Magazine article Mortgage Banking

The Secondary Mortgage Market (Computer-Based Training Program)

Magazine article Mortgage Banking

The Secondary Mortgage Market (Computer-Based Training Program)

Article excerpt

Remember when loan histories were kept on 3x5 cards, payments were recorded on a key-punch form and employee training consisted of a glance at a procedure manual? Times have changed, and so has mortgage banking. Today the industry is flooded with new technology - loan applications on laptop computers, underwriting reviews by "artificial intelligence" and computer-based training programs (CBT).

While computer-based training is certainly not new to some industries, it is only recently that CBT has been introduced to mortgage banking. One of the most advanced, challenging and user-friendly products in this genre is The Secondary Mortgage Market CBT that combines computer graphics, text and user interaction to create an extremely effective training tool for an otherwise complex subject matter.

The six-and-a-half-hour program is organized into a series of seven topics that include: Getting Started with CBT; Introduction to the Secondary Mortgage Market; Characteristics of Mortgage-Backed Securities; Government-Sponsored Secondary Mortgage Market Programs; Private Mortgage-Backed Securities; Multiclass Mortgage-Backed Securities; and Doing Business in the Secondary Mortgage Market.

The "Getting Started with CBT" module explains the concepts of computer-based training and gives instructions for using the program.

"Introduction to the Secondary Mortgage Market" and "Characteristics of Mortgage-Backed Securities" are ideal for employees just entering the mortgage banking field. In these lessons, employees learn about the function and purpose of the secondary market, the key players (Freddie Mac, Fannie Mae and GNMA), risk management and the types and characteristics or mortgage-backed securities.

At a more advanced level, employees with mortgage banking experience will gain expertise from the modules on "Government-Sponsored Secondary Mortgage Programs" and "Private Mortgage-Backed Securities." These modules cover the requirements for pooling and issuing securities for government and private agencies.

Rounding out the series are the sixth and seventh modules. The sixth module, "Multiclass Mortgage-Backed Securities," introduces CMOs, REMICs and SMBSs, while the seventh lesson, "Doing Business in the Secondary Mortgage Market," deals primarily with the functions and services of investment bankers. …

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