Series
Mortgage 101
Series Description
Your staff's proficiency has a direct correlation to their overall efficiency. This series of courses are designed to give mortgage professionals the knowledge needed to perform more effectively within their current role, or to upskill and cross train.
Recommended for:
- Asset Management
- Board of Directors
- Commercial
- Compliance - External Audit
- Compliance - Internal Audit
- Human Resources
- Mortgage Closer
- Mortgage Loan Originator
- Mortgage Lock Desk
- Mortgage Processor
- Mortgage Professionals
- Mortgage Servicer
- Mortgage Underwriter
- Operations & IT
- Retail
- Wholesale Banking
Included courses
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See Course DetailsThis course will focus on the various deeds used to transfer title between entities, as well as the various defects that could appear on title and potential measures that can be taken to cure them. What You'll Learn: Recall various forms of deeds and what they mean for title transfers Identify the factors that influence title, such as deed types, liens, easements, and more. Recognize a number of title defects and how they may be addressed
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See Course DetailsThis course will focus on essential information about adjustable-rate mortgages, their role in the current mortgage marketplace, and requirements for suitability and disclosures. Course participants will also learn about available ARM products, adjustments and rate caps, and sample calculations.
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See Course DetailsThis course covers financial math needed to solve most basic financial problems. It includes the mathematical equations and provides examples.
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See Course DetailsThis course will dig into the wide array of defects that could appear on a title commitment and how those are commonly resolved, including some that are encountered less frequently. Additionally, this course will detail the differences between modular and manufactured homes and the potential title implications of each. What You'll Learn:
- Identify problems that can cause title defects and how they are resolved
- Recall how title works for homes that are modular and manufactured
- Recognize how title insurance coverage can be tailored to add protection
- Define title fraud and title insurance fraud and what they mean
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See Course DetailsCredit report analysis is one of the most basic functions any role in the loan manufacturing process will perform. Mortgage professionals that can read and interpret credit report data are able to clearly counsel borrowers on the status of their mortgage applications, determine actions needed to remediate potential concerns and collaborate with mortgage operations staff on the best course of action to resolve. What You'll Learn: Understand credit scores and the components that determine them Analyze and interpret credit reporting data Describe derogatory items that are found on credit reports and how to deal with them
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See Course DetailsDiscover the relationship between using personal financial statements to determine individual borrowers™ creditworthiness, in both consumer and private bank situations, and doing so to gauge the financial strength of individuals as principals and guarantors.
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See Course DetailsIn this course, participants will learn the basics of the property appraisal process. This includes a review of the Uniform Standards of Professional Appraisal Practice (USPAP), which govern appraiser conduct, and the entities and regulations that apply to appraisal activities. This course will also briefly discuss recent changes to federal law that impact appraisal requirements, including standards for providing appraisal reports and related disclosures. Finally, students will learn about the three approaches that professional appraisers use when developing a property valuation, and will explore the appraisal process step by step.
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See Course DetailsThe course includes an explanation of C corps, the tax return documents used for verification, and the process for determining income used for lending purposes through an income analysis. What You'll Learn: Recognize the tax forms used for C Corporations Describe the process to determine self-employed monthly income Demonstrate how to calculate self-employed monthly income
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See Course DetailsThis course provides students with insights on borrowers who derive their income from an S corporation, including an overview of the tax documents typically needed to approve a borrower and direction on how to properly calculate income. What You'll Learn: Recognize the tax forms used for individuals earning income through S corporations. Describe the process to determine monthly income of a person who owns an S corp. Demonstrate how to calculate self-employed monthly income.
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See Course DetailsAccurate income assessment on borrowers with partnership income comes with unique challenges. This course educates students on the documents that must be collected on borrowers with partnership income, as well as analyzing that documentation in order to accurately calculate income. What You'll Learn: Identify documentation that should be provided by partnership owners to meet income documentation requirements. Review commonly seen documentation needed within the loan process to qualify an applicant for a mortgage. Calculate income for partnership owners. Recognize common potential issues within the loan process mortgage professionals may run into, that they should be prepared for and how they can be resolved.
