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IL Mortgage Originator 6-hr Pack-2
6 hours of Illinois Mortgage Originator Continuing Education
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The package include the following courses:
Contracts, Purchase and Sales Agreements: In this module you will learn about the types of general contracts as well as the different kinds of real estate contracts. The module provides the student with an overview of the various types of contracts: bilateral, unilateral, implied, express, executed, executory, valid, void, voidable and unenforceable. Once the student is introduced to the different types of contracts, he or she learns what makes a contract legally enforceable, this being the five components that make a contract valid: mutual assent, legally competent parties, consideration, lawful objective and adherence to a statute of frauds.
Liens, Taxes and Foreclosures: This course discusses liens, taxes and foreclosures. There are many types of liens as well as several kinds of taxes that can attach to a parcel of real estate. When borrowers default on a debt, foreclosure is the process by which lien-holders collect the unpaid portion of a debt. Because liens represent an interest in real property, it is crucial that real state licensees develop an in-depth understanding of liens and lien-related issues. Such knowledge also helps licensees to better advise buyers and sellers.
Click here for Illinois Mortgage Originator requirements.
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Sale Price: $69.00 $150.00 |
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The first lesson presents a general overview of liens, explains the classification of liens and discusses the types of non-tax liens. We then discuss taxes and tax issues, including ad valorem taxes, real estate tax computation, special assessments, real estate transfer taxes, federal income taxes, capital gains taxes, and tax shelters for homeowners and investors. We also include a discussion about the priority of liens and the methods of foreclosure, redemption, deficiency judgments, and tips.
State Requirements:
Under the Section 1050.2120 of the Division Rules, a registered residential mortgage loan originator must complete annually six hours of continuing education in residential mortgage finance and related topics. Equally important, the residential mortgage licensee that employs an Loan Originator must assure that the LO meets the CE requirement.
Student Reporting Requirements:
A Loan Originators shall not submit CE information directly to the Division. A Loan Originators shall report the completion of CE courses to his or her employing licensee. The employing licensing shall set reporting requirements that enable the employing licensee to obtain the CE information needed to compile the CE Report. For each CE course an Loan Originators wishes to count towards the CE requirement, the Loan Originators shall retain all instructional and testing materials and all documents evidencing registration for, attendance at, and completion of the course. |
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