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Course/Product Description

Conventional Basic Loan Officer

Format: Online Training Course

This course provides training for beginning loan officers.

It explains the overall industry, plus how to:

  • Prepare the loan file for underwriting and working with the file until it is closed
  • Calculate the loan amount
  • Select loan programs and the interest rate
  • Estimate closing costs and prepaids
  • Identify qualifying vs. note rates
  • Costs included in the loan amount
  • Evaluate the loan file based on underwriting guidelines

And to enhance your learning, each Lesson provides practical applications, short quizzes following each concept, and a computer-graded final quiz for each lesson!

Table of Contents:

Lesson 1: Initial calculations - Estimated completion time: 4-5 hours

  • Industry Overview
  • Definitions
  • Estimate Closing Costs
  • Estimate the value
  • Calculate loan amount for purchase and refis (rate/term and cashout)
  • Calculate the LTV and CLTV
  • Ask the borrower initial questions
  • Read a rate sheet
  • Identify qualifying rate
  • Calculate Loan Amount, P&I, PMI, PITI
  • Lock a loan
  • Prepare 1003 - Sections 1, 2, 5 (housing

Lesson 2: Income - Estimated completion time: 2-3 hours

  • Ask questions about income
  • Identify acceptable income
  • Review paystubs, W-2s, tax returns, divorce decree, VOE
  • Convert income to gross monthly income
  • Calculate front ratio
  • Prepare 1003 - Section 5 (income)

Lesson 3: Credit - Estimated completion time: 4-6 hours

  • Ask questions about liabilities
  • Identify all possible monthly obligations
  • Review credit report, paystubs, divorce decree, bank statements
  • Identify which accounts must be added to the 1003
  • Calculate DTI ratio
  • Prepare section 6 of the 1003
  • Ask questions about closing / mortgage
  • Identify lender charges
  • Review sales contract / rate sheet (loan officer)
  • Calculate interim interest and cash required to close
  • Prepare section 7 of the 1003
  • Review invoices / title report / evidence of insurance and update the Good Faith Estimate (processor usually completes this but loan officer needs to verify)

Lesson 4: Assets &closing costs - Estimated completion time: 2-3 hours

  • Identify available assets
  • Identify assets (as per loan program guideline)
  • Review asset documents
  • Calculate required cash to close
  • Calculate required cash "reserves"
  • Enter Asset &REO information on the 1003

Lesson 5: Property - Estimated completion time: 2-3 hours

  • Identify different types of property
  • Identify LTV limits
  • Know who orders property documents
  • Review information on property documents
  • Calculate LTV and CLTV (if it¡¦s required)
  • Prepare Section 6 of the 1003 and how the processor prepares the 1008

Lesson 6: Federal disclosures - Estimated completion time: 3 hours

  • Legal penalties associated with regulatory documents
  • Which documents are required for various situations
  • How to prepare these documents
  • Which questions to ask
  • Your responsibilities associated with these documents and
  • Illegal activities

Lesson 7: Underwriting - Estimated completion time: 3 hours

  • Understand automated underwriting
  • Understand traditional underwriting
  • Understand how to submit loans for underwriting
  • Be able to read automated findings
  • Be able to read traditional findings and
  • Be able to identify documents the borrower must supply for approval.
  • Which loan programs are available
  • How to prepare a file for the processor
  • The documents that must be prepared to submit to underwriting
  • What a processor must do to meet conditions
  • The processor's responsibilities for scheduling the closing

Lesson 8: 1003 - Estimated completion time: 2 hours

  • Identify borrower and co-borrower requirements

Lesson 9: Get paid! - Estimated completion time: 2 hours

  • How to order closing docs
  • Why the doc order form is critical to your transaction
  • Why to review HUDs
  • How to review HUDs and
  • How your paycheck is determined

About The Provider: Mortgage Training Specialists has been serving customers throughout the United States since 1994.

We offer training for conventional (FNMA and Freddie Mac), FHA, VA, Nonconforming (subprime) mortgages, and state certification through our basic, intermediate, and advanced level courses.

Whether you need training for new loan officers and processors or review materials for seasoned professionals, we have what you need at prices you can afford. At Mortgage Training Specialists, we put productivity in your hands!

Refund Policy

A full refund (less shipping/handling) will be issued if returned within 30 days. A $20 cancellation fee may apply.
Price: $249.00
More Info: Contact Us For More Information
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