As part of best practices, a mortgage lender should be supporting consumers with understanding the path to homeownership, as well as providing knowledge with regard to maintaining a home throughout the length of the mortgage.
To support this ideology, AllRegs is now providing online training that any lender can make available to their consumers, members, borrowers and potential borrowers. This homeownership training curriculum can seamlessly be accessed by users through a lenders website.
All courses are approximately one hour, with over 22 titles to choose from including how to make and stick to a budget, the impact of credit scores, defining the industry players that homeowners will meet, and the mortgage process itself.
In addition, consumers can be made aware of how to avoid predatory scams and learn about their consumer rights.
Financial education is a key component of any lender program to support the consumers protection in financial decisions, says Dan Thoms, executive vice president of AllRegs, based in Eagan, Minn. Lenders can now seize the opportunity to provide this turnkey financial education to their consumers and meet CFPB requirements.