STANDARD COMPETENCIES:

 

 I.      Demonstrate awareness of FHA concepts and the proper use of FHA loans

 II.     Demonstrate a knowledge of the Act covering FHA loans and how this applies to the FHA application process.

 III.    Understand the Credit Alert System, Limited Denials of Participation and GSA¿s.

 IV.     Understand the Energy Efficient Mortgage Program guidelines along with corresponding mortgagee letters.

 V.      Calculate the maximum loan limits and MIP refunds

 VI.     Prepare all loan documents including the Mortgage Credit Analysis Worksheet.

 VII.    Calculate qualifying ratios and loan to values for the underwriting process.

 VIII.   Be able to work with FHA Connections online, ordering case numbers, assigning appraisers and transferring or closing cases..

 IX.     Manifest the ability to review loan application support documentation and processing, how to price different loans, how to read rate sheets and how to work with add ons.

 TOPICAL OUTLINE:

 

 I.      Proper Use of FHA loans for loan officers

 II.     FHA terminology is reviewed

 III.    Descriptions of the Sections of the Act and how they apply

 IV.     Calculate maximum loan limits and MIP refunds

 V.      The differences in ¿high¿ and ¿low¿ closing cost states

 VI.     Allowable closing costs, cash to close and acceptable sourcs of funds

 VII.    Energy Efficient Mortgage program guidelines

 VIII.   Credit Alert Systems, Limited Denials of Participation and GSA¿s

 IX.     Acceptable credit documentation and alternative documentation sources

 X       Mortgage Credit Analysis Worksheet

 XI.     FHA appraisal requirements

 XII.    Refinance loan amount calculations

 XIII.   Valuation Condition Report

 XIV.    Work with FHA connection online

 XV.     Order case numbers, assign appraisers, transfer or close cases

 XVI.    LDP an GSA queries