Universal Class - Leading Provider of Continuing Education

Online Class: Mortgage Broker 101


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Course Description

~Part Lender, Part Real Estate Aficionado~
In this course we will 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.

  • Completely Online
  • Self-Paced
  • Instructor Feedback
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly

Learning Outcomes

By successfully completing this course, students will be able to:
  • Know the general financial industry
  • Compare and contrast mortgage bankers with mortgage brokers.
  • Describe the mortgage loan process.
  • Define the funding sources.
  • Know the federal reserve and factors affecting the mortgage lending industry.
  • Describe the basic types of mortgage loans.
  • Know the refinance tools.
  • Know ARM Indexes.
  • Describe the mortgage loan package and application.
  • Define interest, points and annual percentage rates.
  • Know mortgage-related insurance products.
  • Know reverse mortgages.
  • Describe regulatory and legislative issues involving the mortgage lending industry, and
  • Demonstrate mastery of lesson content at levels of 70% or higher.
IACET Accredited Provider
Universal Class, Inc. has been approved as an Accredited Provider by the International Association for Continuing Education and Training (IACET). In obtaining this approval, Universal Class, Inc. has demonstrated that it complies with the ANSI/IACET Standard which is widely recognized as the Standard of good practice internationally. As a result of their Accredited Provider status, Universal Class, Inc. is authorized to offer IACET CEUs for its courses that qualify under the ANSI/IACET Standard.

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Course Lessons

10/27/2016 12:32:15 PM

Lesson 1 : Introduction to Mortgage Banker/Broker Careers

This introductory lesson covers the basic differences between a mortgage banker and a mortgage broker and key job responsibilities associated with each. 34 Total Points
  • Review Article: National Association of Mortgage Brokers
  • Take Poll: Mortgage Broker 101
  • Complete: Lesson 1 Assignment
  • Complete Exam: Lesson 1 : Introduction to Mortgage Banker/Broker Careers

Lesson 2 : General RE Financial Industry Overview

In the second lesson, we aim to provide you with a general sense of the how the Real Estate lending finance industry works. 25 Total Points
  • Review Article: Mortgage Professions
  • Complete: Lesson 2 Assignment

Lesson 3 : Differences between Mortgage Bankers and Mortgage Brokers; and Suggested Professional Training

In this lesson, while further exploring these marked differences, we also explain the basic steps involved in becoming a mortgage banker-broker, as well as the stipulations required of each profession. 34 Total Points
  • Review Article: Mortgage Broker Licensing
  • Complete: Lesson 3 Assignment
  • Complete Exam: Lesson 3 : Differences between Mortgage Bankers and Mortgage Brokers & Suggested Professional Training

Lesson 4 : Mortgage Loan Process

We now begin to shift our focus to that of the 'actual mortgage loan process' detailing the respective steps and activities applicable to each stage. 34 Total Points
  • Review Article: How the Process Works
  • Complete: Lesson 4 Assignment
  • Complete Exam: Lesson 4 : Mortgage Loan Process

Lesson 5 : Funding Sources

We captured many of the ways in which bankers and brokers act in similar ways. However, when we come to the subject of funding sources, we find this to be where the major distinction between the two professions comes into play. 31 Total Points
  • Review Article: Federal Home Loan Bank System
  • Review Article: Local Funding Sources
  • Complete: Lesson 5 Assignment
  • Complete Exam: Lesson 5 : Funding Sources

Lesson 6 : The Federal Reserve and Factors Affecting the Mortgage Lending Industry

Rather than being a product of an insulated bubble, mortgage rate fluctuations react in accordance with developments in the Nation's economy. 34 Total Points
  • Review Article: Mortgage Rates
  • Review Article: Types of Home Mortgage Loans
  • Complete: Lesson 6 Assignment
  • Complete Exam: 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)

In this lesson, in an effort to get acclimated to the full range of mortgage types, we will begin by first looking at the two primary groups: adjustable rate mortgages(ARM)and fixed rate mortgages. 33 Total Points
  • Review Article: Types of Mortgages
  • Take Poll: Mortgage Type
  • Complete: Lesson 7 Assignment
  • Complete Exam: Lesson 7 : Two Basic Types of Mortgage Loans: Fixed and Adjustable Rate Mortgages (ARMs)

