Mortgage broker school is available both online and in traditional classes. These schools provide two types of courses: licensing and continuing education. Look at the accreditation status of the school, qualifications of the faculty, and instructional method options when selecting a mortgage broker school. Although the rules vary, the vast majority of states are now requiring all mortgage brokers to be fully licensed. These requirements came to the forefront in light of the subprime mortgage crisis.
Admission requirements to gain admissions to mortgage broker school are quite simple. All candidates must be at least 18 years old and possess the ability to read and write English to a minimum acceptable standard. There are no requirements to complete a high school education, although this may be required by employers. Candidates may be required to submit to a criminal record check by potential employers, although this is not required to become a mortgage broker.
The primary purpose of mortgage broker school is to train students to pass the mortgage broker licensing examination. Although the requirements vary by state, there are a specific number of hours of instruction required in addition to the successful completion of a state administered mortgage broker exam. Make sure to check the accreditation status of the school. Courses that do not meet the state licensing requirements will have to be repeated from an accredited school, at the student’s expense.
Most mortgage broker schools have a roster of course instructors. Talk to the school administration about the qualifications of these instructors. Determine the length of work experience as a mortgage broker for each instructor. Although academic credentials are very important, the depth of work experience that the instructor has makes a huge difference in this type of school. The ability to relate experiences is essential to helping students avoid costly mistakes.
An online mortgage broker school provides access to course material, lectures, assignments, and tests via the Internet. Students log into a website to hear lectures and participate in group discussions. This method is most convenient for people who are working full time or who have other responsibilities.
A traditional course typically involves a two- or three-hour class once a week. Most courses are scheduled over a four- to six-week period. Many schools offer courses year-round, so that there is almost continuous enrollment. Talk to the school about the different scheduling dates and times so you can find a timetable that works for you.
