Reverse mortgage loans are available only to people who meet a certain age threshold and other requirements. They are popular among consumers who have built equity in their homes and are looking to finance living expenses or home improvement projects.

This course will review reverse mortgage loans, including the types of products available, standards for borrower eligibility, and program options.

VA loans are a type of non-conventional loan available to veterans in the United States. The U.S. Department of Veterans Affairs (the VA) does not make these loans – it establishes standards for eligibility and guarantees the loans made. The USDA makes mortgage loans more accessible for consumers in rural and agricultural areas of the country.

This course will review concepts about VA and USDA lending, including current requirements, eligibility standards, and more.

The Ability to Repay Rule and the Qualified Mortgage Rule have greatly altered the standards by which many mortgage loan transactions are conducted. The primary goal of these rules is to enhance and ensure consumer protection in the mortgage industry by establishing guidelines for what constitutes a safe mortgage loan transaction. It is important for mortgage professionals to be familiar with these standards, to ensure compliance with the law and the continuation of a sound, safe mortgage market.

This course will review the Ability to Repay Rule and the Qualified Mortgage Rule and their influence on mortgage loan transactions. In addition, the concept and importance of tangible net benefit will be discussed.

Adjustable-rate mortgages are a nontraditional mortgage product available for qualified borrowers. These loans come in several forms, and allow certain homeowners to take advantage of interest rate changes to save money. Adjustable-rate mortgages may also be qualified mortgages.

This course will review adjustable-rate mortgages types, common features, and information about the index and margin, as well as details of how the Qualified Mortgage Rule applies to calculating monthly payments.

Because the collateral for a mortgage loan is the subject property, the appraised value of the property is an important consideration in loan approval. The lender must have a high level of confidence in the documentation presented by the appraiser. It is essential for appraisals to be accurate, and overvaluation is a significant problem in the industry.

This course provides an overview of the appraisal process, including a look at the Uniform Residential Appraisal Report and the various approaches used by appraisers in evaluating property. In addition, this course briefly explores additional appraisal requirements for higher-priced mortgage loans.

An underwriter's principal responsibility is to ensure that the proposed loan meets the requirements set forth by the investor who will purchase the mortgage. This includes assessing a borrower's ability and willingness to repay the mortgage debt and examining the property being offered as security for the mortgage.

This course will review the basics of underwriting, from evaluation of borrower qualifications to analysis of the subject property and more.

Title insurance is defined as an "agreement to indemnify against loss arising from a defect in title to real property, usually issued to the buyer of the property by the title company that conducted the title search." Lenders require title insurance in order to protect themselves from risks that arise when securing a loan with a property.

This course provides an overview of title insurance and information related to liens.

Once all loan and title conditions have been satisfied, closing may be scheduled. It is vital that all of the parties to the transaction know the time, date, and location of the loan closing. The first step in the post-closing process is funding, and once the file is returned to the lender by the closing agent, loan servicing begins.

This course provides an overview of the closing and post-closing processes, including information related to title and title insurance, the duties of the closing agent, funding, and servicing.

The process of ensuring an applicant is qualified for a loan begins with analyzing the borrower's assets and liabilities, income, credit, and other characteristics related to his or her financial condition. Once the initial information is obtained, the lender will use various formulas to determine the amount for which the borrower will qualify. Such formulas will ensure that the borrower is matched with an appropriate product for his/her financial condition so that the loan is likely to be repaid in accordance with the terms of the lending agreement.

This course provides an overview of qualifying ratios, including the front end ratio, the back end ratio, the loan-to-value ratio, the combined loan-to-value ratio, and the high loan-to-value ratio. Students will have an opportunity to review an example of each calculation presented.

There are many different types of insurance which may be required in conjunction with the origination of a mortgage loan. Hazard, flood, and mortgage insurance are three common types.

This course will review these types of insurance, when they would be required for a loan, and more.