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The Mortgage Educator

Recent mortgage education activity

Aug. 31, 2010


The Secure and Fair Enforcement for Mortgage Licensing Act seems to be keeping at least two education providers busy. One educational offering provides a good dose of mortgage compliance training.

An 8-hour continuing education course was released by Hondros Learning last month. The Mortgage Loan Originator Refresher meets SAFE act requirements and is available to mortgage pre-licensing students for exam preparation, according to the Columbus, Ohio-based firm.

The month before, Hondros reported that it had recently released several new or updated mortgage lending products including a pre-licensing textbook, an online exam prep course and state-specific exam prep software -- all approved by the Nationwide Mortgage Licensing System & Registry.

AllRegs has been designated at the continuing education provider for Lenders One Mortgage Cooperative, an Aug. 19 statement said. AllRegs had already earned a preferred compliance vendor designation from the St. Louis-based cooperative earlier this year.

"It is our goal to offer members the approved training they need to meet these requirements from a single source, all at no cost to them," Lenders One Chief Executive Officer Scott Stern was quoted as saying in the news release.

AllRegs, an advertiser with Mortgage Daily, said in June that its 20-hour SAFE Comprehensive Mortgage Loan Originator Classroom Equivalent Course NMLS No. 1633 was approved by the NMLS. The education provider noted that a 20-hour pre-licensing and 8-hour continuing education courses are set as the minimum requirements in every state under the SAFE act.

Earlier that month, AllRegs reported 20 students who had earned a certification as a residential government underwriter. Just 35 individuals have earned the designation since it was launched in January 2009. Eligible prospects need two years' mortgage experience -- with a background either in underwriting, processing, risk analysis or quality assurance -- and must complete 12 hours of coursework.

Another 26 professionals earned a certified FICO professional designation, Eagan, Minn.-based AllRegs said. That designation requires three hours of online coursework.

Earlier this year, Edcomm Banker's Academy announced the expansion of its curriculum to include mortgage lending training. The self-paced program teaches mortgage lenders the importance of their role at the bank, the loan qualification process and how to accurately complete an application. It also covers what happens to the application after submission and how to communicate mortgage lending decisions.

Compliance issues reviewed in Edcomm's course include the Equal Credit Opportunity Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act and Truth In Lending Act.

Also earlier this year, the Certified Mortgage Coach certification course was unveiled as an "all-inclusive online training, testing, and software solution" that focuses on helping professionals educate consumers. The course is a joint venture between the CMPS Institute and Mortgage Coach. Customers are provided with scripts, strategies, dialogue structures and presentation structures.

Enrollment for the Certified Mortgage Coach designation has reportedly reached "hundreds."

Users of Point were recently offered a free 90-minute training class on the loan origination system for each class they purchase from Calyx Software. Course subjects include good faith estimates, origination and processing.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of in 2000.

[email protected]

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