Course Description

Seat Time: 2.75hrs - Desc:

This course will introduce the learner to the mortgage lending process so that s/he understands the first and final steps in the process. Additionally, the learner will be instructed on how to proceed with new lending applications. Upon successful completion of this course, the learner will understand:

• The types of calculations that s/he will be making.
• The three types of application documentation.
• Understanding the role of the underwriter in the lending process.

Course Topics

T1. The Mortgage Lending Process: This topic will introduce the learner to the mortgage lending process so that s/he understands the first and final steps in the process and knows how to proceed with new lending applications.

T2. Calculations: This topic will teach the learner about the types of calculations that s/he will be making, including calculating equity, LTV ratios, maximum loan amounts, and proposed payments.

T3. Rates: This topic will discuss the necessity of quoting rates, including a definition of rates, rate sheets, and the process of quoting rates to customers.

T4. The Application Process: This topic will teach the learner about the steps of the application process, starting with origination, and ending with finalizing the discussion, so that s/he is prepared to handle applications s/he might encounter.

T5. Application Documentation: This topic will teach the learner about the three types of application documentation so that s/he is prepared to encounter and evaluate such documentation on the job.

T6. Mortgage Loan Documentation: This topic will teach the learner about the next steps to take in the mortgage loan process after documentation has been written so s/he understands what items need to be gathered to verify the information stated on the application.

T7. Securing and Releasing Liens on Collateral: This topic will introduce the learner to a type of security interest granted over a property, a lien, to better help him/her in the role of a lender.

T8. Underwriting Guidelines: This topic will introduce the learner to the underwriting process and the underwriters' and processors' involvement in income verification requests, preliminary approvals, counteroffers, declines, and exceptions.

T9. A Smooth Close: This topic will provide the learner with strategies and steps to take in ensuring the smooth closing of a mortgage loan.

T10. Mortgage Loan Decisions: This topic will focus on how different loan decisions are communicated to the borrower; the possible loan decisions are approval, counteroffer, or decline.

T11. ML: Closing Documentation: This topic will explain the loan finalization process, with information on closing documents for every loan and situation.