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See Course DetailsAccurately calculating borrower income is a key component of the qualification process. This course educates students on the collection and review of income documents for hourly or salaried borrowers, as well as some red flags to consider when analyzing these documents.
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See Course DetailsThis course is designed to give a broad overview of how the mortgage industry approaches borrowers who are sole proprietors, including collection of income documents, as well as the calculation of income.
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See Course DetailsTitle insurance is one of the most important aspects of the mortgage application process. Effective mortgage professionals must know how to read and interpret the information on a title commitment in order to determine any potential risks to the borrower or lender and determine what action steps are needed to resolve those risks. In this course, participants will be introduced to what title insurance is, as well as some of the key terminology used within. Participants will also be able to review a sample title commitment. What You'll Learn: Recognize the purpose of title insurance and its varying forms Define key terms related to title Consider the components of a basic title commitment
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See Course DetailsThis course discusses percentages and interest rates, and the essential equations used to make calculations pertaining to loans.
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See Course DetailsThis course discusses percentages and interest rates, and the essential equations used to make calculations pertaining to loans.
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See Course DetailsAsset verification is one of the key components of the borrower qualification process. Effective mortgage professionals have a firm understanding of the guidelines around the verification of borrower assets and how to effectively counsel borrowers on what is needed. In this course, participants will learn about the various asset types typically used in mortgage transactions and how they are documented. What You'll Learn: Define key terminology related to borrower asset documentation. Explain the importance of assets and asset documentation review in mortgage transactions. Differentiate the types of assets that can and cannot be used for down payment funds and reserves. Identify common asset review mistakes and how to avoid them.
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See Course DetailsBorrowers with rental properties pose unique challenges to mortgage professionals when it comes to documenting and calculating income. In this course, participants will learn how to review and calculate rental income. What You'll Learn: Define rental income and when it can be considered to qualify for a loan Review how to document rental income for subject and non-subject properties Describe the documentation a potential borrower might be required to provide
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See Course DetailsThis course highlights the portion of the Manual dedicated specifically to examinations of mortgage professionals, breaking down those procedures step by step. From the start of the examination process to the final outcome, this course helps students to understand the goals of a CFPB examination, each step involved, and potential results. This course allows mortgage originators to gain a clearer understanding of what they may expect if they face an examination, and highlights the importance of maintaining day-to-day compliance to ensure positive examination results, a successful and compliant business, and, most importantly, a low level of potential risk to consumers.
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See Course DetailsComplete and accurate mortgage applications reduce the amount of time it takes to originate a mortgage and can help build rapport with fellow mortgage staff members. This course introduces participants to Section 1 of the Uniform Residential Loan Application (URLA) and the importance of taking an accurate and complete application to reduce pain points later in the loan manufacturing process. What You'll Learn: Define key terminology used in Section 1 of the URLA. Understand the importance and benefits of an effective loan interview. Interpret borrower responses to ensure enough information and documentation is available to complete the URLA. Demonstrate this knowledge through the accurate completion of Section 1. Determine when additional URLA forms may be needed.
