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  • MISMO Fundamentals Self Study Web-Based Course

    MISMO Fundamentals Self Study Instructor-Guided Course Please scroll down to read important discount information for MISMO members and government employees. This self study course is designed for business and technology professionals who are currently (or who may soon be) involved in the considera

  • MISMO Implementation Framework - Case Study Pt 1-Self Study

    MISMO Implementation Framework - Case Study Part 1 - Self Study Instructor-Guided Course Discount for MISMO Members and Government Employees Please note there is $200 discount for MISMO memmbers and government employees. To obtain the promo code (to be used when you check out), send an email to IN

  • Mortgage Loan Processor Onboarding Package

    MBA Education is pleased to offer a comprehensive training package for newly hired mortgage loan processors. This package, comprised of 18 web-based self-study courses and roughly 30 hours of training, will provide students the foundational knowledge they need to get started in their new roles. Du

  • RC_GO_F_200.4 Mortgage Loan Fraud Best Practices & Resources

    This is a single-family/residential course. In order to deter, uncover, and minimize losses associated with mortgage fraud, lenders should have a comprehensive fraud detection and deterrence plan in place that covers all aspects of the production cycle (origination, processing, underwriting, and cl

  • RC_GO_F_200.2 Mortgage Loan Fraud for Profit

    This is a single-family/residential course. Fraud for profit schemes have become quite complex. Fraud perpetrators have developed expertise in taking a variation from one type of scheme and adding it to another. Mortgage Loan Fraud for Profit provides an overview of the most prevalent types of fra

  • RC_GO_F_200.1 Mortgage Loan Fraud Overview & Current Trends

    This is a single-family/residential course. Mortgage fraud is defined as the intentional misstatement, misrepresentation, or omission by an applicant or other interested party of information that is relied on by a lender or underwriter in approving or purchasing a mortgage loan. Fraud is a challeng

  • RC_GO_F_200.3 Mortgage Loan-Level Misrepresentation

    This is a single-family/residential course. Whether a loan applicant decides to commit fraud for property or for profit, the majority of misrepresentations can be tracked back to documentation found in the individual loan file. Misrepresentations may include fabricated or altered employment, income

  • RC_GO_100.3 Funding, Warehousing, Shipping, and QC Basics

    This is a single-family/residential course. The Funding, Warehousing, Shipping, and QC Basics course examines the funding, warehousing, shipping and delivery, and quality control processes in mortgage lending. It begins by describing the various financing methods available, sources of the funds tha

  • RC_GO_100.1 Introduction to Mortgage Banking

    This is a single-family/residential course. Generally speaking, Americans cannot afford to pay cash to purchase a new home. To facilitate homeownership and its associated economic and societal benefits, long-term mortgage loans were created. A mortgage is security interest in a property; it is give

  • RC_GO_100.5 Loan Administration Basics

    This is a single-family/residential course. Mortgage bankers generate substantial income by servicing loans on behalf of investors. In this course, we will learn about the various functions of servicing and how loan servicing can be a valuable revenue-generating asset. We will also learn about the

  • RC_GO_100.2 Loan Production Basics

    This is a single-family/residential course. Loan Production Basics presents an overview of the loan production process. It begins with a review of the three main goals of loan production: creating investor acceptable loans, protecting the consumer, and ensuring compliance. After taking a broad loo

  • RC_GO_100.4 Secondary Marketing Basics

    This is a single-family/residential course. In the primary mortgage market, interactions are between the lender and the borrower. Conversely, in the secondary market, the interaction is between the lender and the investor that buys loans and servicing rights from the lender. The secondary market p

  • RC_LA_CM_200.1 Cash Flow

    This is a single-family/residential course. The homeowner’s monthly mortgage payment is generally broken down into several different components, and many different parties may make claim to their portion of the payment. There are a myriad of combinations of elements contained within a given payment

  • RC_LA_CM_201.3 Cash Processing

    This is a single-family/residential course. Every month the servicer receives mortgage payments that are calculated based on the terms in the mortgage note. The payments may be tendered electronically or in the form of paper checks. The funds provided by a mortgagor's payment are then posted to the

