Northern Nevada Chapter
NNMBA
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NNMBA |
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Education - Loan Officer Guidelines |
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Listed below are proposed guidelines for Loan Officer training and certification! |
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Loan Officer Certification LEVEL 1:
Entry Level 11 Hours: Brand New Loan Officer All
Loan Officers would have to deal with this level. Their length of time in the business would determine their
options in passing this level. 1.
Those
that have less than 1 year in the business must take the classes and
pass the test before moving on to level II.
(Which requires 1 year in the business before you can earn the
certification). 2.
Those
that have more than 1 year in the business but less than 5, can choose
to just take the test. 3. Those that have more than 5 years can provide proof and go to level II. Course
Requirements 4
Hours: How to complete a
1003, Ethics and Regulatory Compliance
4 Hours:
General Introduction to Loan Programs: A.
Conventional B.
FHA C.
VA D.
Subprime 3 Hours:
Basic Loan Qualifying, how to calculate income, prequalification
process, review of credit report and documentation.
LEVEL
II: 34 Hours Certified
Mortgage Professional (CMP) All loan officers would have to comply with this
level. Their length of time
in the business would determine their options in obtaining this
“Certification”. The
successful completion of the following tasks are mandatory within 2
years to obtain CMP Certification. 1.
Less
than 1 year in the business: The
candidate would need to complete the course/courses in Level 1, pass the
test, then move to Level II. Completion
of Level II would require 1 year in the business, a letter of
recommendation from their branch manager, the completion of Level II
courses and test for each class. 2.
More
than 1 year but less than 5 years:
The candidate would need to complete Level I and/or the test and
then move to Level II. Completion
of Level II would require
proof of 1 year in the business, a letter of recommendation from their
branch manager, and the completion of Level II courses and test for each
class. 3. More than 5 years in the business: The candidate would need to provide proof of 5 years experience, a letter of recommendation from their branch manager, complete the Level II courses and test for each class or attend the abbreviated courses for Level II and pass the test. Required
Classes and Hours (with
testing for each class)
7 Hours Basic FHA guidelines
7 Hours Basic VA guidelines
7 Hours Basic Conventional Financing
(to include Jumbo & Subprime info)
4 Hours Evaluating the Self-Employed
Borrow
3 Hours Understanding Title &
Escrow
3 Hours Understanding Appraisals 3 Hours Ethics and Regulatory Compliance Abbreviated
Classes and Hours for those with 5 years experience or more (with
testing)
3 Hours FHA, VA, and Conventional Refresher (and test).
3 Hours Self-Employed Analysis,
Title & Escrow, Appraisals Refresher (with test). 3
Hours of Ethics and Regulatory Compliance (with test). * Once the requirements are completed, they would receive their CMP Certification along with their ID number for tracking. They would then be required to complete 12 hours of “Continuing Educational Classes” every 2 years to maintain their Certification. Continuing
Education Classes After obtaining the CMP Certification, the Loan Officer must attend up to at least 12 hours of continuing educational classes every 2 years to maintain their Certification. One of the classes attended every 2 years must be “Ethics & Regulatory Compliance”. Approved
Electives for Continuing Education
4 Hours Advanced Self-Employed Analysis
3 Hours Technology
3 Hours Developing a Business Plan
3 Hours Time Management
3 Hours Secondary Marketing
3 Hours FHA Case Studies
3 Hours VA Case Studies
4 Hours Conventional Case Studies
3 Hours Ethics & Regulatory
Compliance
3 Hours E-Commerce:
How to conduct business through the Internet
3 Hours Understanding AUS Systems
(such as DU or LP)
3 Hours sales & Marketing *Each
class would require a test.
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