Essentials of Mortgage Lending

This 8-hour course provides a high-level overview of the mortgage industry for novices. Addressing mortgage types, products, and programs, the course will also touch on roles and responsibilities of key players in the loan process. Students will have the opportunity to review and practice completing critical components of a loan file. Please Note: This class does not discuss mortgage lending as it relates to the Encompass platform.

Class Agenda

  • Mortgage History
  • Mortgage Terminology and The Regulators (Multi Media presentation)
  • Mortgage Terminology and Loan Types and Components (using scenarios for practical application)
  • Mortgage Terminology and Compliance & Fraud (covering 10 most common compliance regulations, 8 most common fraud schemes with practical application)
  • Mortgage Terminology and The Mortgage Loan Cycle (using a role play covering each roles process and responsibilities with the loan)
  • The Mortgage Loan Melodrama (simulation activities)
    • Origination: Defining the 1003 and reviewing disclosures (LE)
    • Processing: Calculating income. How DTI is calculated and LTV is calculated
    • Underwriting: Reviewing the 4 C’s Credit, Capacity, Capital, Collateral (with real examples)
    • Closing/Funding: Reviewing preliminary title and vesting. Viewing Closing documents. (CD)
    • Post-Closing: Review Final Title, and steps to send loan to investor.
    • Servicing: Cover what servicing does to board a loan and prepare it for first payment.
  • Final quiz putting it all together.

Participants will complete a comprehensive online assessment after the conclusion of the course to assess mastery of the content. Students must earn a minimum score of 70% to pass.

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