Imagine waking up one day appreciating a burning desire to practice law. You have no previous legal experience aside from that burning desire to become an attorney. You reach out to a local law firm to learn about what you need to do to become an attorney and the conversation progresses as follows.
“Great to hear it!” replies the law firm’s office manager. “We just so happen to be actively recruiting new attorneys.” You’re instructed to register for a 20-hour law training course taking place over the next three days, sit for the Bar Exam on day four, and, assuming that you pass, they have a capital murder trial for you to litigate the very next day.
Absurd as this may sound, the mortgage industry still operates in just such a manner. Despite intensified regulation rendering loan originators and their employers accountable for compliance failures caused even by ignorance, many mortgage companies and banks still lack formalized mortgage training. The dangerous “learn as you go” philosophy is very much alive.
Once you pass the NMLS exam, will you honestly feel prepared to hit the streets with only 20 hours of test preparation under your belt? Would you know how to respond when your customer asks you why they have to bring $900 to the closing table after you’ve assured them that all of their costs are included in the loan? Could you respond to their questions in a credible and intelligent manner? Are you prepared to abide by all of the industry’s rules as well as state and federal regulations knowing that falling short could lead to civil and criminal sanctions against you and your company? Prosecutions for compliance failures have become commonplace over the recent years, and ignorance is no longer a plausible excuse. Can you afford not to train???