  • RC_LA_CM_200.3 Electronic Payments

    This is a single-family/residential course. One of the most widely automated activities in mortgage payment processing is electronic payment drafting, in which a mortgagor allows a servicer to draft his or her monthly payment from a checking/savings account. The use of automated payment drafting pr

  • RC_LA_CM_200.2 Exceptions Processing

    This is a single-family/residential course. In an ideal mortgage payment situation, funds from a payment are applied directly to the different payment elements such as the principal, interest, escrow, and insurance accounts, and the whole process is very routine. Often, however, there are additiona

  • RC_LA_CM_201.2 Payment Automation

    This is a single-family/residential course. In the past, making and posting monthly mortgage loan payments was a time-consuming process. Each month the borrower had to remember to write a check, put it in a special envelope, add a postage stamp, and mail the envelope in time to meet the all-importa

  • RC_LA_CM_201.1 Types of Cash Movement

    This is a single-family/residential course. The intake of mortgage loan payments by the servicer marks the beginning of the cashiering department's role in mortgage servicing. The cash received must be divided and applied to the proper accounts in a timely manner. The how, when, and where of cash m

  • RC_LA_CR_300.3 Accounting for CSRs

    This is a single-family/residential course. Borrowers often call with a question about their payments, fees, or late charges. Many times these questions arise after they receive their year-end and Form 1098 statements. To answer these questions, you may need information about the following: The bo

  • RC_LA_CR_300.1 Customer Service Basics

    This is a single-family/residential course. Providing quality customer service is incredibly important to every servicer's organization. One call resolution helps a customer service team to maximize efficiency, well trained and knowledgable customer service representatives allow that to happen. Bor

  • RC_LA_CR_300.4 Escrow Operations for CSRs

    This is a single-family/residential course. Escrow Operations for CSRs reviews the primary components of an escrow account. After providing thorough coverage of mortgage insurance, hazard insurance, and property taxes, the course concludes with an examination of escrow analysis. Topics: Mortgage I

  • RC_LA_CR_300.2 Laws and Regulations for CSRs

    This is a single-family/residential course. The federal government believes that the consumer should be protected from discrimination and other unfair lending practices. In order to ensure that these rights are upheld, the government passed several acts related to the financing of housing. Federal

  • RC_LA_CR_200.2 Loan Administration Concepts for CSRs

    This is a single-family/residential course. Loan administration is a large, complex array of functions that comprises one of the three primary disciplines necessary to the business of mortgage banking: loan production, secondary marketing, and loan administration. Together, loan production and seco

  • RC_LA_CR_200.1 Mortgage Banking Concepts for CSRs

    This is a single-family/residential course. The loan administration function begins immediately after a mortgage loan has been closed. Loan administration processes are a vital part of any mortgage banking company, since a large part of a company's net income is derived from the loan administration

  • RC_LA_CR_300.5 Servicing Transfers for CSRs

    This is a single-family/residential course. The rights to servicing loans are transferred from one mortgage banking company to another for various reasons. It is important for you to understand what your role is both when selling the servicing and when receiving the servicing. Servicing Transfers

  • RC_LA_DA_302.1 Bankruptcy Basics

    This is a single-family/residential course. Bankruptcy is a legal process through which individuals or businesses that are unable to pay accumulated debt may seek to obtain a reasonable resolution, including possible release from specific financial obligations or debts. Bankruptcy Basics presents

  • RC_LA_DA_300.2 Collection Tools for Loan Counselors

    This is a single-family/residential course. Proactive outreach by loan servicers can help reduce the number of delinquent loans and ensure successful loan performance. There are a variety of cost-effective collection tools available to loan servicers, each with pros and cons. Collections loan couns

  • RC_LA_DA_303.3 Conventional Loan Recovery: Claims

    This is a single-family/residential course. The best outcome of a foreclosure for a servicer is to have a third-party purchase the property at the foreclosure sale. This eliminates or reduces losses by the investor and the servicer. At times, however, the sale of the property does not cover the cos

