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This course provides training for beginning loan officers.

It explains the overall industry, plus how to:
  • Prepare the loan file for underwriting and working with the file until it is closed
  • Calculate the loan amount
  • Select loan programs and the interest rate
  • Estimate closing costs and prepaids
  • Identify qualifying vs. note rates
  • Costs included in the loan amount
  • Evaluate the loan file based on underwriting guidelines
And to enhance your learning, each Lesson provides practical applications, short quizzes following each concept, and a computer-graded final quiz for each lesson!

Table of Contents

Lesson 1: Initial calculations - Estimated completion time: 4-5 hours
  • Industry Overview
  • Definitions
  • Estimate Closing Costs
  • Estimate the value
  • Calculate loan amount for purchase and refis (rate/term and cashout)
  • Calculate the LTV and CLTV
  • Ask the borrower initial questions
  • Read a rate sheet
  • Identify qualifying rate
  • Calculate Loan Amount, P&I, PMI, PITI
  • Lock a loan
  • Prepare 1003 - Sections 1, 2, 5 (housing
Lesson 2: Income - Estimated completion time: 2-3 hours
  • Ask questions about income
  • Identify acceptable income
  • Review paystubs, W-2s, tax returns, divorce decree, VOE
  • Convert income to gross monthly income
  • Calculate front ratio
  • Prepare 1003 - Section 5 (income)
Lesson 3: Credit - Estimated completion time: 4-6 hours
  • Ask questions about liabilities
  • Identify all possible monthly obligations
  • Review credit report, paystubs, divorce decree, bank statements
  • Identify which accounts must be added to the 1003
  • Calculate DTI ratio
  • Prepare section 6 of the 1003
  • Ask questions about closing / mortgage
  • Identify lender charges
  • Review sales contract / rate sheet (loan officer)
  • Calculate interim interest and cash required to close
  • Prepare section 7 of the 1003
  • Review invoices / title report / evidence of insurance and update the Good Faith Estimate (processor usually completes this but loan officer needs to verify)
Lesson 4: Assets & closing costs - Estimated completion time: 2-3 hours
  • Identify available assets
  • Identify assets (as per loan program guideline)
  • Review asset documents
  • Calculate required cash to close
  • Calculate required cash "reserves"
  • Enter Asset & REO information on the 1003
Lesson 5: Property - Estimated completion time: 2-3 hours
  • Identify different types of property
  • Identify LTV limits
  • Know who orders property documents
  • Review information on property documents
  • Calculate LTV and CLTV (if it¡¦s required)
  • Prepare Section 6 of the 1003 and how the processor prepares the 1008
Lesson 6: Federal disclosures - Estimated completion time: 3 hours
  • Legal penalties associated with regulatory documents
  • Which documents are required for various situations
  • How to prepare these documents
  • Which questions to ask
  • Your responsibilities associated with these documents and
  • Illegal activities
Lesson 7: Underwriting - Estimated completion time: 3 hours
  • Understand automated underwriting
  • Understand traditional underwriting
  • Understand how to submit loans for underwriting
  • Be able to read automated findings
  • Be able to read traditional findings and
  • Be able to identify documents the borrower must supply for approval.
  • Which loan programs are available
  • How to prepare a file for the processor
  • The documents that must be prepared to submit to underwriting
  • What a processor must do to meet conditions
  • The processor's responsibilities for scheduling the closing
Lesson 8: 1003 - Estimated completion time: 2 hours
  • Identify borrower and co-borrower requirements
Lesson 9: Get paid! - Estimated completion time: 2 hours
  • How to order closing docs
  • Why the doc order form is critical to your transaction
  • Why to review HUDs
  • How to review HUDs and
  • How your paycheck is determined

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