Lesson 8 : Additional Types of Mortgages

In this subsequent lesson we will look at traditional government loans, as well as, specialty types of loans designed to provide the borrower with creative financing solutions. 34 Total Points
  • Review Article: FHA Loans
  • Review Article: Balloon Mortgage
  • Complete: Lesson 8 Assignment
  • Complete Exam: Lesson 8 : Additional Types of Mortgages

Lesson 9 : Refinance Tools: HELOCs and Second Mortgages

Because a home is quite frequently a person's single largest source of collateral, it represents a source of funding which can be tapped through a range of different loan instruments. 32 Total Points
  • Review Article: HELOC
  • Complete: Lesson 9 Assignment
  • Complete Exam: Lesson 9 : Refinance Tools: HELOCs and second mortgages

Lesson 10 : ARM Indexes

To gain a better sense of how Adjustable Rate Mortgages (ARMs) work and source(s) upon which their accompanying interest rates are based, it will be helpful to understand ARM indexes. 32 Total Points
  • Review Article: ARM Index Histories
  • Review Article: ARM Index
  • Complete: Lesson 10 Assignment
  • Complete Exam: Lesson 10: ARM Indexes

Lesson 11 : The Mortgage Loan Package and Application

In working with a client, your role as a banker-broker is to help walk the individual through the mortgage lending process to ensure that they understand all that is required and feel confident in the decisions they make along the way. 34 Total Points
  • Review Article: Debt Ratio
  • Review Article: Pre-Approval vs. Pre-Qualification
  • Complete: Lesson 11 Assignment
  • Complete Exam: Lesson 11. The Mortgage Loan Package & Application

Lesson 12 : Interest, Points, and Annual Percentage Rates

Perhaps one of the most complicated aspects of a mortgage loan is that of the accompanying interest payments. True of any type of loan, the bank or financial lender charges a fee for the use of the moneys loaned. 34 Total Points
  • Review Article: Interest Rates
  • Review Article: APR
  • Complete: Lesson 12 Assignment
  • Complete Exam: Lesson 12 : Interest, Points and Annual Percentage Rates

Lesson 13 : Mortgage-Related Insurance Products

As we have come to find throughout this e-book, while mortgages share many similarities with other types of loans, they also are unique in the ways clients apply for them. 33 Total Points
  • Review Article: PMI
  • Review Article: Mortgage Life Insurance
  • Complete: Lesson 13 Assignment
  • Complete Exam: Lesson 13 : Mortgage-Related Insurance Products

Lesson 14 : Reverse Mortgages

For individuals more advanced in age, different home ownership financial strategies may prove more applicable for them than for their younger counterparts. 33 Total Points
  • Review Article: Reverse Mortgage
  • Take Poll: Reverse Mortgage
  • Complete: Lesson 14 Assignment
  • Complete Exam: Lesson 14 : Reverse Mortgages

Lesson 15 : Regulatory & Legislative Issues

Both Federal and state, have a consortium of regulations and legislations giving them the authority to monitor activities of financial lending institutions among others involved in real estate finance transactions. 34 Total Points
  • Review Article: Truth in Lending Statement
  • Complete: Lesson 15 Assignment
  • Complete Exam: Lesson 15 : Regulatory & Legislative Issues

Lesson 16 : Mortgage Loan Resources

In the final chapter of this e-book, we provide an informative wrap-up comprised of mortgage acronyms, commonly used mortgage terms, and mortgage related resources. 105 Total Points
  • Review Article: Mortgage Terms
  • Review Article: Mortgage Glossary
  • Take Poll: How would you rate this course?
  • Take Survey: Program Evaluation Follow-up Survey (End of Course)
  • Complete: Lesson 16 Assignment
  • Complete: Final Exam
  • Complete Exam: Lesson 16 : Mortgage Loan Resources
Total Course Points

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