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See Course DetailsSections 2 and 3 of the Uniform Residential Loan Application (URLA) contain borrower information that will be critical in determining overall creditworthiness. Mortgage professionals need to have a firm understanding of these sections so they can effectively counsel borrowers on how to complete them accurately at initial application to minimize the inefficiencies that can result. This course will provide participants insights and guidance on these sections of the URLA. What You'll Learn: · Complete sections 2 & 3 of the URLA with accuracy and competency · Define and explain terminology from these sections · Interpret borrower responses to ensure a completed application · Determine when additional documentation must be requested of the borrower
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See Course DetailsSections 4 and 5 provide important insights to the lender as it relates to the subject property and borrower finances. Mortgage professionals who understand why this information is important can assist borrowers in properly completing the application and understand any needed documentation to explain unique or specific circumstances. This course will provide participants insights and guidance on these sections of the URLA. What You'll Learn: · Complete sections 4 & 5 with accuracy and competency · Consider unique borrower circumstances that may require additional consideration · Explain situations that might require more information based on what is added to the URLA in sections 4 & 5
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See Course DetailsSections 6 through 9 provide important acknowledgements which help complete the application process. Mortgage professionals must understand the rules and their role and responsibility in making sure these sections are completed accurately and completely. This course will provide participants insights and guidance on these sections of the URLA. What You'll Learn: Complete sections 6 through 9 of the URLA with accuracy and competency Understand and define key terminology in sections 6 through 9 of the URLA Interpret borrower responses to anticipate any additional information needed
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See Course DetailsThis course covers key features and benefits of installment loans, home equity loans and lines of credit, and credit cards. It also reviews credit concepts such as closed-end (those that offer one-time borrowing) and open-end (those that offer ongoing-borrowing credit products). Finally, the course covers various value-added products and services that are available with consumer credit products. Note: The course does not cover business loans or traditional first mortgage loans.
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See Course DetailsThis course explains what escrow accounts are and how they are used. It also discusses escrow analysis, escrow statement and required disclosure.
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See Course DetailsThis course covers the Federal Reserve System and its component parts. It explains the responsibilities of the Federal Reserve through discussions of the implementation of monetary policy and the tools used to conduct monetary policy. It concludes with a discussion of the impact of monetary policy of asset values.
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See Course DetailsIn this course, participants will review FHA's 203(k) rehabilitation mortgage program, including a general description of its purpose and the basic requirements. Participants will explore HUD's requirements for eligible borrowers and properties, standards to qualify, how funds are handled, and more. What You'll Learn: Define an FHA 203(k) loan Identify eligible borrowers and properties Describe the 203(k) program requirements
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See Course DetailsThe Adjustable-Rate Mortgage program is a key part of the overall FHA product offering. Mortgage professionals with working knowledge of this program are better able to assist borrowers in solving their mortgage needs. This course will explore some of the key provisions and features of FHA's Adjustable-Rate program. What You'll Learn: Discuss underwriting guidelines specific to FHA Adjustable-Rate Mortgages Explain the product options available under the FHA Adjustable-Rate Mortgage program and their features and restrictions
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See Course DetailsIn this course, participants will review the role of the Federal Housing Administration and the latest requirements and changes involved in becoming an FHA lender. Students will also explore FHA programs and their unique features, discuss the FHA™s primary programs and the qualifying factors involved in origination, and review the origination and processing steps for FHA loans.
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See Course DetailsThe FHA HECM reverse mortgage program provides seniors the ability to tap into the equity they have built in their home as a supplemental income source. Mortgage professionals need to be aware of the many specific rules and regulations around FHA HECMs so borrowers can be effectively counseled through and beyond loan origination. This course will review and explore key features of the FHA HECM program. What You'll Learn: FHA HECMs and the specific role they fill in the lending marketplace Discuss underwriting guidelines specific to FHA HECMs Explain the product options available under the FHA HECM program, including their features and restrictions
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Changes in the mortgage lending marketplace have returned government lending products to a level of popularity that has not been seen in years. To stay competitive in the mortgage industry, mortgage professionals must understand government-backed lending programs and how they differ from their conventional lending counterparts. In this course, participants get an overview of the FHA lending program. What You'll Learn: Discuss the purpose of FHA loans Identify types of lenders who can offer FHA loans and various programs Recognize borrower qualification requirements
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See Course DetailsThe FHA Streamline Refinance program provides existing FHA borrowers with an opportunity to improve their mortgage loan terms for minimal cost with minimal documentation. Mortgage professionals who understand the nuances of this program will be able to effectively work with borrowers in helping them to achieve their refinancing goals. This course will explore some of the key features of the FHA Streamline Refinance program.
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See Course DetailsThis course provides a working knowledge of federal flood insurance requirements.
