Contrary to what you may think, license training
is different from mortgage broker training. Mortgage
broker license training has only one purpose - to help
you get your license. That's it. It leaves out a lot of things that
you must know to actually do the job.
Several states now require individuals to spend a
certain amount of time in class learning all the state's rules and
then take a test to get a license. This is what Florida
mortgage broker training classes do. You go to class
for a couple days and then take a state exam. If you pass the state
exam you get a license. If you fail, you get to pay the fee again,
and try one more time. The Florida mortgage broker training classes
are designed to teach you the basic laws.
On the other hand the Texas mortgage broker training
classes go a bit beyond and try to teach about the job. But definitely
not anywhere near what you need. You can find out if your state
even requires you to take a mortgage broker- licensing course by
reading So You Want To Be A Mortgage Broker by Ameen
Kamadia. It's available at http://www.mortgagebrokertraining.com/so.html.
Not all states require individuals to have licenses. Some states
only require the actual company to have a Mortgage Broker's License.
broker license training is available in many forms. The
most popular is the actual class. Most real estate schools offer
mortgage license classes and so do some local community colleges.
The better schools, will have a good idea of the questions usually
asked on the state exam and can really give you a great deal of
preparation to make sure you pass.
Mortgage training software is also available.
And many schools now offer the mortgage licensing class online.
You no longer have to go to a school. You can just sign on to their
website, or download the mortgage
training software and learn everything at home. If this
is your first exposure to the mortgage world, I recommend you take
the physical class. It might take longer, but you will learn much
more by just talking to the instructors and your classmates.
Mortgage broker training is different from mortgage
lender training. As a mortgage broker, you use the lender's
money. You arrange the loan and handle the customers' paperwork.
But a lender has much more to worry about. There are federal laws
to watch out for, quality control issues, underwriting, funding,
reselling of loans, and a host of other items that make each transaction
much more complicated for the lenders than for the brokers. And
that is why mortgage
lender training is much more complex. For most people
in the mortgage business, you do not need to concern yourself with
mortgage lender training. Even if you work for a lender, most of
the procedures will be in place and you will learn as you go. But
a good place to get more info about mortgage lender training
is the National Association of Mortgage Bankers.
Once you get your license, it is time to get some
proper mortgage training. If you are lucky, the company you work
for will offer it. But most likely they will not. Or what they do
offer will be limited and incomplete.
That is why Residential
Mortgage Loan Origination Made Easy was written. It was
written to be a mortgage training manual for our own mortgage company.
At the time, there were no good mortgage training manuals of any
kind. Mortgage broker training was very hard to get. So Abby
Kamadia of MoneyTree Mortgage wrote this manual to
be a mortgage training guide for all his new loan officers. As a
coincidence, one of the loan officers took it to a mortgage convention
and lost it. A trainer of a very large mortgage firm later found
it, fell in love with it and the rest is history.
Residential Mortgage Loan
Origination Made Easy (RMLOME) is the only mortgage training
manual you will need to completely understand this business. And
since it is updated every year, you can be sure it is current with
all the current laws and procedures.
But remember, this manual will not help you
with your mortgage
broker license training. You will get separate books
from whatever school you choose to attend. Some schools do use Residential
Mortgage Loan Origination Made Easy (RMLOME) as part of the
curriculum. But it is not meant to be a license training manual.
Get your license, and then get RMLOME for your real world