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 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