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Mortgage Education Dominated by NMLS

Recent mortgage education activity

Oct. 19, 2009

By SAM GARCIA


A host of education firms are rushing in to help loan originators meet new federal licensing requirements. Other available education resources for those in the mortgage industry include training on green lending, government underwriting and mortgage compliance.

TrainingPro announced in August that its 20- and eight-hour mortgage pre-licensing courses have been approved for the Nationwide Mortgage Licensing System. The 20-hour course reportedly fulfills the new federal education prerequisite for obtaining a mortgage license as outlined in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

Hunt Valley, Md.-based TrainingPro announced its approval as an NMLS education provider in July.

Also recently announcing NMLS approval was MortgageDaily.com advertiser AllRegs. The Eagan, Minn.-based firm's 20 Hour Mortgage Loan Originator SAFE Comprehensive course (#1013) has been approved by NMLS. AllRegs said it became an approved education provider in July.

"Currently, 20-hour pre-licensing and 8-hour continuing education courses are set as the minimum requirements in every state under the S.A.F.E. act," AllRegs stated. "Now, loan originators will be able to fulfill their 20-hour pre-licensing requirement with this single, all-inclusive course."

Also jumping on the NMLS bandwagon was the Mortgage Bankers Association, which in August announced that its CampusMBA was NMLS-approved.

A Good Faith Estimate 2010 training class is being added to the training schedule of loan origination system developer Calyx Software, an Oct. 6 statement said. The Dallas-based firm is attempting to help originators comply with revised Real Estate Settlement Procedures Act regulations that go into effect on Jan. 1.

Calyx said the training addresses the proper use of the new originator field, recommended practices for third-party originators and Regulation Z requirements.

"Participants will learn the purpose of the form and how information flows between the current GFE and the new one," Calyx stated. "They can actually complete a disclosure in their own Point files, with the Calyx instructor walking them through the process."

Calyx said in August that it added seven new 90-minute classes about using its LOS Point to its training schedule.

A new series of training Webinars was announced for LoanWare customers of Financial Industry Computer Systems Inc. Among the most popular Webinars so far are those that focus on escrow, delinquencies and investor reporting.

Nortridge Software Co.'s hard-money servicing software will be promoted at Pitbull Seminars Inc.'s National Hard Money event on Feb. 25, 2010, at the Monte Carlo Hotel and Casino in Las Vegas. Pitbull operates Pitbull Mortgage School.

A new GreenLending Specialist designation has been developed by PorterWorks Inc., a MortgageDaily.com advertiser. The designation requires a two-day training and passing two exams. Certified specialists agree to a common code of conduct.

Another firm offering green lending education to the mortgage industry is Green Real Estate Education. The courses, which cost less than $100, include information about the NMLS.

AllRegs reported in July that four students had earned the Residential Government Underwriter certification. The designation, which requires two years' mortgage experience and 12 hours of education, recognizes underwriters' commitments to increasing knowledge and professional experience working with government lending products.


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

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