Mortgage Insurance Education and Training

Educate your employees and buyers with good mortgage insurance training

While most brokers, Realtors or loan officers you hire should have adequately trained when it comes to mortgage insurance, it never hurts to offer a refresher on the subject. Tailor your training to your employees' knowledge level and amount of training they've already had.

It's also important that potential buyers understand how home mortgage insurance works. Help your clients understand the government-funded FHA mortgage insurance program. Providing the proper training on private mortgage insurance, or PMI, is also a good idea when you first start the mortgage process in case the client ends up having less of a down payment. Start by:

1. Utilizing online government resources to train loan officers or educate clients.

2. Keeping your employees well informed and up-to-date on all new regulations.

3. Planning ahead by educating your potential borrowers.

 

Go to government websites for valuable mortgage insurance education and training

While many mortgage insurance companies can offer a wealth of educational materials, borrowers may be skeptical about taking advice from a company that is vying for their business. It's better to give your clients a resource they can trust such as a government website.
Try: Find out about FHA and PMI mortgage insurance at the Federal Citizen Information Center, or use the U.S. Housing and Urban Development resources section to educate your clients and any employees.

Train your staff on proper mortgage insurance handling

Whether they are discussing mortgage insurance quotes or FHA regulations on mortgage insurance, your loan officers should be well-versed and knowledgeable on the subject. Keep them trained by providing refresher courses and training materials.
Try: Genworth Financial offers webinars, or seminars via the web, on several mortgage insurance topics designed to enhance your lending business. They also have a few mortgage insurance videos that can be viewed free of charge. For credit unions, try CMG Mortgage Insurance Company. They offer webinars, seminars and training in select cities across the country.

Get mortgage protection insurance education for your borrowers

Before your clients get a mortgage insurance quote from any private companies, suggest they take the time to research what mortgage insurance is. Go a step further by requiring any potential mortgage seekers to take an online course so you can see their level of understanding prior to processing their mortgage.
Try: Send clients to the Bank of America mortgage insurance calculator and online tool so they can apply mortgage insurance information to their potential home cost. Offer your clients a chance to use the Mortgage Guaranty Insurance Corporation online borrower education program. Once they have gone through the information and taken a quick test, you'll have access to their records.

 

• Mortgage insurance rates are usually about a half of a percent of the total home loan value. Because these can add up quickly, borrowers should be educated in the PMI process and given all their options.

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