  • RC_LA_DA_303.4 Conventional Loan Recovery: Corporate Advance

    This is a single-family/residential course. Servicers incur significant expenses during the course of handling a foreclosure, including legal fees, appraisal fees, taxes, maintenance costs, and even advertising costs. These expenses add up quickly. In most instances, a portion of these foreclosure

  • RC_LA_DA_303.1 Conventional Loan Recovery: Essentials

    This is a single-family/residential course. Although lenders strive to avoid foreclosure through workout and loss mitigation efforts, there are some circumstances in which foreclosure is the only remaining option for the lender. Conventional Loan Recovery: Essentials provides an introduction to th

  • RC_LA_DA_303.2 Conventional Loan Recovery: Foreclosure

    This is a single-family/residential course. There are many situations that can lead to foreclosure. A homeowner may become unemployed due to company layoffs or may become unable to work due to medical conditions. Struggling to make ends meet, the homeowner may ultimately no longer have the money ne

  • RC_LA_DA_200.2 Default Administration Functional Areas

    This is a single-family/residential course. Unfortunately, some borrowers will experience difficulty meeting their payment obligations. In extreme instances, this may lead to a foreclosure, which generally results in a loss for all parties: borrower, lender/investor, and servicer. Default and forec

  • RC_LA_DA_301.5 GSE and Agency Loss Mitigation Options

    This is a single-family/residential course. Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA) and the Veterans Administration (VA) are key players in the mortgage market. Fannie Mae and Freddie Mac are both government-sponsored enterprises (GSEs) that provide liquidity through their

  • RC_LA_DA_205.1 Introduction to REO

    This is a single-family/residential course. Before a property becomes real estate owned (REO), there are a number of potential loss mitigation solutions that should be explored to assist a distressed homeowner to retain ownership while minimizing loss for the mortgage servicer and investor. Unfortu

  • RC_LA_DA_301.1 Loss Mitigation Concepts

    This is a single-family/residential course. The verb "to mitigate" means to cause something to become less harsh, hostile, severe, or painful. Loss mitigation in mortgage lending involves activities that reduce or eliminate credit losses (pain) to lenders, servicers, investors, and borrowers. In th

  • RC_LA_DA_301.3 Loss Mitigation Options

    This is a single-family/residential course. Servicers have a number of tools and programs available to help borrowers in distress and to mitigate losses for all parties involved in a loan transaction. Ideally, options may allow borrowers to keep their home, but even in cases where this is not possi

  • RC_LA_DA_301.2 Loss Mitigation Processes

    This is a single-family/residential course. The loss mitigation counselor's role has become central to any discussion about the industry's role in the stability of the housing market. Federal regulations, investor controls, insurer requirements, and individual state statutes strive to regulate the

  • RC_LA_DA_300.1 Managing Delinquency for Loan Counselors

    This is a single-family/residential course. This course introduces the role of the collections loan counselor. It provides the foundational knowledge and context necessary to understand the specifics of the collection loan counselor's responsibilities. Managing Delinquency for Loan Counselors begi

  • RC_LA_DA_301.4 Math for Loss Mitigation

    This is a single-family/residential course. Many of the loan counselor's decisions are based on financial calculations. These calculations answer questions about the borrower's ability to continue making monthly payments, while providing direction as to the most appropriate solution. Although techn

  • RC_LA_DA_300.4 Meeting Collection Goals for Loan Counselors

    This is a single-family/residential course. Meeting Collection Goals for Loan Counselors addresses how to meet collections goals by determining the cause of delinquent payments and obtaining realistic promises to pay. The course provides an overview of common reasons for delinquency and explores tw

  • RC_LA_DA_302.2 Processing the Bankruptcy Loan

    This is a single-family/residential course. Bankruptcy cases generally last between three months and five years. Accurate and timely management of bankruptcy cases during this time is critical to the mortgage servicer. Missed filing dates or incorrect reporting can result in lost time and revenue

  • RC_LA_DA_304.2 REO Acquisition and Boarding

    This is a single-family/residential course. REO management, as a servicing function, begins with the acquisition and boarding of REO assets. The sourcing and acquisition of REO assets is typically handled by a separate department or team of people who will subsequently communicate with the boarding

