Countless number of people are signing up for mortgage education classes because when the housing crisis is over, which should be soon according to many reports, people want to be ready with a new career that is going to help them help others at a time when they may be most vulnerable to unscrupulous lenders.
Recently the American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) worked together to construct the new National Mortgage Licensing System (NMLS) so that states have one centralized location, on the Internet, to license their mortgage brokers and mortgage lenders.
Among its many tasks, the National Mortgage Licensing System will offer classes in various mortgage courses under the NMLS education department. Some of the courses offered will be an alternative lending practices such as reverse mortgages, how to purchase a home in foreclosure or a house with a short sale loan attached to it.
Furthermore, 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 and streamline and unify state license processes for mortgage brokers and mortgage lenders. In addition to consumer protection, the new licensing system will help establish uniform standards applicable for multi-state enforcement and examinations or for review of one state by another.
AARMR’s primary goal is to help new loan officers in training with their mortgage exam prep courses so that they passed their mortgage training courses with flying colors. In addition, they provide education and training for examiners who would be regulating the mortgage industry. They provide week-long basic examiner training courses, fundamentals of mortgage banking, for newer examiners or as a refresher course for ones who have been around for a while. The AARMR also has a three-day intensive less than that is more advanced.
This new system will also reduce the amount of paper copies needed to be filled out by the applicants in each state because everything will be done online, saving mortgage company’s time and money.
