Brokers and lenders that have been doing FHA for years have seen many changes over the recent years, and now FHA is poised to create mini-chaos in the marketplace, as it implements major changes as to the way it approves lenders. Brokers and smaller shops will now be approved by the INVESTOR, not by FHA.
This will force many mortgage originators, brokers and small-mid lenders OUT of direct FHA lending approval, and instead to larger wholesale lending operations who can comply with the new guidelines.
But the rules have changed for them as well…THEY are now responsible for the approval and quality control of all these originations – which makes them very nervous. The good news is that scores of lenders have now requested this approved certification as required training for their brokers.
The Certified FHA Specialist
educational track is designed to provide a loan originator with a complete understanding of the entire origination, processing, underwriting and closing fundamentals of the FHA lending program and process.
Training includes basic FHA requirements of borrowers, FHA loan program and property standards; origination forms and proper application documentation; GFE, TIL and other disclosure requirements and completion; borrower income and credit analysis; appraisal, inspection and third party documentation; processing standards and pre-underwriting principals; FHA refinance guidelines and origination; sound marketing practices; FHA compliance; and best standards of practice relative to ethical lending and fraud prevention.
Training includes case studies with complete file processing examples and testing to insure student comprehension of the concepts taught.
Certification access allows for up to 3 months to complete the training modules, and once you have passed the exams your certification will be valid for one year.Included Training Modules:
How To Receive Your Certification
- Introduction To FHA - 2 hours
- FHA Borrower Credit Analysis - 2 hours
- ABC's Of FHA Processing - 2 hours
- Ethical And Responsible Origination Practices - 1 hour
- ABC's of FHA Origination - 2 hours
- FHA Property Analysis - 2 hours
- ABC's of FHA Refinances - 1 hour
- ABC's of FHA Marketing - 1 hour
- ABC's of FHA Compliance - 1 hour
- Exams will be given after EACH module, and also for FINAL CERTIFICATION
- Individuals will be required to pass the initial online test of 20-30 questions (module), and 100 questions (final) with a score of at least 75%. No further testing will then be required.
- Initial certification will be given once education has been completed, and a passing score has been recorded
- Re-certification requires attendance of 2-hours of continuing education, which can be completed on-line
- Certificates will be provided to all candidates meeting these qualifications