In your second month we will now focus on taking the application which is where you have the greatest opportunity to show your customer how you can help them get the best loan for their individual circumstances at the lowest rate.
Now we put it all together with a comprehensive loan application purchase application. We go through the case in detail after you have had a chance to work through it and come up with your own suggestions. Finally, lets see how well you have learned your material and what areas you need more work on.
This session reviews commonly used IRS forms and how to use them for qualifying income under the Ability to Repay Rules. Become a income expert. Master this analytical skill to outperform your competition. Understand the basics of what underwriters are looking for. Learn to qualify more borrowers Review of the Federal 1040 & Schedules, 1065, 1120, 1120″S”, K-1 Capture borrower’s attention using professional skills Certificate requires final assessment grade of 80% or higher.
Course Outline TILA Definitions Part a TILA Definitions Part B TILA Review Advertising Requirements Permissible Finance Charges APR Tolerances Disclosed Finance Charges Learning Objectives To understand what is beneath all laws and regulations on lending To understand what is loan “consummation” To understand what TILA applies to To understand what loans covered under TILA To understand the definition of …
Outline Federal Housing Administration (FHA) Insured Loans Mutual Mortgage Insurance Fund FHA Underwriting Standards Property Guidelines for FHA Loans FHA Loan Regulations Mortgage Insurance Premium Seller Contribution Limits Prepayment Penalties FHA Loan Programs Learning Objectives Identify standards for FHA-insured loans. Define upfront mortgage insurance premiums. Discuss loan options available through the FHA. Identify standards for VA-guaranteed loans. Define eligibility and entitlement for veterans. …
Outline VA-Guaranteed Loans Loan Limits for VA Loans Borrower Guidelines for VA Loans Qualifying Standards Property Guidelines for VA Loans Entitlement VA Loan Regulations VA Loan Programs Comparison of FHA and VA Qualifying Standards USDA Rural Development Programs Section 502 Loans Learning Objectives Understand Loan Limits for VA Loans Understand Borrower Guidelines for VA Loans How to apply Qualifying Standards Understand the Property Guidelines for VA Loans …
Outline The Use of Nontraditional Mortgage Products Interagency Guidelines Guidance on Nontraditional Mortgage Products Statement on Subprime Mortgage Lending Predatory Lending Subprime Loans Assessing Risk Adjustable Rate Mortgages (ARMs) How ARMs Work ARM Standardization ARM Disclosures ARM Programs Seller Financing Purchase Money Mortgage Assumption Seller-Sponsored Wraparound Financing Purchase Money Second Mortgage Land Contracts Land Contract with Assumption of an Existing Mortgage Other Forms of Creative Financing Lease/Options Lease/Purchases Equity Exchanges Participation Plans Homebuyer Assistance Programs Learning …
Outline Interest Only Loans Participation Plans Negative Amortization Loans Other ARM Provisions Structured Mortgages Reverse Mortgages Construction Financing Learning Objectives Demonstrate knowledge of interest only loans Identify characteristics of negative amortization loans Identify and define other provisions of ARMS Understand other type of loans Learn calculations for ARM interest rate and payment adjustments Understand how consumers can be harmed by products …
Outline Real Estate Appraisal Appraisal Approaches Uniform Standards of Professional Appraisal Practice (USPAP) The Uniform Residential Appraisal Report (URAR) Characteristics of Real Estate Value Characteristics Physical Characteristics Property-Specific Factors Affecting Real Estate Value Economic Factors Affecting Real Estate Value Defining Market Value Making Land More Valuable Assemblage and Plottage Value of Frontage The Sales Comparison Approach Substitution and the Typical Buyer Adjusting Comparable Sales Limits on Adjustments Sequence of Adjustments Researching the Sale and Transfer …
Outline Finance Instruments Promissory Notes Negotiable Instruments Security Instruments Trust Deeds Mortgages Judicial Foreclosure Procedure Typical Clauses in Finance Instruments Acceleration Clause Alienation Clause Defeasance Clause Partial Release, Satisfaction, or Conveyance Clause Prepayment Clause Subordination Clause Other Mortgage Clauses and Covenants Types and Features of Mortgages Purchase Money Mortgage Cash-Out Mortgage Refinance Mortgage Home Equity Loan, Home Equity Line of Credit Blanket Mortgage Bridge Mortgage Graduated Payment Mortgage (GPM) Open-End Mortgage Package Mortgage Reverse Mortgage …
Outline Deeds Requirements of a Valid Deed Warranty Deeds Deeds without Warranties Evidence of Marketable Title Public Records Notice Chain of Title Race Notice Rule Marketable Title Act Title Insurance Types of Title Insurance Policies American Land Title Association (ALTA) Abstract of Title Forms of Ownership Ownership in Severalty Co-Ownership Possessory Interests in Property Freehold Estates Leasehold Estates Ownership by Organizations Sole Proprietorship Partnerships. Corporations Condominiums, Cooperatives, and Townhomes Non-Possessory Interests: Easements Types of Easements …
Outline Ethical and Legal Considerations National Association of Mortgage Brokers Code of Ethics Ethics in Advertising Discrimination Protected Classes Prohibited Practices Other Types of Discrimination Disclosure and Privacy Truth in Lending Act (Regulation Z) TRID Disclosures Learning Objectives Understand Ethics and the purpose of codes of ethics Understand how business ethics applies to mortgage origination. Learn how to identify ethical situations. Identify the various anti-discrimination laws …
Outline Ethics and RESPA Real Estate Settlement Procedures Act (RESPA) Section 8 Kickback Prohibition Ethics and Protection of Data Gramm-Leach-Bliley Act Fair Credit Reporting Act and the FACT Act Learning Objectives Understand the requirements about RESPA Know about Ethics and the protection of data Understand how ethics is related to Fair Credit Reporting Teaching Methods: PowerPoints, Video PowerPoint Presentation and Optional Quiz
Outline Ethics and Mortgage Fraud Fraud and Conspiracies Fraud for Profit Housing Fraud Red Flags of Mortgage Fraud Transaction Fraud Fraud Participants Appraisal Independence Flipping Other Types of Mortgage Fraud Penalties for Mortgage Fraud Excessive Fees Common Predatory Lending Ploys Predatory Lending Excessive Fees Common Predatory Lending Ploys Indicators of Predatory Lending Anti-Predatory Lending Laws Consumer Protection for High Cost Loans Learning Objectives Understand the meaning of fraud Understand the different …