Loan Officer Training Prepares New Mortgage Loan Officers for New Employment Opportunities
Nov 23rd, 2009 by Kolleen
Back in July of 2008, then President George Bush signed into law the Housing and Economic Recovery Act of 2008. This all-inclusive act addresses many concerns and topics regarding mortgage reform, however one of the major themes this act covers is called the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 also known as S.A.F.E. The safe mortgage education program establishes national minimum standards for mortgage training – both pre-licensing and continuing education.
The American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) work together to construct the new National Mortgage Licensing System so that states have one centralized location on the Internet to license their mortgage brokers and mortgage lenders.
This new system is designed to help the effectiveness and efficiency of state supervision of the US mortgage market fight mortgage fraud and predatory lending practices and streamline and unify state license processes for mortgage brokers and mortgage lenders.
The Residential Mortgage Licensing System could be especially useful for companies operating in several different states because they will be able to renew all their licenses for all states in one place. In addition, by having a national system, the regulators will be able to see if a company applying to do business in their state has complaints in other states. If there are problems in another state that could be grounds for not licensing them in the state they applied for a license. It’s a great way to keep everything in check and ‘weed out’ those whose only goal is to prey on those people seeking the American dream of owning a home but whom simply cannot afford the loan payments.
Loan officer training programs are beginning to fill up because when the economy recovers, and the media is saying it is slowly but surely doing just that, people will start purchasing houses and the need for mortgage loan officers will be great. Many families and individuals are slowly beginning to purchase their first home because of a government tax rebate of $8,000 which ends at the end of this year.
