Understanding Mortgages in Today's Changing Market

-Continuing Education- 

Book Cost: included
(You finish your 22.5 hours of continuing education required by the State.)

Course Outline:

  1. Standard mortgage application – FNMA 1003
  2. Verification forms –EV, DV, etc.
  3. Processing a mortgage application
  4. How to read and interpret a standard credit report
  5. How to read and analyze a FNMA appraisal
  6. Real Estate Settlement Procedures Act – RESPA
  7. Truth in Lending – Regulation Z
  8. Different types of mortgages
    1. Salaried vs. self employed
    2. Income check vs. no income check mortgages
    3. No asset verification – what is means and when to use it
    4. ARMS vs. Fixed, Biweekly, Balloons, Construction
    6. Home equities, second mortgages
  9. Commercial
    1. How to qualify a borrower and recommend the best mortgage plan
      available based on their qualifications
  10. Mortgage closing process – what happens to the after it is closed
  11. How to read and interpret a title report
  12. Closing Documents – Mortgage, Note, HUD 1
  13. Secondary Market
  14. NYS Banking Department
    1. General Regulation
    2. Article 12-D
    3. Advertising
    4. Legal Requirements – record keeping