After attending, come back for a "refresher course" any time during the next 12 months for half the current full registration fee. Call to check availability!
Need-To-Know Essentials Training Course Outline
Benefits
Our Need-To-Know Basic Mortgage Loan Origination Course gives you the "TRUE NUTS& BOLTS" of Loan Origination skills that every mortgage originator (or any one involved in the mortgage loan process) needs to know.
This intense weekend course provides interactive, hands-on instruction along with your easy step-by-step reference manual and (with the Value Pac) Qualifier Plus® IIIx Advanced Residential Real Estate Finance Calculator.
We have summarized only relevant industry information, techniques and skills to help you succeed!
You will gain Mastery ofthe essential loan origination skills needed to increase your closing ratio,increase your income and develop more referrals.
NO OTHER COURSE TEACHES THIS!
Here's Just Part Of What You Will Gain!
DAY I
Overview Of The Mortgage Market
 Volume & Type Of Mortgages Sold
Loan Originator Responsibilities
Lenders: The Different Types And How They Apply To Your Borrower
Understanding The Basics of RESPA, Lenders And Products
FNMA/FHLMC
Govies
Alt "A"
Non-Prime & Sub-Prime
Hard Equity
Mortgage Math: What The Terms Mean And How To Properly Calculate Them
What is a Percentage?
What is LTV?
What is CLTV?
Calculating DTI's (front-end/back-end)
Calculating Blended Rates (Piggy Backs)
Understanding Full Amortization vs. Interest Only vs. Negative Amortization
Calculating Mortgage Insurance
Grossing Up Income
Calculating Payment Shock
Prorating Taxes and Insurance-Escrows
Calculating Different Types Of Income
W-2/Salaried/Wage Earner
Self-Employed
Appraisals & Property Types
Definition
How an Appraiser Determines Value
Market Approach vs. Income vs. Cost Approach
Required Appraisal Forms
Appraisal Reviews, What They Mean
Automated Valuation Models (AVMs)
Zoning
Good vs. Bad Appraisals
Comps - Are they valid?
Problem Areas To Look Out For
Appraisal Glossary
Title Policies
The Basics
The Title Process
Lender & Owner Policies
Title Endorsements
Chain of Title
Required Information
Sample Title Policy
Sample Title Charges
Surveys And Their Importance
Different Lenders equals different requirements
DAY II
How To Read & Interpret A Credit Report - What To Look Out For
The 3 Major Credit Depositories
Detailed Analysis of an "A" Paper vs a "BC" Credit Report
Trade Lines
Credit Depth
Collections, Chargeoffs and Judgements
Bankruptcies
Child Support
Public Records
How To Read A Rate Sheet and Pricing For Profit
A Paper
BC Paper
Hard Equity
Using Online Lender Pricing Engines
GFE - Doing It The Right Way
What is a GFE?
How to Prepare
TIL - It Isn't Rocket Science
What is a TIL (Truth-In-Lending)
Identify items that are Prepaid Finance Charges
How To Calculate Properly and be able to explain it to your borrower
How To Prequal Like A Pro / Gathering The Important Information
How To Determine What Type Of Borrower Your Working With
Payment Buyer
Costs Buyer
Rate Buyer
How to determine if you should or shouldn't run the credit
How to document a Loan from first contact
How To Calculate (the first time correctly) how much money the borrower can borrow and if applicable, how much house they can buy.
How To Call A Lender / Bank Rep
What every loan originator needs-to-know BEFORE calling a wholesale bank rep
How To Make Your Borrower, Processor & Underwriter LOVE your files!
L.O.'s Objective - Handing In A Complete File For Processing
The 1003 - This Isn't Rocket Science, Either
Sections I thru X of 1003
Due Diligence Or Die
Verifications
Verify all phone numbers and addresses
Verify Employment
Verify Rental
Verify Mortgage
Verify Deposit
Technology In The Mortgage Industry - How To Make It Work For You
City/County Websites To Help With Due-Diligence
Websites Underwriters Use To Check Up On Your Borrowers Story
Time Savers And How To Use Them.
Preliminary Verification Of Information Gathered At Interview
Taxes
Ownership
Property Description
Employment Salary
Business License & Ownership
Business Address & Phone
Student Loan Status
Citizenship Status
Rental Information
Lender Information: By Property & Loan Product
Most Common Acronyms Used By Processors & Underwriters |
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