Outline
Credit Reports and Scores
- Credit Repositories
Consummation
- Consummation
- Closing Disclosure
Clearing Title Conditions
Settlement Reconciliation
- Down payment
- Reserves
- Third Party Verification
- Gifts
Proration and Expenses
Calculating Per Diem Interest
Purchase Transactions
- Final Closing Disclosure CD issued 3 days prior to closing
Refinance Transactions
- Right of Rescission
Learning Objectives
CREDIT
- Understand Fair Credit Reporting Act governs credit
- Learn about the Fair and Accurate Credit Transaction Act
- Identify credit criteria for evaluating borrowers.
- Understand the importance and use of credit scoring.
- Understand the role of the credit bureau vs credit reporting service
CLOSING & CONSUMMATION
- Learn the steps to the closing process
- Learn the difference between closing and consummation
- Understand responsibilities of facilitators at closing
- Learn how to calculate prorated items
Teaching Methods:
Power Points, Video PowerPoint Presentation and optional Quiz
Course Features
- Lectures 2
- Quizzes 1
- Duration 1 hours
- Skill level All levels
- Language English
- Students 10
- Assessments Yes