Insurance and Finance Blog

Mortgage Exam Prep Courses Offered Through AARMR Helps Many Rebuild Their Careers {By: admin}

Many people feel that the economy can go nowhere but up and is slowly making a turnaround; however unemployment rates continue to skyrocket.  Countless numbers of unemployed people are taking advantage of the fact that they were either laid off or fired from their jobs and taking this time to retrain themselves for a different career, one that will need many people in the near future.  These unemployed people are signing up for online courses in the mortgage training business.

The American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) worked together to construct the new National Mortgage Licensing System (NMLS) so that states have one centralized location on the Internet to license their mortgage brokers and mortgage lenders.

AARMR’s primary goal is to help new loan officers in training with their mortgage exam prep courses so that they pass their mortgage training courses and are then able to help individuals and families navigate the mountains of paper needed to be filled out in order to complete the loan process.  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.

Back in July of 2008, then President George Bush signed into law the Housing and Economic Recovery Act of 2008.  This wide-ranging act addresses many concerns and topics regarding mortgage reform; however one of the major themes this act covers is called the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 also known as S.A.F.E.  The safe mortgage education program establishes national minimum standards for mortgage training – both pre-licensing and continuing education.

By training the mortgage loan officers to be more vigilant in checking credit and income sources of the many millions of new home loans and being watchful of predatory lending practices, the United States can avoid another housing market crash which is what started the economy into a downward spiral.



Leave a Reply

Powered by WP Hashcash