Part lender part real estate aficionado, in this course we discover the workings of mortgage bankers/broker specialists and the unique role they play in partnering with individuals when they make one of the most important purchases of their entire lives--that of buying property.
While somewhat technical, the training to become a mortgage banker/broker entails a good amount of knowledge in such areas of lending as: mortgage types, interest rate structures, and matching loan instruments to individuals based upon the nature of their personal financial situations.
To assess whether an individual would make a good mortgage loan candidate, mortgage bankers/brokers spend a great deal of time evaluating clients' credit backgrounds, income statements and additional financial factors.
Further, with new onuses in place whereby bankers/brokers are being required to critically analyze an individual's credit background prior to granting him/her a mortgage loan, it is more important than ever, that there be well-qualified mortgage bankers/brokers helping consumers navigate through the home finance lending process.
And with the help of this Mortgage Banker/Broker course, we have gone to great lengths to familiarize you with the major tenets with which a mortgage banker needs to be well acquainted from credit applications and pre mortgage loan approvals to interest rate fluctuations and subprime markets.
And in light of the current US economic crisis, it is very important for mortgage bankers/brokers to be fully up not only on the regulations and legislations affecting the mortgage industry but also on the steps clients can take to avoid negative pitfalls and reduce unnecessary costs.
Hence, as you explore the career options that exist within the mortgage lending field, we believe you will find this cross-section of mortgage-related tools, steps, and activities to be both helpful and applicable to the daily work performed by bankers/brokers.
Course Requirements
"font-size: 12pt; color: black; line-height: 115%; font-family: ">"color: black; line-height: 115%; font-family: ">This course will not require you to have previous experience in any particular area but you should have a high school reading level. No books will be required.
Course Topics
Lesson 1 : Introduction to Mortgage Banker/Broker Careers
Lesson 2 : General RE Financial Industry Overview
Lesson 3 : Differences between Mortgage Bankers and Mortgage Brokers & Suggested Professional Training
Lesson 4 : Mortgage Loan Process
Lesson 5 : Funding Sources
Lesson 6 : The Federal Reserve and Factors Affecting the Mortgage Lending Industry
Lesson 7 : Two Basic Types of Mortgage Loans: Fixed and Adjustable Rate Mortgages (ARMs)
Lesson 8 : Additional Types of Mortgages
Lesson 9 : Refinance Tools: HELOCs and second mortgages
Lesson 10 : ARM Indexes
Lesson 11 : The Mortgage Loan Package & Application
Lesson 12 : Interest, Points and Annual Percentage Rates
Lesson 13 : Mortgage-Related Insurance Products
Lesson 14 : Reverse Mortgages
Lesson 15 : Regulatory & Legislative Issues
Lesson 16 : Mortgage Loan Resources
Course Materials
All course material will be provided in the lessons and netlinks. There are no required materials to purchase before taking the class.
Grading Policy
Each lesson will include a lesson review quiz along with one or two assignments. Students will successfully complete this course with 70% or better.
Learning Outcomes
By successfully completing this course, students will be able to:
Summarize the general financial industry
Compare and contrast mortgage bankers with mortgage brokers.
Describe the mortgage loan process.
Define the funding sources.
Summarize the federal reserve and factors affecting the mortgage lending industry.
Describe the basic types of mortgage loans.
Summarize the refinance tools.
Summarize ARM Indexes.
Describe the mortgage loan package and application.
Define interest, points and annual percentage rates.
Summarize mortgage-related insurance products.
Summarize reverse mortgages.
Describe regulatory and legislative issues involving the mortgage lending industry, and
Demonstrate mastery of lesson content at levels of 70% or higher.
($90.00) As we move into a new era of lending, one in which there will be increased regulations and scrutiny of loan officer activities, it is very critical to have well educated and trained professionals in place capable of knowledgably working with clients and guiding them on their process to secure a loan. more
($70.00) The home inspection field is one that has been rapidly growing since its inception in the mid-1970s. more
Other Related Classes in Banking and Finance
Effective Communication 101 Communication influences all factors of your life. From daily interactions with strangers on the street to the way you present yourself in the board room, the way you communicate is a reflection of who you are and the way you establish relationships with...
