Top 5 Mortgage Broker Schools in the US

Published: Dec 18, 2013
Ed Yourdon / Flickr / CC BY-SA

Becoming a mortgage broker not only involves a lot of paperwork, it also requires solid training. The Safe and Fair Enforcement Mortgage Licensing Act (S.A.F.E.), enacted in 2008, requires all mortgage brokers to satisfy certain training requirements before they can be issued a license. But even apart from them, it’s always a good idea to get some extra training to keep you ahead in your field. To get you started, here are 5 of the best mortgage broker training schools in the US.

Institute of Real Estate Florida Careers

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To become a mortgage broker you must demonstrate comprehensive knowledge of state and federal mortgage regulations. You also need to attend a minimum of 24 hours of instruction at a certified institution and then another 14 hours of continuing education during the first two years of operation. The Institute of Real Estate Florida Careers (IFREC) has several facilities across Florida, but offers classes in numerous locations through its network of associates. In addition to offering the mandatory hours of training, IFREC also provides courses for mortgage brokers who need to leverage their business and get needed industry insights. Instruction, as well as preparatory materials, can be obtained online.

Kaplan

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Kaplan is a large US corporation that provides education-related services and materials. One of their divisions, the Kaplan Professional Schools, offers classes for professionals seeking a career in real estate, mortgages, home inspection, appraisal and others. With more than 50 locations and 300,000 customers, Kaplan Professional Schools have a solid reputation for providing high-quality education. Mortgage Brokers can either attend the mandatory number of training hours or can benefit from more comprehensive education beyond the licensing requirements. Kaplan Professional Schools operate in all 50 states and their rates vary between $99 and $399 per class.

New York Real Estate Institute

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New York mortgage brokers are required to attend a minimum of 20 hours of certified training and need additional ones pertaining to New York only. The New York Real Estate Institute (NYREI) has more than 25 years of expertise in helping mortgage brokers get licensed and succeed in their vocation. Their best option is the flexible schedule they offer. You can start a class at any time and depending on how busy you are, you can finish at a time of your own choosing – between 10 days and 4 months. All classes are taught by experienced professionals and you can take them online in the convenience of your home. NYREI tries to offer its students placement opportunities by keeping in contact with mortgage companies looking for salespeople.

TrainingPro

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TrainingPro is an online training platform for mortgage professionals that offers classes in every state in the US, which makes it a great option to those looking to expand in more than one state. Depending on your preference, you can choose between 3 course types: online, online instructor-led and live/webinar classes. TrainingPro offers classes for all kinds of purposes, be they satisfying pre-licensing requirements, continuing education hours, exam preparation or professional development needs. And when the time comes to study for your mortgage broker exam, you can use their free My Mobile Mentor app (iPhone & Android compatible) to get some extra help with your preparation.

Loan Officer School

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The Loan Officer School is another convenient online training website offering classes, so anyone taking them can have the “knowledge and skills to pass requisite federal and state tests, become licensed, and enjoy a productive and successful career”. This means NMLS prep classes for every state as well as industry insights from seasoned professionals. You can choose between online video courses ($199) or the DVD course ($249) and both options include a money back guarantee. For UST or individual state test preparation, the price is just $69. Overall, a very affordable option that fits a wide variety of needs.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.