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 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 …
Outline Conventional Financing Traditional Conventional Loans 15-Year Mortgage Loans Conforming versus Nonconforming Loans Conventional Loan Programs 80% LTV Conventional Loan Higher LTV Loans Learning Objectives Comprehend overview of mortgage marketplace Learn about conventional loans …
Outline A Brief History of Mortgage Lending The Story of Mortgage Lending Key Terminology Government Agencies Federal Housing Finance Agency (FHFA) Federal Housing Administration Industry Participants – Primary Mortgage Markets Commercial Banks Savings and Loan Associations Mortgage Companies, Bankers, and …
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 – …
Outline: Home Economic Recovery Act (HERA) Nationwide Mortgage Licensing System and Registry Creation of the NMLS Objectives of the SAFE Act Definitions of Mortgage Functions Entities Regulated State Licensing Requirements Entities regulated Education and Testing Licensing Renewals Exclusions and Exemptions …