  • RC_LA_DA_304.4 REO Marketing and Sale

    This is a single-family/residential course. REO Marketing and Sale explores the marketing and sale phase of an REO property. It addresses the key components of an offer and their overall effect on the sale of REO properties. Some of the most important components in the closing process are also cove

  • RC_LA_DA_304.3 REO Pre-Marketing

    This is a single-family/residential course. Assessing the value of an REO property is a critical task, as all future strategy decisions will be driven by the current value of the asset. For this purpose, REO managers rely on the two professionals best suited to evaluate a new property: the appraise

  • RC_LA_DA_300.3 Telephone Skills for Loan Counselors

    This is a single-family/residential course. A loan counselor must possess strong communication skills in order to handle the sensitive and sometimes tense conversations that are encountered each day. Most of the communication with the borrower is done by telephone. Communicating on the telephone ca

  • RC_LA_DA_200.1 Working in Default Administration

    This is a single-family/residential course. Working in Default Administration provides a high-level overview of concepts related to working in the default administration group within a typical mortgage servicing operation. It begins by describing the role of servicing within the lending process and

  • RC_LA_EA_300.1 Escrow Analysis

    This is a single-family/residential course. Escrow Analysis examines the process lenders use to determine whether monthly escrow deposits will provide sufficient funds to pay taxes, insurance, and other bills when due. The course begins with a description of the two basics types of escrow analysis

  • RC_LA_EA_300.5 Escrow for New and Transferred Loans

    This is a single-family/residential course. Escrow for New and Transferred Loans examines escrow concerns when new loans are acquired or when loans are transferred. The course begins with a discussion of how the correct monthly payment and initial deposit are established for new loans. Next, it exa

  • RC_LA_EA_300.3 Escrowing Mortgage Insurance

    This is a single-family/residential course. The three major components of most escrow accounts are property insurance, mortgage insurance, and real estate taxes. In this course, we will look at various types of mortgage insurance which protect mortgage lenders against loss in the event of default o

  • RC_LA_EA_300.2 Escrowing Property and Flood Insurance

    This is a single-family/residential course. The three major components of most escrow accounts are property insurance, mortgage insurance, and real estate taxes. Property insurance protects the borrower and lender against losses due to property damage or destruction. The mortgage servicer is respon

  • RC_LA_EA_300.4 Escrowing Real Estate Taxes

    This is a single-family/residential course. The three major components of most escrow accounts are property insurance, mortgage insurance, and real estate taxes. Lenders face tremendous risks associated with unpaid tax bills: the property can be sold at a tax sale, and the lender can lose the secur

  • RC_LA_EA_200.1 Escrow in Loan Administration

    This is a single-family/residential course. Escrow in Loan Administration describes the escrow administration function within the loan administration department. The course begins with a look at the three major components of the lending cycle: loan production, secondary marketing, and loan administ

  • RC_LA_EA_301.6 Insurance Documents

    This is a single-family/residential course. Insurance providers issue documents related to each policy on a frequent basis, as well as documentation summarizing each transaction related to insuring a property. Associates within the insurance servicing team must become familiar with the various form

  • RC_LA_EA_301.5 Insurance Policies and Coverage

    This is a single-family/residential course. Insurance Policies and Coverage provides an overview of the various insurance policies that may be issued to provide insurance for properties. It explores the different types of coverages, costs, and application of the different policies, including their

  • RC_LA_EA_301.1 Insurance Servicing Foundations

    This is a single-family/residential course. Insurance Servicing Foundations presents the fundamentals of insurance servicing. It begins by providing context for the discussion of insurance in loan servicing. It defines insurance and explores the history of insurance. It then describes insurance und

  • RC_LA_EA_301.4 Processing Insurance Claims

    This is a single-family/residential course. Processing Insurance Claims describes what happens in the event of damage or destruction to an insured property and compares the obligations of the borrower, the servicer, and the insurance company in handling a loss. It presents the different types of cl

  • RC_LA_EA_301.2 Property Insurance Requirements

    This is a single-family/residential course. Property Insurance Requirements examines the general requirements for various types of property insurance, including the obligations of the borrower and lender. The course distinguishes between a deed of trust and a mortgage and describes how those differ

