There are plenty of opportunities for mortgage loan originators to learn the ropes, even if there are now fewer jobs available. All of the trade groups offer educational opportunities and there are a number of private companies offering training as well.
Recently, AllRegs Academy announced that it would offer its mortgage essentials course for free for a limited time. AllRegs has been a leading publisher of guidelines for the mortgage industry for many years. The company moved into education a few years back.
Essentials of Mortgage Lending is the latest online course the company has offered. The free enrollment period runs through August 31, 2008.
“No matter what the state of the mortgage lending industry may be, it is a critical factor for professionals to maintain a strong knowledge base of the mortgage cycle and its components,” said Dan Thoms, senior vice president of AllRegs. “To help professionals meet their professional development goals, learn more about the mortgage cycle or refresh their core lending knowledge, we are excited to offer this course for free through the end of the summer.”
You may recall that Thoms was formerly an executive with the Mortgage Bankers Association's CampusMBA.
In the free course, originators will learn about all the basics of the mortgage loan cycle, including essential mortgage milestones and processes from the lender and borrower perspectives, according to the comapny. The introductory course presents a broad overview of the U.S. mortgage lending markets and their impact, from loan application through loan administration and the capital markets. Students learn about loan origination strategies, common loan products and various quality levels of underwriting. Further, the company says the course underscores the importance of compliance and provides resources and good faith responsibilities necessary to comply with mortgage regulations and laws. Mortgage fraud red flags will also be covered.
For more information on the course or to register, call (800) 848-4904 or visit the company's website.
For students that aren't comfortable with online courses but feel they need more of a mentor, San Pedro, Calif.-based Secret! University recently announced a new live class. The program focuses on "how to locate a steady stream of loan funding money, to support your operation," according to Peter Samuel Cugno, company Chairman & CEO.
"The idea was developed from a blog posting this past Saturday, and in conjunction with today's bomb-shell events surrounding Fannie Mae, Freddie Mac, and Indy Mac Bank," Cugno said. I remember as all the known funding sources were exploding all around me back in the mid 1980's, during the most terrifying time I have had in this industry, as I watched the entire savings and loan industry of mortgage loan buyers crumbled."
Cugno said the class will provide students with "a solid step by step road map that demonstrates exactly what and how I did what I did that worked and got my own operation from a certain collapse to a successful future."
Secret! University is the educational and training division of Americas Money Center, Inc., a nationwide mortgage banker/broker organization. For more information, visit the company's website.