Mortgage Exam Prep Should Come With Loan Officer Training
Oct 22nd, 2009 by Kolleen
The safe mortgage education program – which is based on the Secure and Fair Enforcement Mortgage Licensing Act – a bill signed into law by former President Bush on July 30, 2008, which was a major component of the mortgage reform act. For both pre-licensing and continuing education, the S.A.F.E. Mortgage Licensing Act sets forth national minimums standards for training.
When choosing a mortgage school, whether it’s online through the Internet or at a community college, make sure the school offers a mortgage exam prep course because passing the mortgage exam is very important and will allow you to make mortgage loans as a loan officer in your chosen state.
The NMLS - National Mortgage Licensing System - provides state-banking regulators a single database to track professionals with licenses to sell mortgages. NMLS is managed by the Conference of State Bank Supervisors and the American Association of a Residential Mortgage Regulators.
These regulations are for independent brokers and not banks because banks feel they already face more regulations than the independent brokers. Among some of the provisions included are: a 24 hour pre-registration education covering state and federal law ethics; those who have been working in the mortgage industry for at least 4 ½ years are exempt as long as they can pass the first test. Criminal background checks and fingerprints will be run to screen out people convicted of or pled no contest to misdemeanors or felonies relating to forgery, fraud, embezzlement, a financial transaction or securities transaction or any felony within the previous 10 years. There will be a one time $350 fee plus an annual renewal fee that is to be determined in each state. The National Mortgage Licensing System charges a fee of $30 and their annual fee is also $30; and the tests fee is $100.
Loan officer training is important to make sure that homebuyers are treated fairly and the same in each state. The criminal background checks are to save the people from predatory lenders, which is what got this country in this state of a recession in the first place.
