A new loan officer development, training and placement program for the mortgage industry was launched by XINNIX, Alpharetta, Georgia, at the Mortgage Bankers Association's (MBA) Annual Concention & Expo in October.
Candidates for the program (The Loan Officer Factory) are accepted after undergoing a sales assessment, a face-to-face interview via Skype[TM] and an extensive questionnaire. The ORIGINATOR program has three phases: Ground School, Flight School and Officer School.
Once a candidate is accepted into the program, he or she purchases the ORIGINATOR program for new loan officers and begins the Ground School phase. Upon completing 70 percent of Ground School, XINNIX starts sending out a candidate profile to registered managers in the candidate's preferred work location. If one of those managers chooses to hire the candidate at that time, the candidate pays a placement fee.
After a candidate is hired, he or she completes phases two and three of the ORIGINATOR training.
The Loan Officer Factory program features a self-study format for its ORIGINATOR curriculum. The first phase or Ground School part of the program includes 55 lessons and quizzes, 10 tests and one comprehensive final exam. The candidates learn guidelines for Fannie Mae loans, Freddie Mac loans and Federal Housing Administration (FHA) loans. They learn how to master the loan application and understand credit reports. All quizzes and tests are completed online.
The Flight School phase is where the candidate learns to apply his or her Ground School knowledge in the real world. There are 21 lessons, 25 case studies and assignments. Plus there are 13 recorded...