  • RC_LA_EA_200.2 The Escrow Department

    This is a single-family/residential course. The Escrow Department examines the roles, responsibilities, resources, and tools of the escrow group. The course begins by describing where the obligations of the lender and borrower regarding escrow are defined. Next, it examines the basic functions perf

  • RC_LA_EA_301.3 The Insurance Department

    This is a single-family/residential course. The Insurance Department describes some of the keys to successful insurance servicing. It also examines the specific tasks performed by the insurance department. It then looks at the events that trigger exceptions in the process and explores the actions s

  • RC_LA_FM_301.1 Bank Reconciliation Concepts

    This is a single-family/residential course. Bank reconciliation is an essential step in confirming the accuracy of financial data among the various parties. A successful reconciliation ensures that the servicer's financial records correspond with the investor's records and the bank's records. Bank

  • RC_LA_FM_200.1 Financial Categories for Loan Administration

    This is a single-family/residential course. The role of the corporate accounting department is to provide an accurate description of a company's financial activities. Using financial statements (i.e., the balance sheet and income statement), the corporate accounting department paints a financial pi

  • RC_LA_FM_300.1 Financial Statement Analysis

    This is a single-family/residential course. Financial Statement Analysis introduces the financial reconciliation and analysis of the balance sheet and the income statement. It begins by examining the reconciliation of various asset accounts: the principal balance account, accrued interest receivabl

  • RC_LA_FM_200.2 Government Financial Agencies

    This is a single-family/residential course. The corporate accounting department is responsible for ensuring that the company's financial activities are accurately reported in accordance with company and governmental agency guidelines. Government Financial Agencies reviews the various government ag

  • RC_LA_FM_301.2 Investor Requirements in Bank Reconciliation

    This is a single-family/residential course. Large agency investors — Fannie Mae, Freddie Mac, and Ginnie Mae — each have unique requirements for reconciling custodial accounts. Private investors have their own sets of requirements. Investor Requirements in Bank Reconciliation examines the special

  • RC_LA_FM_300.2 Mortgage Servicing Portfolio Valuation

    This is a single-family/residential course. Mortgage Servicing Portfolio Valuation provides a high-level overview of the process of mortgage servicing portfolio valuation. It begins with a look at how various loan characteristics affect the servicing value of a portfolio. Next, it discusses the fou

  • RC_LA_IR_200.1 Investor Reporting Concepts

    This is a single-family/residential course. Servicing a mortgage loan involves many functional areas, one of which is investor reporting. Investor Reporting Concepts begins with an introduction to investor reporting-related terms and the variety of investor-related activities that mortgage loan se

  • RC_LA_IR_200.2 Investor Reporting Requirements

    This is a single-family/residential course. Each investor has different reporting guidelines that must be followed. Failure to follow investor guidelines could result in a penalty for the servicer. Investor Reporting Requirements outlines reporting requirements of various investors, including Fan

  • RC_LA_IR_300.2 Investor Reporting Requirements: Fannie Mae

    This is a single-family/residential course. MBA Education is dedicated to accommodating today's busy professional by offering short, accessible learning programs that can be completed in less than an hour. Content in this course is derived from Essentials of Investor Reporting, which is no longer a

  • RC_LA_IR_300.1 Investor Reporting Requirements: Freddie Mac

    This is a single-family/residential course. Servicing Freddie Mac mortgage loans involves unique information data and reporting requirements for the investor reporting specialist. Investor Reporting Requirements: Freddie Mac introduces terms and specific data requirements for successful monthly Fre

  • RC_LA_IR_300.3 Investor Reporting Requirements: Ginnie Mae

    This is a single-family/residential course. This course focuses on Ginnie Mae's investor reporting requirements. It will introduce you to terms and specific data requirements to ensure successful monthly reporting and reconciliation to Ginnie Mae. The Investor Reporting Requirements: Ginnie Mae c

  • RC_LA_IR_300.4 Private Investor Reporting Requirements

    This is a single-family/residential course. This course focuses on private investor reporting and remitting guidelines. It will introduce you to new terms and specific data requirements for successful private investor reporting, which will include remitting and reconciliation. The Private Investo