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See Course DetailsReview the rules governing open-end home equity credit offered to consumers under Regulation Z. Topics covered include specific disclosures for borrowers, lending restrictions that apply to home equity lines of credit and advertising governance.
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See Course DetailsThe course describes the process and key issues for a potential home buyer. It presents the issues of deciding to buy or rent, and the financial issues related to both choices. The courses then covers the fundamental steps of applying for a mortgage through the final step of settlement.
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See Course DetailsThe purpose of this course is to make the originator conversant in and knowledgeable of all aspects of the credit report, its contents, and its utility in the loan decision process. It is important to be familiar with the components of the credit report, how the report is compiled, and what the ultimate score will mean for a potential borrower. By examining the specifics of the credit report, one can better help the potential borrower understand the process and make a credit decision that is right for him or her.
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See Course DetailsThis course concentrates on the basic concepts and practices related to the loan cycle, and will provide an overview of the process from origination to funding. Each of the steps of the loan cycle and the legal requirements related to each step will be reviewed.
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See Course DetailsThis course will provide a basic introduction for loan processors that are new to the business, or for those professionals looking for a refresher. Students will have the opportunity to review information relating to automated loan origination and underwriting, including the most commonly used systems, as well as the avenues by which a loan processor may receive a new loan application. In addition, students will take a look at information relating to credit reports, appraisals, and important disclosures required by law. Finally, students will review important responsibilities related to documentation and verification, as well as time management strategies and ethical considerations.
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See Course DetailsSuccessful loan originators need a solid grasp of the concepts and calculations required to present clear solutions for their customers. While using a mortgage calculator or other software can be helpful, it is crucial for mortgage professionals to understand the basic concepts behind common loan origination calculations; knowing advanced number concepts allows the loan originator to look more deeply into the benefits of a transaction for the borrower. In this professional development online course, students will explore the fundamental financial calculations of loan origination, including PITI payments, income, DTI and LTV ratios, periodic and per diem interest, and more. Students will learn formulas for these calculations and others, and will apply their knowledge through several interactive scenarios.
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This course examines the roles of various players in the industry, important considerations in the borrower qualification process, and the essentials of the loan cycle. Students will also learn some of the mathematics of mortgage lending, and learn how all of these elements fit together to ensure a smooth, safe mortgage loan origination process.
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See Course DetailsThis course will help mortgage professionals to understand general concepts about VA lending, including its background, current requirements, eligibility standards, how to become an approved lender, available loan types, and more.
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See Course DetailsThis course focuses on the requirements for termination of private mortgage insurance (PMI) in accordance with the Homeowners Protection Act of 1998. Explore PMI disclosure requirements and obligations, including conditions for automatic and final termination.
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See Course DetailsThis course will take students through a review of what exactly reverse mortgage loans are, the types of products available, and to whom they are best suited. In addition, students will explore government-insured reverse mortgage loans in-depth, understand prohibitions and regulations for these loan types under the law, and examine the steps of the reverse mortgage lending process.
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See Course DetailsAny mortgage professional involved in a purchase transaction must understand the document that sets everything in motion for the purchase contract. This course will provide an overview of the purchase contract and what to watch for in order to most effectively serve clients. What You'll Learn:
- Review important provisions found in the purchase contract
- Describe the responsibilities of the involved parties
- Recognize common problems that may be encountered and how they can be resolved
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See Course DetailsThis course explores requirements for the Program, including eligibility for lenders, borrowers, and properties. Students will also learn about permitted and prohibited use of loan funds, the guarantee process, and how guaranteed loans are serviced.
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See Course DetailsBuild on your existing real estate lending law knowledge. Learn about loans secured by real estate, and laws and regulations that apply to second lien mortgage loans secured by one- to four-family dwellings.
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See Course DetailsThis course will review basic concepts related to securitization, explore its role in the mortgage industry, and learn about who is typically involved in the process. Students will also examine further investment opportunities that can result from the formation of mortgage-backed securities, and learn about the future of this part of the industry.
