Mortgage Education and Training Key Terms

Learn mortgage training terms to jump-start your education

Mortgage professionals need to obtain required education and training prior to offering their services. Professionals may need specific licensing courses and exams like mortgage broker licensing and mortgage lender licensing. The terms related to the mortgage education and training industry can be confusing. Learn them before taking any courses.

Mortgage broker licensing

To become a mortgage broker, an individual needs to obtain a mortgage broker license. Mortgage broker licensing is obtained through state approved schooling and licensing exams. Each state's requirements differ, though all states and the District of Columbia require this mortgage education for brokers.

Mortgage lender licensing

A business may need to obtain mortgage lender licensing, which gives the business the ability to act as a mortgage banker, broker or both. Licensing requirements are based on state requirements. States require educational courses to be taken, an exam to be passed and continuing education.
Oregon's Licenses, Permits and Registrations website provides state requirements for mortgage lender licensing.

Commercial Mortgage Servicer Professional Certificate

The Commercial Mortgage Servicer Professional Certificate program recognizes high levels of education and professionalism in mortgage services within the commercial sector.
CampusMBA offers an outline of what is included in obtaining a Commercial Mortgage Servicer Professional Certificate including course requirements and a candidate profile.

Certified Mortgage Banker (CMB)

The Certified Mortgage Banker designation is given to professionals after they have completed a set course of education and exams. It is a higher-level industry standard.
The Michigan Mortgage Lenders Association outlines in greater detail what this designation provides.

Residential loan officer

A residential loan officer is an entry-level position in the mortgage industry. State requirements for obtaining a license differ, but students often have a degree in finance and economics.
The Bureau of Labor Statistics outlines the educational and training requirements of a residential loan officer.

FHA training

Mortgage professionals who wish to sell or auction FHA properties need to have FHA training. Being FHA approved means meeting various standards as a mortgage broker and taking specific courses.
The Mortgage Training Institute outlines the importance of FHA training and provides an overview of the training needed.