Could you pass the NMLS test today again if you had to? Is it time to reassess mortgage knowledge even for seasoned originators? Learning! What we learn, why we learn, how we learn and how do we know we learned!
As a course developer and originator I can tell you that coming up with compliant, relevant, timely and enjoyable content that also meets NMLS standards is challenging at best. So why not put NON-licensing education on your Training Board?
The SAFE Act calls for “minimum” requirements. The minimum doesn’t cut it!
I know, “seasoned” originators don’t need training, they took their 20 hours; they’ve been originating forever! But, don’t you sometimes wonder…how did they learn? Where and when? Who “passed” them? What content? Was it approved? Was it right?
Learning is more than taking courses. It requires a systematic, planned approach that consistently connects the dots.
The assumption is high production = knowledge! Really? How accurate and complete are loan files? Do they know the law? Are they complying with regulations on emails, texts, social media and putting the consumer first? What level of customer service do they offer? Are they consistently torturing processors and underwriters? Do their files need to be touched 27 times between the L.E. and the C.D?
So what goes on in the recruiting process? When lenders or brokers hire “seasoned” originators, how do they know…what they know?
There was a time when “secretaries” had to take a “typing” test before getting hired. The nerve of an employer making them PROVE they could type!
What if all the adults in the room (you know who you are) started testing for knowledge and ethics BEFORE they hired based on production? I know…it’s an obstacle to recruiting, but why is that? After all, they funded $20M last month, they must know everything and…you really want them!!! They should ACE an assessment.
Benefits of initial and periodic assessments! First, you learn what recruits know AND what they DON’T, BEFORE you bring them on board. While it’s not the be-all and end-all to a hiring decision it may serve as a warning. Assessments also identify needed training. Targeting efforts instead of shooting in the dark; aka training for the sake of training.
Another major benefit from assessing pre-or-post hire is once knowledge gaps are identified, you can get everyone trained on the same content, at the same time, with the same instructor, in the same format. Why?
Consistent content provides a foundation from which to evaluate and compare performance. It’s like everyone starting from the same point. When everyone learns the same thing, performance should be relatively comparable. Hmmm…why is Bob to the only one always asking for rushes?
Lastly, and not to be considered lightly, regulators are a bit more inclined to go easy during audits and investigations when they know you maintain a training discipline. Training under your terms is way better than forced for non-compliance. Just ask anyone who has had an enforcement action.
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