Learning Objectives 1.       Identify the role of the mortgage professional 2.       Learn differences between Prequalification and Preapproval 3.       Learn about the loan process Teaching Methods: Power Points, Video PowerPoint Presentation and Quiz

Outline Loan to Value Ratio (LTV) Qualifying a Borrower Credit Ability to repay Property Eligibility Assess Risks Analyzing Borrower and Property Capacity Credit Collateral Analyzing assets Down payment Reserves Third Party Verification Gifts Automated Underwriting Systems Desktop Underwriter DU – Fannie Mae Loan Product Advisor LP – Freddie Mac Calculating Debt to Income Ratios Income Components Debt Components Employment and Income Requirements Computing Monthly Income Credit Scores and Credit Scoring Learning Objectives              Calculating …

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 …