Mortgage Training Course Approved

A Maryland mortgage education company received state approval for a new training course. The Hunts Valley company will offer a new class for statewide mortgage lenders.

TraningPro received state approval for its new mortgage lender training course on Monday. The course is in response to a need for new training and licensing requirements issued by the state of Maryland, and includes a 40-hour course that complies with the updated requirements, set to take effect the first of next year. The course will be offered during the day and in the evening throughout the next few months in multiple locations within the Baltimore area.

Topics covered will include real estate settlement procedures, truth in lending, Maryland state law, as well as ethics principles. Any mortgage provider with less than three years experience will be required by the Maryland Department of Labor, Licensing and Regulations to complete the 40-hour course. The provider must then pass a written test to obtain their state license, effective January 1st, 2007. Legislation that was passed during the General Assembly last year mandated the new requirement in response to the increase of fraudulent lending practices and a tougher approach to those who engage in fraudulent lending.