Online Mortgage Broker Courses
The following courses aim to provide individuals with an understanding of state and federal regulations and prepare them to take the licensure exam administered by their state's licensing board.
- Federal Housing Administration (FHA) Training and Ethics: This introductory course presents the basic principles and processes of the mortgage loan industry. Topics include mortgage underwriting procedures, quality control, compliance, fraud, ethics and calculation of loan amounts, fees and interest rates.
- Lending: Providing an overview of the mortgage lending market and processes, this course emphasizes federal regulation and state laws related to the mortgage industry, especially those pertaining to documentation and credit evaluation.
- Secondary Market: This class is a study of the secondary mortgage market and its history. Concepts covered include mortgage-backed securities and bonds, regulatory requirements and strategies for selling closed real estate mortgages.
- Loan Underwriting: This course introduces students to conventional mortgage loan underwriting and includes training in both risk analysis and collateral review.
- Latest Trends: The purpose of this course is to expose working mortgage brokers to new mortgage products that have entered the market. The mortgage industry is constantly changing, and this class provides individuals with a basic understanding of the market changes that drive the development of new product lines.
- Mortgage Fraud: This class familiarizes professionals with fraud scams and how they affect the interest rates and fees for mortgage loans. Students learn to recognize and prevent fraudulent behavior, as well as how to protect customers and lending companies from falling victim to fraud.
- Ethics Refresher: This course covers the basic principles of ethics and reviews key federal legislation relevant to the mortgage lending industry. Emphasis is placed on applying laws and regulations to real-life situations.
- Federal Law: Students looking to renew their license must take 3 hours of federal law instruction annually but may not take the same course consecutively. Course options may include instruction in fair lending laws, federal law review, new integrated disclosures and promoting fair lending practices in mortgage transactions.
- Appraisal Procedures: An exploration of the valuation process, Automated Valuation Models (AVMs), mortgage fraud trends and appraiser independence will prepare students to make appraisals in the future.
- Mortgage Customer Counseling and Prequalification: This course will teach students how to counsel customers who are going through the mortgage process. Topics include prequalifying mortgage programs, recognizing customer needs, and techniques to improve communication.
Online programs for potential mortgage brokers are generally available at the certificate and associate degree levels. These programs describe how mortgage brokers act as intermediaries between borrowers and lending companies in order to find loans that best fit the needs of the borrower. Classes might also detail how mortgage brokers are regulated by state and federal guidelines to ensure compliance with banking and finance laws. Although rules vary from state to state, students will understand that almost every state requires professionals to take licensing exams to become practicing mortgage brokers, as well as complete continuing education courses.
Students should ensure that classes are approved by the Nationwide Multistate Licensing System & Registry (NMLS) and comply with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ('SAFE Act') prior to enrolling.
Online courses in mortgage banking are generally taken as a means to complete a certification program, though associate degree options may also be available. Topics of study will include fraud, ethics and loan underwriting.