STANDARD COMPETENCIES

 

 • Satisfy the required Federal education as established by the SAFE Act

 • Improve the knowledge level of licensed mortgage loan originators

 • Prepare for the federal pre-license exam

 TOPICAL OUTLINE

 

 Federal Laws and Regulations Regarding Mortgage Origination

 Learning Objectives:

 • Understanding the federal laws that govern the mortgage industry

 • Responsibilities and restrictions, placed on mortgage brokers, by each federal law

 • Understanding the penalties involved with each law for non-compliance

 • A working knowledge of forms associated with federal laws

 

 II. Ethics, Fraud and Consumer Protection

 Learning Objectives

 • Understanding what mortgage fraud is and the participants that may play a role

 • How any participant in the real estate transaction could play a role in committing fraud

 • How to run your business using the proper professional practices

 

 

 III.   Mortgage Math & Support Documents

 Learning Objectives:

 • Understanding of how different mortgage products will affect the borrower

 • Obtain a detailed understanding of conventional, government, sub prime and portfolio loan programs

 • Thorough understanding of FHA and VA loan programs and how each are used

 

 IV. Electives

 Learning Objectives:

 • Understand the new RESPA Rules and GFE/HUD-1 for 2010

 • Acquire a working knowledge of the fundamentals roles involved in the mortgage lending industry

 • Understand the secondary market and wholesale marketing

 • Understanding of all the parties involved in the origination, processing, underwriting, closing and funding of a typical mortgage loan

 • Understanding the basic terminology associated with the mortgage industry

 • Acquire a working knowledge of the Uniform Residential Loan Application, form 1003

 • Understanding the required federal and state disclosures that accompany mortgage loan files

 • Proper knowledge of support documents

 • Acquire a working knowledge of general qualification for borrower income and debt

 • Obtain a detailed understanding of credit scoring

 • Complete understanding of the Good Faith Estimate and Truth-in-Lending forms and the calculation methods

 • Understanding how the underwriting process works and the effects of underwriting recommendations

 • Detailed understanding of the appraisal and how appraisal figures are achieved

 • Acquire a basic working knowledge of title insurance and the types of title policies