Compliance Center: Register for CUNA’s 8 Hour SAFE Comprehensive Mortgage Loan Originator Course

The Northwest Credit Union Association is excited to offer CUNA’s 8 Hour SAFE Comprehensive Mortgage Loan Originator Course. This course is designed specifically for mortgage loan originators (MLOs) and provides an in-depth focus on the federal laws associated with mortgage lending. The course covers a wide range of material and offers a certification for those who complete it.

CUNA worked with the Nationwide Mortgage Licensing System to ensure that this course is NMLS approved. Thanks to its NMLS approval, the course provides a safe harbor for participants under the Regulation Z mortgage loan originator training requirements.

In addition to providing the certification and safe harbor, this training will provide attendees an in-depth look at the mortgage rules that impact their day to day jobs. Michael Christians, Compliance Attorney at Policy Works, instructs the 8 hour class.

“I had the pleasure of attending a break out session at CUNA’s Regulatory Compliance School earlier this year that was taught by Michael,” said the Association’s Katie Clark, Regulatory and Compliance Analyst. “His extensive knowledge of the new CFPB rules combined with his enthusiastic and entertaining delivery style made his one-hour presentation on the new TILA/RESPA Integrated Disclosure Rule very interesting and lively, which is hard to do with the CFPB rules. Having the ability to attend his trainings in person and ask detailed questions is a huge benefit to anyone that is still sorting through the mortgage changes.”

Take one glimpse at the schedule prepared for this class and you will understand why it is so exciting that it is being offered here in the northwest.

The course meets the continuing education requirements of Reg Z inclusive of (3) hours federal laws & regulations, (3) hours ethics, consumer protection & fair lending, and (2) hours lending standards for the non-traditional mortgage product marketplace.

“There remains a great deal of confusion surrounding loan originator training,” said Christians. “Remember, all of your originators are now required under Regulation Z to undergo periodic training commensurate with their day-to-day origination responsibilities. CUNA’s 8 Hour SAFE Comprehensive Mortgage Loan Originator Course #5294 provides them with a safe harbor that they have aptly satisfied this mandatory training requirement.

“With over 14,000 pages of new regulation since passage of the Dodd-Frank Act, much of which is related to mortgage lending, comprehensive training for your loan originators has never been more important. We’ll cover a lot of ground in just eight hours, including: Federal laws and regulations, fair lending, non-traditional mortgage products and mortgage lending hot topics—including the Integrated Disclosure Rule.”

Those interested are encouraged to register soon, as space is running out. Registration is processed through CUNA’s website, so please have your CUNA login information handy when you register (Tigard or SeaTac). Or you can call CUNA’s registration department at 800.356.9655 x4400.

If you have questions, please contact Katie Clark at 503.350.2221 or

Compliance Question of the Week

Under Regulation Z’s loan originator rule (for mortgage transactions), are all loan originators required to receive periodic training? Even MLOs that were registered through the NMLS prior to the new loan originator rules?

Yes. The commentary to Regulation Z states that periodic training for loan originators must be sufficient in frequency, timing, duration, and content to ensure the individual loan originator has the knowledge of State and Federal legal requirements that apply to the individual loan originator’s loan origination activities. The commentary goes on to state that the training requirements apply to individual loan originators regardless of when they were hired.

Additionally, training that the NMLSR has approved to meet the licensed loan originator continuing education requirement under 1008.107(a)(2) satisfies this requirement.


Legal Briefs

National Credit Union Administration (NCUA)

The NCUA has posted a YouTube video on Payday Loans, aimed at helping consumers understand the risks and benefits of payday loans.

Consumer Financial Protection Bureau (CFPB)

The CFPB announced that it will hold an event on Monday, August 17th in Springfield, VA on financial management for seniors and their caregivers. The event will be available via a livestream on the CFPB’s blog.

The CFPB has released the Spanish version of the Home Loan Toolkit.

The CFPB posted information on its blog for individuals that are new to the United States and need assistance managing their money. The blog includes helpful guides on paying bills, receiving money, opening a bank account, and comparing financial products. 

Federal Reserve Board (FRB) 

The FRB has published the July minutes from the Federal Open Market Committee meeting. 

Federal Housing Finance Agency (FHFA)

The FHFA released its mortgage rate index which shows that mortgage interest rates increased in June 2015.      

Department of the Treasury (Treasury)

The Treasury has released the highlights from the July 31, 2015 meeting of the Financial Stability Oversight Council.

Financial Crimes Enforcement Network (FinCEN)

FinCEN issued a final rule designating FBME Bank Ltd, formerly Federal Bank of the Middle East, as a financial institution of money laundering concern. 

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of July 30, 2015. The last update prior to this was July 23, 2015.

OFAC has announced that it will hold a 2015 Fall Symposium that will provide a comprehensive review of current U.S. economic sanctions and include presentations on OFAC regulations. 

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, CUNA, Federal.