The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, what you might know as the SAFE Act, requires both pre-licensure education and annual continuing education for mortgage loan originators.
It can be overwhelming to learn everything you need to know regarding mortgage education, so picking the right mortgage education company or school is an important decision. Here’s a breakdown of five companies and schools to help you decide.
1. The Knowledge Coop
What it offers:
The Knowledge Coop offers online training for pre-licensing, mortgage continuing education, and compliance training; live events held throughout the country; and a learning management system (LMS) to help you engage and collaborate with your people.
You’ll learn mortgage compliance for both state and federal regulations and have access to a proprietary system to help you with internal communication. Your employees can access available resources 24/7, which can be fully customizable for your needs.
The Knowledge Coop has a unique focus on making training fun by coming up with a whole host of what this company deems “crazy ideas,” such as training content that features a dodgeball session accompanied by Beastie Boys music—with some loan compliance discussion thrown in, just as an example.
The cost:
You’ll need to contact the Knowledge Coop to get pricing, but expect to pay premium prices. From its website: “If you want the ‘free’ or vastly cheaper training you will get exactly what you pay for. Treat yourself to training that will make you better by bringing you the best [Nationwide Multistate Licensing System & Registry] NMLS-approved continuing education.”
2. Xinnix
What it offers:
Xinnix offers a comprehensive and nationally acclaimed program for new loan officers just entering the mortgage industry to help launch their career.
You’ll have access to lessons, case studies, video learning, webinars, in-field assignments, coaching and a final exam. After taking the course, you’ll know mortgage guidelines, how to be successful as a mortgage originator, have access to networking sessions and will come up with a business plan.
The cost:
Costs start at $1,699 per person for the phase 1 school, $2,899 per person for phase 1 and 2, or $3,999 per person for phases 1, 2 and 3. The Xinnix website goes more into detail on what you are offered in each phase.
3. MBA.org
What it offers:
The Mortgage Bankers Association (MBA) is the national association for the United States that represents the real estate finance industry. It has a school of loan origination, which is a four-week online course.
The course offered by the MBA for mortgage originators is for people who have already passed the NMLS pre-licensing course or who have had between three and 12 months’ employment as a mortgage loan originator.
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You’ll learn how to originate mortgage loans — starting with a history of past practices up to the current environment — and how to originate quality loans by learning risk minimization practices.
The cost:
The cost of enrolling in continuing education through the MBA depends on the type of membership you have. Prices start at $1,500.
4. MGIC
What it offers:
MGIC is the principal subsidiary of MGIC Investment Corporation, which founded private mortgage insurance in 1957. To utilize MGIC’s training program, you first need to apply for an MGIC Master Policy, which entitles you to do business with MGIC.
Once approved, you have access to many services, including skill building training programs with special event webinars; tools to help you with marketing, loan officer resources, and social media training; and support.
The cost:
You will need to contact MGIC for pricing.
5. Cloes
What it offers:
Cloes is a one-stop shop that offers state licensing, mortgage training, and education. This company offers a step-by-step program on getting an NMLS state license as a mortgage loan originator, a 60-hour program leading to a mortgage professional certification, and a wide array of classes.
Cloes founder Debra Killian shared her thoughts on the value of standardizing mortgage education with us earlier this year.
The cost:
It costs $2,997 to go through the certification program. The courses range in price from free to $999 for learning how to manage a mortgage loan pipeline.
Roundup
Each company or school that offers mortgage loan education offers different programs for different needs. Once you decide what’s important to you in a mortgage education company or school, you should be able to pick the right one for your needs.
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