Mortgage Broker Training .us Training Types A mortgage is essentially a loan used to finance the acquisition of real estate (land property with or without a structure on it). A mortgage broker acts as an agent to secure such financing and approves that all necessary filing criteria is in place to support the loan in question. The field has significant regulation and oversight by financial and security government agencies to avoid fraud and criminal activity. This oversight can be found at multiple levels of government including local, state, and federal involvement. The training courses offered by legitimate education providers are geared to the state where the course is offered. Since state laws vary somewhat, students opt for the licensing in the state where they expect to permanently work as a broker. As a result, it's best to take a program geared for that same location to adequately prepare for that state's exam. If the student expects to eventually work in a different state, there are no retroactive rights. The student must re-take the exam in the new state when practice is necessary in the new location. Both basic and advanced mortgage broker training classes are available from public and private training sources. Advanced courses are typically taken by those who already have their broker's license and are looking specialize in a particular area. Those seeking a brokerage license for the first time are better served to initially stick with basic training until they have secured their primary license to practice. From an industry perspective it is the National Association of Mortgage Brokers (NAMB) that proactively works to keep mortgage broker business practices and rules consistent from state to state. Otherwise, practices in Maine could end up being entirely different than Alabama or Texas. This kind of scenario would create havoc in the real estate market, especially with customers buying or selling real estate across state lines. The NAMB works as the main national trade association for mortgage brokers and works to advocate for broker's interests when it is not work on practice oversight. The NAMB runs its own training program for mortgage brokers which is split into three training tracks: consultant, specialist, and associate. Additionally, the NAMB maintains up-to-date resources to let applicants know how the training will work towards meeting their particular state training requirements as well. Alternatively, there are private programs as well. They are offered by sole practitioners or outfits that provide other types similar exam training. While neither a public nor private program can guarantee exam passage with their course, different ones perform better than others in actual passing rates per class. So it helps to do some research on the historical successes of a program in a given state before signing up.  A brief overview of the requirements and training to become a Licensed Mortgage Broker Home Training Courses Taking the Exam Background Checks Privacy Policy