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This class includes an in-depth look at estimating settlement charges and then disclosing them in detail. It gives loan originators hands on opportunity to qualify a loan from beginning to end and complete a loan application and good faith estimate.
- How to fill out a good faith estimate
- How to quote settlement charges
- Including closing in the purchase price
- Details of the transaction of the 1003
- How to read a good faith estimates
What are points and origination fees? What is the APR? How do we explain the TRUTH IN LENDING DISCLOSURE?
How are charges listed on the MORTGAGE BROKER AGREEMENT?
(This level is customized to your organizations charges and procedures.)
How do we figure escrows and prepaid items?
How do we calculate homeowner’s insurance requirements?
How do we calculate title insurance charges on purchases, refinances and CEMAS?
What is a CEMA and how can it help us do more business?
How is the mortgage tax calculated?
This level includes a several real scenario workshops where loan officers have hands on experience taking loan information to the good faith estimate and the 1003.
COLLATERAL, CREDIT AND CAPACITY AND THE MECHANISMS OF PREQUALIFICATION
The PRE-APPROVAL CERTIFICATE
Using Qualifying Ratios
Interpreting a Tri-Merge Credit Report
Final Workshop uses Bank Statements, Pay stubs and a Sample Credit Report to correctly complete a GFE and 1003.
Pricing for this workshop begins at $2,000 for up to 5 persons and $200 for each additional person. This is for the standard 16 hour course and study book. This course is 4 days, 4 hours each or can be 3 days 5 hours each.
Upon completion of the 4 day course, workshop assignments and a passing grade, students will be awarded a completion certificate. |
