Loan Originator Courses

Course Description

  • Are you a full service professional?
  • Is “loan originator” on your list of client services?
  • Offering this service can bring you amazing commissions on the loans you help bring in!

A loan originator is defined as any person who, for compensation or in the expectation of compensation, either directly or indirectly makes, offers to make, solicits, places, or negotiates a residential mortgage loan.

Course Content

  • History of Mortgage Lending
  • Secondary Mortgage Market
  • Mortgage Lenders
  • Residential Real Estate Appraisal
  • Mortgage Instruments
  • Closing the Residential Loan
  • Residential Mortgage Loan Origination and Processing
  • Mortgage Loan Servicing and Administration
  • Underwriting the Residential Mortgage Loan
  • Regulatory and Compliance Issues
  • Government Insurance and Guaranty Loan Programs
  • IL Mortgage License Law
  • Private Mortgage Insurance
  • Loan Calculation

Requirements

The Candidate Examination Handbook and information regarding the examination can be found at the Applied Measurement Professionals‘ (AMP) website at www.goamp.com. The examination is comprised of 100 questions. 85 questions are used to determine your score, and 15 questions are being pre-tested for future versions of the examination. Pretest questions are not identified as such and are not included in the candidate’s score. The 100 questions are divided into two major content areas. A candidate must answer 61 of the 85 questions correctly to pass the examination. The score report will only reflect a “pass” or a “fail”. A list of the two major content areas and other general information regarding the examination, can be found in the Candidate Examination Handbook. Applicants can take the examination multiple times until they succeed.

In addition, each calendar year, a Loan Originator shall complete a minimum of 6 hours of continuing education in residential mortgage finance, as approved by the Commissioner. Continuing Education is an annual, calendar year (January – December) requirement. As of January 1, 2004, all loan originators must obtain 6 hours of continuing education credit. If a candidate fails to complete the required continuing education you and/or the mortgage broker licensee which employs you could be subject to discipline. This course meets the 6 hour continuing education requirement as well as serves as a preparatory course for the state licensing examination.

Course Formats

Classroom Only
Tuition: $395 - includes text & calculator kit
*Tution can only be paid with Money Order made out to LAURMAC LEARNING CENTER, LLC*

Classroom Schedule

Date
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200 South Michigan Avenue, Suite 400, Chicago, IL 60604
Telephone: 312-803-4900, Fax: 312-803-4905

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