Legal Terminology 101 Legal questions come up regularly in our daily lives and the language of law is everywhere. Legal Terminology 101 is a comprehensive guide to the language of the legal system. If you're planning on purchasing a house, involved in a landlord-tenant d...
Customer Service 101 Good customer service is not about satisfying the cu stomer, it is about wowing the customer! It's about making the customer walk in, do business, and walk out again absolutely stunned that their transaction was so enjoyable. Customer service is ...
Loan Processing 101 As we move into a new era of lending, one in which there will be increased regulations and scrutiny of loan officer activities, it is very critical to have well educated and trained professionals in place capable of knowledgably working with clients and ...
Home Business Owning a home business can be one of the most rewarding career moves you will ever make. Not only do you get the freedom of answering only to yourself, but our increasingly Internet-savvy society makes reaching out to worldwide consumers easier than ever...
Credit Report and Repair Credit governs everyone's lives. It is what allows people to buy a house, get a car, have a credit card and generally live a life they cannot really afford. Sadly, many people get into a debt spiral that soon goes out of control. They have trouble keepin...
Hotel Management 101 Hotel Management will provide a realistic look at every major portion of the hotel business which will help anyone planning or currently pursuing one of the many different career opportunities available in this burgeoning and dynamic industry. A grea...
Economics 101 The average individual knows very little about economics and tends to believe whatever was seen or heard on television. However, we all contribute and are impacted by economic factors and need a basic understanding of how this works as economics becom...
Telephone Skills and Quality Customer Service Today's consumers have a variety of options for shopping, obtaining services and getting the help they need. They can use catalogs, the mail, the Internet and face-to-face contact, yet telephone customer service is still the first choice for most custome...
Budgeting and Saving 101 This course is designed to get you up to speed on the basics of business budgeting and cost cutting. You will be introduced to the different aspects of business financial tools and will have an essential primer to current business trends in cost cutting ...
Contract Law 101 Every time you trade an item, attend a sporting event or buy a soda, you enter the world of contracting. When an exchange is made willingly a contract exists. But do you know how US law interprets and enforces contracts? We've designed an introductory co...
Effective Presentations Speaking in front of a group of people is one of the most common fears people experience. In fact, it may be more feared than death...or even spiders . Yet being able to present ourselves, our companies, our ideas and products to others is one of the mos...
Home Inspection 101 The home inspection field is one that has been rapidly growing since its inception in the mid-1970s. Not only are they an important part of every home buying purchase, but the industry also relies upon people that are knowledgeable in the field. This cou...
Customer Relationship Management 101 Quality in a service or product is not what you put into it. It is what the client or customer gets out of it. (Peter Drucker) We are exposed to customer service (of one kind or another) at least once a day, every day of the week, fifty-two wee...
Investing 201: Intro to Commodity, Options, and Futures Markets Can you predict which direction corn prices will go? Are you the type of person who enjoys taking risks? Do you want to be a part of an often fast-paced, emotional environment? A career in futures trading can lead to a great income and a large bank acco...
Motivational and Public Speaking 101 Public and Motivational speaking is often a cause for anxiety for millions of people, and it need not be. With the proper preparation, knowledge, and mindset, you can become an extremely effective public speaker. Public and motivational speakers are in...
Business Credit 101 Business Credit 101 provides potential and current business owners with the necessary knowledge to successfully use credit within their business. There are many reasons why business operators rely on credit to maximize their business potential, but it ...
Timeshare Basics There has been a sharp increase in vacation destinations over the past 50 years. With that increase, the concept of timeshares has blossomed. Owning a timeshare allows travelers to occupy accommodations for a period of time each year. This long-term stra...
Economics 201 Economics is an inherent part of our world. And, with every passing day, economics becomes more and more pivotal to our survival. From the items we buy at the store and our personal banking accounts to the types of industries in which we work and the res...