  • RC_LA_100.2 Loan Administration Concepts

    This is a single-family/residential course. Loan administration (servicing) is a critical component of the lending cycle since it contributes so heavily to the overall profitability of mortgage banking. Loan Administration Concepts takes a look at the critical concepts related to loan administrati

  • RC_LA_100.4 Loan Administration Functions

    This is a single-family/residential module. Loan administration is made up of an array of different functions, divided into similar work categories, yet overlapping and reliant on one another. There are different names given to these functions, as well as different organization structures linking t

  • RC_LA_100.3 Loan File Documents

    This is a single-family/residential module. The process of real estate lending results in collecting a number of documents used to create a mortgage loan. Most of these documents are associated with the origination and underwriting functions and are dictated by the standard processes imposed by sec

  • RC_LA_PLA_200.2 Lien Release Concepts

    This is a single-family/residential course. When a residential mortgage loan is granted, the property is pledged as security for the debt. This is done by publicly recording a lien on the property at the county recorder's office which a public record of the debt. When that lien is paid off, it must

  • RC_LA_PLA_200.3 Mortgage Assumption Concepts

    This is a single-family/residential course. Mortgage Assumption Concepts focuses on defining assumptions, the advantages of assumptions, and the documentation necessary to complete an assumption. It also explains the approval and closing process for an assumption loan. The course begins with a look

  • RC_LA_PLA_200.1 Mortgage Payoff Concepts

    This is a single-family/residential course. Mortgage Payoff Concepts details the steps involved in the mortgage payoff process. The course begins with an overview of the payoff process, including the terms of the mortgage, the overall payoff process, and the Uniform Residential Mortgage Satisfactio

  • RC_LA_100.1 Servicing in the Mortgage Lending Process

    This is a single-family/residential course. Servicing in the Mortgage Lending Process begins with an overview of the functions and players in mortgage lending, examining the role of servicing within the overall lending process. Next, it examines participants in the mortgage lending industry, lookin

  • RC_LA_SS_200.1 Introduction to Equity Products

    This is a single-family/residential course. Thanks to home equity loans and home equity lines of credit, many Americans have been able to unlock the wealth stored in their homes. The growth in popularity of these home equity products has brought about great changes for borrowers and servicers alike

  • RC_LA_SS_200.2 Servicing Implications of Equity Products

    This is a single-family/residential course. The servicing of home equity products experienced exceptional growth from 2000 to 2008. Production slowed dramatically in the wake of the financial crisis and is only now starting to recover. Many new regulations limit production in home equity loans and

  • RC_LA_SS_300.1 Special Loan Basics

    This is a single-family/residential course. MBA Education is dedicated to accommodating today's busy professional by offering short, accessible learning programs that can be completed in less than an hour. Content in this course is derived from Special Loan Administration I, which is no longer avai

  • RC_LA_SS_301.1 Special Loan Features

    This is a single-family/residential course. Special loan features offer prospective borrowers creative financing tools to modify various loan products. Special loan features include items such as different rate options and interest-only payment options. The terms of these loans are generally more c

  • RC_LA_SS_301.2 Special Loan Market

    This is a single-family/residential course. Special loan products offer alternatives to the traditional fixed-rate and adjustable-rate loans. Financial entities offer combination or hybrid loan products in order to stay competitive in the market. To accomplish this, lenders often create new loan p

  • RC_LA_SS_300.2 Special Loan Products

    This is a single-family/residential course. Homebuyers come to the mortgage market with many different financial circumstances and goals. Often a fixed-rate conventional loan is not the best choice for a specific situation. To meet the needs of as many potential mortgagors as possible, mortgage ban

  • RC_LA_ST_300.2 Investor Requirements for Servicing Transfers

    This is a single-family/residential course. An investor is any person or institution that invests in mortgages or mortgage-backed securities. When discussing mortgage loan servicing, the term investor commonly refers to government agencies such as Ginnie Mae; government-sponsored enterprises (GSEs)

  • RC_LA_ST_200.1 Servicing Transfers Concepts

    This is a single-family/residential course. Servicing, also known as loan administration, is the performance of the administrative duties associated with a loan from the time it closes until it is paid off. The right to service a loan is an important source of income for most mortgage lenders. Thes

