2002; and New Jersey Title-46, Property Law. 

                                                      Description

The modules included are:


Section 1:  New Jersey department of banking and insurance - Covers the Regulatory authority of the department, the department / agency structure and its responsibilities and limitations

Section 2:  State Law and regulation definitions– Summarizes NJAC (3:1-16. 1-11) Mortgage loans, fees, obligations,Title 46 Real Property Law, the New Jersey Residential Mortgage Lending Act and associated regulations and, lastly, the state specific definitions related to these laws.

Section 3:  New Jersey residential mortgage lending act and regulations– Covers Persons required to be licensed, licensee qualifications &the application process, the grounds for denying a license and license maintenance.

Section 4:  Compliance – Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements and advertising

Section 5:  Disciplinary action –Discusses notifications, hearings and appeals, then suspension,revocation and rescission of licenses, then finally, penalties/fines and civil and criminal liability

Section 6:  Unique state test areas – Focuses on Title 46, the New Jersey Home Ownership Security Act of 2002 as amended (this is the Anti-predatory Lending Law)

Learning Objectives

Upon successful completion of this course you will have a strong understanding of several of the laws and regulations specific to mortgage loan originators and lenders in the state of New Jersey.  You will also have a good background of information for taking the New Jersey State Exam.