Mortgage closer training is a form of continuing education designed to prepare individuals to accurately and efficiently close mortgage loans. This type of training typically covers topics such as loan documents, closing procedures, title insurance, escrow accounts, and other topics related to the mortgage closing process. It is typically offered by mortgage lenders, title companies, and other organizations that specialize in the mortgage industry.
In this article, we’ll go over:
- Some of the most popular loan closer training companies
- What it takes to pass closer training
- The benefits of getting mortgage closer certification
The top companies that offer mortgage closer training
Several companies offer this type of training:
- American Mortgage Training Center
- Mortgage Banking Solutions
- American Mortgage School
- 360 Mortgage Academy
- Mortgage Training Institute
- Loan Processing Training Academy
- The Mortgage Training Center
- Mortgage Educators and Compliance
- Mortgage Bankers Association
- American Mortgage Academy
Most online training programs are suitable for a self-paced learning approach, but it is recommended to complete the training in one pass. Before selecting a program, verify that the company provides instruction on the software used in your daily work.
What can you expect to learn in mortgage closer training?
Mortgage closer training teaches individuals and loan officers about the steps involved in the mortgage closing process. This includes learning about loan documents, putting together closing packages, closing procedures, title insurance, escrow accounts, and other related topics. They also learn about the responsibilities of a mortgage closer, the laws that govern the industry, and the compliance requirements of closing disclosures and closing documents. Additionally, students may acquire skills in customer service, communication, problem solving, and data entry.
Typical closer training session format
Mortgage closer training can be available in a variety of formats, including online courses, in-person seminars, and hybrid courses. In-person seminars and hybrid courses typically involve hands-on activities and interaction with instructors and peers.
The most popular format, online courses, offer the convenience of completing coursework at the student’s own pace.
Lenders should research the different options available to determine which format best suits their learning style and needs.
Difficulty of passing the courses, and obtaining certification
The difficulty of passing a mortgage closer training course can vary based on an individual's background and experience in the mortgage industry. Those with prior experience may find the course easier, while those without any experience may find it more challenging. Additionally, staying up to date with changing regulations and laws in the industry can also be a challenge. For most students, the key to success is staying organized and managing their time effectively while completing coursework.
Other reasons why closer training may be challenging are:
- Understanding the nuances of the mortgage loan process and the different types of loans available.
- Keeping up with the ever-evolving technology and software used in the mortgage industry.
In general, students with a few years of experience in the industry are able to pass this type of coursework.
10 ways students can prepare before the course begins
- Research the mortgage industry and familiarize yourself with the terminology used in the field.
- Read recent articles, and other materials related to the mortgage industry.
- Familiarize yourself with the regulations and laws that govern the mortgage industry.
- Learn about the different types of loans available and the loan closing process.
- Explore software and technology used in the mortgage industry.
- Practice customer service and communication skills.
- Develop problem-solving and organizational skills.
- Take practice tests or quizzes to assess your current knowledge
- Connect with other mortgage professionals and ask questions
- Reach out to a mortgage training center or instructor for advice.
Finding practice tests or quizzes
Practice tests or quizzes for mortgage closer training can be found online. Sites like ProProfs, TestPrepReview, and Test-Guide offer practice tests and quizzes that cover a variety of topics related to the mortgage industry. Additionally, many of the organizations that offer mortgage closer training may provide practice tests or quizzes to help students prepare for their courses.
Career benefits of mortgage closer training
Mortgage closer training can lead to higher pay. That’s because individuals who complete mortgage closer training are better equipped to accurately and efficiently close mortgage loans. As a result, they may be able to negotiate higher pay.
Mortgage closer certification may give individuals an edge in the job market. Students who pass the course will inevitably enable their future employers to close loan files faster in a compliant way.
What percentage of mortgage industry jobs require mortgage closer training?
The percentage of mortgage industry jobs that require mortgage closer training is difficult to estimate. However, it is safe to assume that most mortgage industry positions, including loan processors, underwriters, and loan officers, require some type of mortgage closer training.
Mortgage closer certification requirement in job postings
Mortgage closer certification is often a requirement in mortgage closer job postings. Many employers view certification as a sign that an individual has the knowledge and skills necessary to accurately and efficiently close mortgage loans. Additionally, having a certification may give individuals an edge in the job market, as employers may view them as more qualified and experienced than those without a certification.
Will SaaS solutions one day eliminate the need for mortgage closer training?
For the time being, it is unlikely that Software as a Service (SaaS) solutions will eliminate the need for mortgage closer training. While SaaS solutions can help streamline the mortgage closing process, they do not replace the knowledge and skills gained through formal training. Mortgage closer training provides individuals with an understanding of the legal and regulatory requirements that govern the mortgage industry and the customer service skills needed to close mortgage loans.
Despite recent AI innovations, there is still a desire by most financial institutions to keep human review processes in place. While SaaS and AI are likely to disrupt the loan origination industry, they are unlikely to completely eliminate jobs in the sector.
Specialized mortgage closer certification
There is specialized mortgage closer certification for commercial real estate. Organizations like the Mortgage Bankers Association offer courses specifically designed for commercial real estate closers. These courses can provide individuals with the knowledge and skills necessary to accurately and efficiently close commercial real estate loans.
These courses focus on topics such as commercial loan documents, commercial loan regulations, and escrow accounts related to commercial loan closings, commercial loan origination, underwriting, and servicing. These courses may also explore the legal and regulatory requirements that govern commercial real estate loan products.