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Technical Course Outline

Technical Training (Monday, Tuesday, 1/2 of Wednesday)

1. Introduction to Mortgage Banking
   a. History of Mortgage Banking
   b. Money Market vs. Capital Market
   c. The life of a mortgage loan
   

2. Glossary of Terms
   

3. Using a Financial Calculator
   a. Basic Operation
   b. Keyboard Basics
   c. Adding/Subtracting/Multiplying/Dividing
   d. P&I Calculations
   e. Percentage Functions
   f. Balloon Payoffs
   g. Calculating the APR
   

4. Program Definitions & Uses
   a. Fixed Rate Products
   b. ARMS
   c. Balloons
   d. Buydowns
       1. Permanent
       2. Temporary
   e. Second Mortgages and Home Equity
   f. Bond Programs
   

5. Secondary Marketing
   a. Wholesale vs. Retail
   b. Reading Rate Sheets
   

6. Regulatory Compliance
   a. Equal Credit Opportunity Act (ECOA)--Regulation B
   b. Real Estate Settlement and Procedures Act (RESPA)
   c. Truth-In-Lending--Regulation Z
   d. Fair Credit Reporting Act
   e. Fair Housing Act
   f. Home Mortgage Disclosure Act
   

7. Analyzing a Credit Report
   a. Reading a Credit Report
   b. Credit Scores
   c. Red Flags
   d. Offsetting Factors
   

8. Qualifying Conventional Borrowers
   a. Qualifying Worksheet
       1. Monthly Income
       2. Ratios
       3. Monthly Debts
       4. Maximum PITI
   b. Good Faith Estimates
   c. Employment Analysis
       1. W-2's
       2. Paystubs
       3. Verification of Employment
   d. Funds To Close Analysis
       1. Verification of Deposits
       2. Bonds/Institutional Statements
       3. Net Sheet for Property Sold
   e. Gifts & Document Implications
   

9. Qualifying FHA Borrowers
   a. Qualifying Worksheet
       1. Monthly Income
       2. Ratios
       3. Monthly Debts
       4. Maximum PITI
   b. FHA Maximum Loan Calculation
   c. Gifts & Documentation Implications
   d. Good Faith Estimate
   e. Employment Analysis
       1. W-2's
       2. Paystubs
       3. Verification of Employment
   f. Funds to Close Analysis
       1. Banks/Institutional Statements
       2. Verifications of Deposits
       3. Net Sheet for Property Sold
   g. FHA Borrower Disclosures
   h. HUD Violations
   

10. Taking the Loan Application
    a. Sections of the 1003
    b. How to ask the 1003 Questions
    c. HUD/VA Addendum
    d. Recognizing Red Flags
    e. Students Practice Taking Loan Applications from One Another
    

11. Submitting To Processing
    a. Processor Submission Checklist
    b. Conventional Forms Checklist
    c. FHA Checklist
    d. Processor Responsibilities
    

12. Basics of Self-Employed Borrowers
    a. Documentation
    b. Calculation of Income
    

13. BCD Borrowers
    

14. Appraisals
    a. Analysis of Sections
    b. Red Flags
    c. HUD Inspection Checklist
    

15. Underwriting the Loan
    a. Underwriter's responsibilities
    b. Approval/Suspension/Denial
    c. Fulfilling conditions
    

16. Closing the Loan
    a. Title Insurance
    b. Title Exceptions
    c. Endorsements to Title
    d. Trusts
    e. Surveys
    f. Power of Attorney
    g. Hazard Insurance
    h. Documentation
    i. Ways of Holding Title