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See Course DetailsCredit reports are one of the most essential tools used by a lender in the loan manufacturing process, as they provide valuable insight into a borrower's financial history. How a borrower utilizes credit and how they repay their financial obligations help to create a risk profile to assist the lender in making an informed decision when determining whether to extend credit. This course is designed to provide students a basic foundation around what a credit report is and how it is utilized by lenders.
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See Course DetailsThe mortgage closer performs a critical role in the loan manufacturing process. This course reviews the purpose of the mortgage closer role and the tasks they perform. What You'll Learn: Explain the purpose of a mortgage closing and what is accomplishes Discuss the tasks a mortgage closer routinely performs Explain the role of a title attorney in the mortgage closing process
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See Course DetailsThis course concentrates on one of the basic concepts related to the mortgage loan cycle: title insurance. This course will provide students with an overview of reasons for title insurance, types of title insurance, and key elements of title. It also discusses the steps in the title process and some important details of the closing and post-closing process.
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See Course DetailsThis course examines underwriting standards and guidelines, and will also help students understand the various responsibilities of the underwriter review.
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See Course DetailsUnderwriting is one of the most important steps in the loan manufacturing process, as it is the decision point on determining whether a borrower is credit worthy or not. FHA loans have distinct differences from their conventional loan counterparts that all underwriters should be aware of. In this course, participants will review the key differences to be aware of when underwriting an FHA loan. What You’ll Learn: Identify the important differences between underwriting standards for conventional and FHA loans Describe the difference between manual underwriting and automated underwriting Explain the basic steps and requirements to manually underwrite a borrower’s FHA loan
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See Course DetailsVA lending guidelines are specific and unique. When discussing these products, mortgage professionals must be familiar with VA guidelines and how they apply to each individual borrower. This course will help mortgage professionals understand how to underwrite VA loans effectively. What You'll Learn: Recall the various programs available to borrowers through the VA Discuss basic underwriting standards for VA loans Recognize VA calculation guidelines
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See Course DetailsApplying for a VA loan can be a daunting task for any potential borrower. VA loans are in a class of their own, with special qualification and eligibility requirements. Given the specific and unique characteristics of VA loans, mortgage professionals must understand the ins and outs of this program in order to help borrowers through the origination process. This course will provide guidance on the basic mechanics of VA lending.
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See Course DetailsVerbal verifications of employment, or VVOEs, are a tool commonly employed by lenders for the purpose of risk mitigation, fraud prevention, and data accuracy. This course will cover the importance of the VVOE in the loan manufacturing process and the requirements around it. What You’ll Learn: Define the purpose of the verbal verification of employment Identify some of the common parameters around VVOEs Interpret information collected on a VVOE
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See Course DetailsVerifications of deposit, or VODs, are a common form of verification used to confirm that applicants have the funds they claim to possess. This course will explore VODs and how they are used in the mortgage lending process. What You'll Learn: Define what a VOD is Cases in which a verification of deposit must be used Information collected on a VOD
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See Course DetailsVerification of employment is a key component of the loan qualification process. This course will explore employment verification requirements and their importance in the loan manufacturing process. What You'll Learn: Define what a verification of employment is Identify cases in which a verification of employment must be used Interpret information collected on a VOE
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See Course DetailsA verification of mortgage, or VOM, is a form used within the mortgage industry as a means to obtain borrower payment history on any existing mortgage accounts they may have. This course will review mortgage verification and its role in the mortgage lending process. What You'll Learn: The circumstances in which a VOM is needed Describe the minimum information that needs to be obtained Information provided on the VOM
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See Course DetailsA verification of rent, or VOR, is a form used within the mortgage industry as a means to obtain borrower rental payment history. This course will review rental payment verification and its role in the mortgage lending process. What You'll Learn: Explain the circumstances in which a verification of rent may be used Define important guidelines as they relate to verification of rent Describe the role of verification of rent in borrower qualification
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