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Title: |
| Description: |
This course provides training on FHA loans for beginning loan officers.
The course will explain, in detail, each step in preparing the loan file for underwriting and working with the file until it is closed. It explains the overall industry, plus how to:- Calculate the loan amount
- Update closing costs and pre-paids
- Identify qualifying vs. note rates
- Determine which costs can be included in the loan amount
- Evaluate the loan file based on underwriting guidelines
- Prepare the file for underwriting
- Follow through until the loan is closed.
And to enhance your learning, each Lesson provides practical applications, short quizzes following each concept, and a computer-graded final quiz for each lesson!
Table of Contents
Lesson 1: Estimated completion time: 4-5 hours- Industry Overview
- Definitions
- Calculate loan amount for purchase and refis (rate/term and cashout)
- Calculate the LTV and CLTV
- Review automated findings
- Review the rate confirmation
- Identify qualifying rate
- Calculate Loan Amount, P&I, MIP, PITI
- Update 1003 - Sections 1, 2, 5 (housing)
Lesson 2: Estimated completion time: 2-3 hours - Identify acceptable income
- Review paystubs, W-2s, tax returns, divorce decree, VOE
- Convert income to gross monthly income
- Calculate front ratio
- Update 1003 - Sections 5 (income)
Lesson 3: Estimated completion time: 4-6 hours- Identify all possible monthly obligations
- Review credit report, paystubs, divorce decree, bank statements
- Identify which accounts must be added to the 1003
- Calculate back ratio
- Update section 6 of the 1003
- Ask questions about closing / mortgage
- Identify lender charges
- Review sales contract / rate sheet (loan officer)
- Calculate interim interest and cash required to close
- Update section 7 of the 1003
- Review invoices / title report / evidence of insurance and update the Good Faith Estimate
Lesson 4: Estimated completion time: 2-3 hours- Identify available assets
- Identify required assets (as per loan program guideline)
- Review asset documents
- Calculate required cash to close
- Enter Asset & REO information on the 1003
Lesson 5: Estimated completion time: 2-3 hours- Identify different property types
- Identify maximum loan limits
- Order appraisal, title report, evidence of insurance
- Review appraisal, title report, evidence of insurance
- Calculate LTV and CLTV (if it’s required)
- Update Section 6 of the 1003 and prepare the 1008
Lesson 6: Estimated completion time: 3 hours-
- Legal penalties associated with regulatory documents
- Which documents are required for various situations
- How to evaluate these documents
- Your responsibilities associated with these documents and
- Illegal activities.
Lesson 7: Estimated completion time: 1 hour- Understand automated underwriting
- Understand traditional underwriting
- Submit loans for underwriting.
Lesson 8: Estimated completion time: 2 hoursLesson 9: Estimated completion time: 2 hours- Order closing docs
- Doc Order forms
- Schedule Closing
- Why to review HUDs
- How to review HUDs and
- How your paycheck is determined.
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| About The Provider: |
Mortgage Training Specialists has been serving customers throughout the United States since 1994.
We offer training for conventional (FNMA and Freddie Mac), FHA, VA, Nonconforming (subprime) mortgages, and state certification through our basic, intermediate, and advanced level courses.
Whether you need training for new loan officers and processors or review materials for seasoned professionals, we have what you need at prices you can afford. At Mortgage Training Specialists, we put productivity in your hands!
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| Price: |
$249.00 |
| More Info: |
Contact Us For More Information |
| Promotion(s) That Include This Course: |
Mortgage Training Promotional Package
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