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Course Outline
Our main
objective is to train Loan Officers to act as Loan Processors and
vice versa, therefore...
 We train our Loan
Officers to:
- Speak to more people that may be
interested in borrowing money
- Complete a loan application
accurately and legibly
- Read a rate sheet and structure
all types of deals
- Write a cover letter on a
properly stacked and documented file that makes sense
- Perform their tasks and return
conditions that make sense the first time
- Understand the details and
variables of EVERY loan program available and how to sell it
- Read and calculate tax returns
- Compete against the internet and
the liars using specific and proven tactics
- Sell a mortgage as a service and
not a product
- Use the financial calculator to
solve for equity acceleration, taxable equivalency, investing for future value with monthly savings and much more
- Explain GFE’s, TIL’s, APR’s, and
closing costs to borrowers so they understand them
- Improve
Customer Service/Phone skills
- Improve House call skills
- Return their phone call skills!
- Embrace technology by lending
out of state and on line
- Get commitment from every
borrower they are able to using specific tactics
- Know the secrets (there are
four!) of successful loan officers
- Know specific and tested
marketing programs that will bring in business - guaranteed
- Utilize direct mail pieces, lead
companies, fundraising programs, email ideas, website solutions,
inexpensive advertising ideas, pre-written letters, flyers and
more.
Guidelines for
taking a detailed Loan Application:
- Getting Organized
- Conversation Sheet
- Things To Do Today
- The Pre-Application Interview
- Additional Information Checklist
- The Face-to-Face Interview
- Reviewing the Sales Contract
- Discuss Available Loan Programs
- Compute the Proposed Mortgage
Payment
- Determining Qualifying Ratios
- Pre-Qualification Worksheet
- How Much House Can I Afford?
- Discuss Qualifying Options
- The Good Faith Estimate
- What are Prepaids?
- What are Buydowns?
- Computing Property Tax Escrows
- Schedule of Tax Escrows
- Addendum to Good Faith Estimate
- Lock-In Agreement
- The Truth-in-Lending Disclosure
- Quick Borrower Analysis
- Grading the Borrower
- Completing the Loan Application
- Checklist of Documents Needed at
Loan Application
- Equal Credit Opportunity Notice
- Notice Regarding Your Uniform
Residential Appraisal Report
- Mortgage Servicing Transfer
Disclosure
- Authorization to Verify Credit
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Federal Regulations
and Compliance:
- Residential Real Estate Loans
- Equal Credit Opportunity Act
- Equal Credit Opportunity Act
Notice
- Notice of Counteroffer
- Notice Regarding Your Uniform
Residential Appraisal Report
- Notice of Credit Denial or
Termination
- Real Estate Settlement
Procedures Act (RESPA)
- Good Faith Estimate
- Addendum to Good Faith Estimate
- Mortgage Servicing Transfer
Disclosure
- Settlement Statement
- Controlled Business Arrangement
Disclosure
- Initial Escrow Account Statement
- Truth-in-Lending
Act
- Notice of Right To Cancel
- The Home Ownership and Equity
Protection Act
- Flood Disaster Protection Act
- Adjustable Rate Mortgages
Disclosures
- Federal Regulations Regarding
Advertising
- Fair Credit Reporting Act
- The Right to Financial Privacy
Act
- Fair Housing Act
- The Home Mortgage Disclosure Act
- HMDA Log
- Checklist of Required
Disclosures
- Federal Regulations and
Compliance Test Questions
Conventional and Government Loan Programs:
- Secondary Mortgage Market
- Progression of a Mortgage
- Conventional Loans
- Adjustable Rate Loans
- The Buy down Loan Program
- Buy Down Plan Worksheet
- Buy Down Escrow Agreement
- Construction-Permanent Loans
- How A Construction-Permanent
Loan Works
- Community Home Buyers Programs
- Understanding Secondary Rate
Sheets
- Program Guideline Sheet
- Understanding PMI
- Reading and Understanding PMI
Rate Sheets
- Traditional Versus Lender-Paid
Mortgage Insurance
- Maximum Loan-to-Value Ratios
- Maximum Seller Contributions
Processing
the Loan:
- Required Documents
- The Mortgage Credit Report
- Reviewing the Credit Report
- What is Credit Scoring?
- Adverse Action Codes
- Alternative Documentation
- Verification of Employment
- Verifying Funds to Close
- Verification of Deposit
- Gift Letter process
- The Uniform Residential
Appraisal Report
- Red Flags
- Answers to the Most Frequently
Asked Questions
- Submitting the Loan Package
- Uniform Underwriting &
Transmittal Summary
- Typical Order for Submission
- Conventional
Purchase/Refinances
- Loan-To-Value Ratios for
Purchase/Refinance Transactions
- Documentation Needed Checklist
- Computing the Loan Amount for
Purchase/Refinance Transactions
- Purchase/Refinance Worksheets
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