Mortgage Fundamentals is content designed specifically for successful career entry. It is an in-depth study of loan program guidelines, the mortgage loan process and ethical and licensing standards for mortgage originators. This course is a MUST for every new originator, and when taken as a prerequisite to the 20 hour SAFE course, provides a solid base of knowledge to enhance the understanding of the Federal material. The program provides a working knowledge of:
- The mortgage industry and role of mortgage originator.
- The requirements for licensure as a mortgage originator.
- The components and calculations of a mortgage payment.
- The flow of a loan file from prequalification through post-closing.
- Calculations and guidelines for borrower pre-qualification.
- Mechanics and underwriting guidelines for conventional loans.
- Mechanics and underwriting guidelines for FHA government loans.
- Mechanics and underwriting guidelines for VA guaranteed loans.
- Overview of other common loan programs.
- Federal lending laws as they pertain to mortgage financing.
- Analyzing and interpreting a tri-merge credit report.
- Mathematical calculations related to mortgage financing.
- Completing a Uniform Residential Loan Application.
- Loan file documentation requirements.
- Understanding the needs of a specific borrower; recommending the appropriate loan program.
- Calculating borrower closing costs; regulated disclosures.
- Reviewing appraisal reports; and
- Completing the Loan Estimate and Closing Disclosure.
The course is divided into 23 Modules and is approximately 40 hours of content.
This purchase shall be deemed effective on the date that the user login is created and shall continue for (60) days. A course extension can be purchased for $109 for an additional (30) days.
Courses for Seasoned Originators
Summit offers courses for seasoned originators to refresh proficiencies and skills and stay up to date on changes to programs.
Originating FHA Loans covers the background of FHA loans, origination basics, property eligibility, loan limits, actual mortgage transactions, mortgage insurance premiums, and more. Additionally, the course will review borrower specifics, eligibility, income, and the role of automated underwriting.
USDA Rural Development Guaranteed Loans are quickly becoming one of the most powerful tools in the loan originator’s arsenal. Originating USDA Loans covers the specifics of this loan program including borrower and property eligibility, calculating the upfront and annual guarantee fee, using credit and ratio waivers, borrower income restrictions and loan file documentation requirements.
Mechanics of VA Loans covers the background of VA loans, origination basics, property eligibility, loan limits, actual mortgage transactions, the structure of VA funding fees, entitlement calculations and more. Additionally, the course will review borrower specifics, eligibility, and income calculations.