  • RC_LA_ST_300.1 Servicing Transfers Process

    This is a single-family/residential course. Servicing transfers affect both the buyer and the seller. The seller is responsible for producing several notifications, preparing files for transfer to the buyer, and completing escrow-related functions. The buyer forms an acquisition team and may add st

  • RC_LP_O_200.3 Generating Purchase Business for MLOs

    This is a single-family/residential course. Generating Purchase Business for Mortgage Loan Originators (MLOs) provides mortgage loan originators with marketing strategies used to stimulate purchase money business. This course provides training on the various avenues for creating referrals and prov

  • RC_LP_P_200.5 File Review and Submission

    This is a single-family/residential course. Simply stated, loan processing is the gathering of documents that verify information provided on the loan application. This verified information allows the underwriter or automated underwriting system (AUS) to perform an accurate risk assessment. The subm

  • RC_LP_P_200.1 Processing Fundamentals

    This is a single-family/residential course. In preparing a loan file for submission to the underwriting team, the processor plays a vital role in the loan production process. In essence, the processor is the "traffic light" that keeps the flow of information moving down the highway to loan approval

  • RC_LP_P_200.4 Property Appraisal for Processors

    This is a single-family/residential course. An appraisal is an estimate or an opinion of the fair market value of a property. The purpose of the appraisal is to establish the current market value of the property and to determine if it is adequate collateral for the loan amount being requested. For

  • RC_LP_P_200.2 The Loan Application for Processors

    This is a single-family/residential course. One of the processor's key functions is to ensure that the loan application is complete and accurate. The loan application is the foundation both for documenting the loan file and for assessing the ability of the borrower to qualify for the proposed mortg

  • RC_LP_P_200.3 Verification and Supporting Documentation

    This is a single-family/residential course. Verification is an important part of the loan application process. One of its purposes is to ensure that the borrower is able to cope financially with the responsibility of a home mortgage. While there is little to indicate that applicants regularly and i

  • RC_LP_U_308.4 Acquisition Costs for Construction/Perm Loans

    This is a single-family/residential course. In Acquisition Costs for Construction/Perm Loans, we examine the process of calculating total acquisition costs on a construction loan and review Fannie Mae and Freddie Mac documentation criteria for allowable expenses. Topics: Qualifying Acquisition Cos

  • RC_LP_U_301.1 Analyzing the Appraisal

    This is a single-family/residential course. Appraisals are integral to the lending process because they ensure that the collateral pledged as security for the loan is adequate to the value of the loan. They ensure the collateral really does secure the mortgage obligation. Since inflated appraisals

  • RC_LP_U_307.3 Appraisal Issues: Beyond the Basics

    This is a single-family/residential course. Evaluating collateral is an important part of an underwriter's task of examining overall risk assessment. To this end, underwriters must be able to evaluate different types of properties and appraisals. The mortgage application may indicate the collatera

  • RC_LP_U_200.4 Asset Review in Residential Underwriting

    This is a single-family/residential course. In Asset Review in Residential Underwriting, we describe how to analyze an applicant's assets to ensure that there are sufficient funds to close and that the applicant meets program guidelines with respect to the minimum borrower contribution and reserve

  • RC_LP_U_306.1 Business Structures for Self-Empl. Borrowers

    This is a single-family/residential course. Understanding the different business classifications and methods used to report income for tax purposes is key to deriving a stable monthly income figure for self-employed customers applying for mortgage loans. Sole proprietorships, partnerships, corpora

  • RC_LP_U_200.5 Collateral Review in Residential Underwriting

    This is a single-family/residential course. In mortgage lending, the appraisal is an important document that enables the underwriter to decide whether the property offers sufficient collateral for the loan amount being requested. If a borrower defaults on a mortgage loan, the investor or lender who

  • RC_LP_U_200.3 Credit Review in Residential Underwriting

    This is a single-family/residential course. In addition to making certain that the credit score fits the product eligibility parameters, an underwriter needs to perform a thorough analysis of the credit report. Credit Review in Residential Underwriting walks through the steps of analyzing the cred

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