mortgage trainingAlthough it is voluntary, nearly every bank and loan operating facility should plan on participating in the Nationwide Mortgage Licensing System (NMLS), now under the supervision of the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

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.  This is to be done through NMLS education in continuing education courses and seminars in addition to loan officer training.

The reason the country has had a housing crisis is due to the predatory lending practices of many unscrupulous mortgage lenders who are more than willing to lend mortgage money to people they know cannot afford to repay the loan.  They then repossess or foreclose on the house so that they can sell it again, making themselves more money.  Although this practice had been repeated over and over again around the country, there were just not enough individuals or families willing or able to purchase the repossessed and foreclosed homes, leaving the banks holding empty homes and the country in a recession.

AARMR has a primary goal and that is to help new loan officers in training with their mortgage exam prep courses so that they pass 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 course that is more advanced.

It is important to the loan officers, especially mortgage loan officers, to complete mortgage training courses in addition to completing the yearly enhancement and update courses because mortgage laws are always changing, especially in today’s economy. Therefore, loan officers should be kept up-to-date with the ever-changing laws and regulations concerning their jobs.

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