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NMLS Education an Important Part of the new National Mortgage Licensing System
Because the economy is slowly making a comeback and people are purchasing homes, many first-time homebuyers are trying to beat the deadline of the end of the year for the $8,000 tax credit. Numerous unemployed individuals are signing up for loan officer training because they realize when the economy does make a full recovery, loan officers will be in big demand because everyday ordinary people will be needing loans for things like houses, cars, boats and motorcycles and other things that are too expensive to pay out right.
Recently 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.
Among its many tasks, the National Mortgage Licensing System will offer classes in various mortgage courses under the NMLS education department. Some of the courses offered will be in alternative lending practices such as reverse mortgages, how to purchase a home in foreclosure or a house with a short sale loan attached to it.
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 paperwork 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.
The Residential Mortgage Licensing System could be especially useful for companies operating in several different states because they will be able to renew all their licenses for all states in one place. In addition, by having a national system, the regulators will be able to see if a company applying to do business in their state has complaints in other states. If there are problems in another state that could be grounds for not licensing them in the state they applied for a license.
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