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SAFE Course & Loan Officer Training (20 hrs NMLS credit) Objectives: The purpose of the course is to familiarize students with topics on compliance and discipline issues. In addition, we will review updates of products that have drawn red flags in the past. Finally, a comprehensive course in loan officer training from the initial processing, underwriting, details of the new Good Faith Estimate, and closing of the loan will be introduced. The activities are interactive—with input from the students and discussion topics. On completion of the course, one will have a better understanding of the role of a loan officer. The materials in loan officer training (electives) have been researched extensively and tested in the field. The handouts have pertinent information that can be a helpful guide to solving problems when one is practicing as a loan officer in the field. Material Needed: Mortgage Calculator (ex: HP-12C or Qualifier) Chapter 1: Federal Lending Legislation (3 hours) Section 1-1 Laws Requiring Financial Disclosure in Real Estate Transaction 1-1A: Truth in Lending Act (TILA) 1-1B: Real Estate Settlement Procedures Act (RESPA) Ø New Good Faith Estimate Ø New HUD-1 1-1C: Homeowners Protection Act (HPA) Section 1-2 Laws Protecting Privacy and Service 1-2A: Fair Credit Reporting Act 1-2B: Fair and Accurate Credit Transaction Act (FACT) 1-2C: Gramm-Leach Bliley Act (The Privacy Act) Section 1-3 Laws Prohibiting Discrimination 1-3A: Civil Rights Act 1-3B: Fair Housing Act 1-3C: Equal Credit Opportunity Act (ECOA) 1-3D: Home Mortgage Disclosure Act (HMDA) Section 1-4 Laws Prohibiting Predatory Lending 1-4A: Home Ownership & Equity Protection Act (HOEPA) Section 1-5 New Licensing Requirements 1-5A: SAFE Act Ø Quiz: Laws & Regulations Chapter 2: Ethics in Mortgage Lending (3 hours) Section 2-1 Ethical and Legal Consideration Section 2-2 Truth in Lending Section 2-3 Real Estate Settlement Procedures Act (RESPA) Section 2-4 Ethics in Advertisement Section 2-5 Mortgage Fraud Section 2-6 Predatory Lending Section 2-7 Case Studies Ø Quiz: Ethics Chapter 3: Non-traditional Mortgage Products ( 2 hours) Section 3-1 How Lenders are Paid Section 3-2 Buydown loans Section 3-3 Seller Contribution Section 3-4 Adjustable Rate Mortgage (ARMs) Section 3-5 Subprime Loans Section 3-6 Seller Financing Ø Quiz: Non-Traditional Products Chapter 4: Loan Officer Training: (12 hours) Section 4-1: Loan Processing Procedures (1.5 hours) · Duties of a Loan Officer vs. Loan Processor · Complete process from application, submission, approval, to close of escrow. · Documents required under FNMA and Freddie Mac guidelines. · Helpful hints to get more prospects: when and how to ask for referrals. Section 4-2: Completing a loan application 1003 and 1008 (1.5 hours) · What to look for on 1003 and 1008 · How to underwrite your loans · How to get a loan approval with compensating factors. Underwrite a loan package § Underwrite a sample scenario of the new 1008/1003 § What to look for on the new MLDS: Traditional and Non-Traditional Good Faith Estimate: · Helpful tips to disclosing fees · Analyze Yield Spread Premium on the GFE · Analyze a No Cost Loan on a GFE · Tips on inputting date on Point Software · Identifying items for APR computation · How to calculate Impound and Mortgage Insurance · How to Calculate APR Section 4-3: How to Read a Rate Sheet: (1.5 hours) · Basis Point Rate Sheet vs. Percentage Rate Sheet · How to quote the best rate and still make your commission · Watch for the fine prints when adding on price adjustments Loan Programs: · What is “Mortgage Fraud”? How to structure SIVA and NINA loans within the guidelines of investors. · Advantages and disadvantages of Negative Amortization loans. · Understand ARM products, indexes, and the changing market Section 4-4: Computation: (1.5 hours) · Quick tips on estimating costs for refinance and purchase · How to determine a refinance with no cost and no point · How to calculate pre-payment penalty and blended rate · How to calculate qualifying loan amount when factors are missing Section 4-5: Credit Reporting and Credit Scoring: (1.5 hours) · How to read a credit report · Uncover the mystery of credit scoring · Tips to improving credit scores · Frequently Asked Questions Holding Title · Understand the tax implications of Community Property · How to determine Basis · What is step-up Basis? · Why is it that the manner in which you hold title is so important in your next refinance? Section 4-6: How to read an Appraisal Report (1.5 hours) · Analyze a residential appraisal report · Red flags that the underwriter would raise · How accurate is the report? · Key areas to look for when adjusting values. Section 4-7: Loan Tips and Conditions (1.5 hours) · Loan Programs: Tips and Q&A · Learn the intricacies of loan programs · How to read and satisfy PTD/PTF conditions Section 4-8: Income Property Appraisal and Complex Scenarios (1.5 hours) · Analyze an Income Property Appraisal Report · Compare different terms and rates and the recoup time on a refinance · Use projected value as a sales tool for investors · Should you refinance or stay with the current loan · Compare renting vs. buying and its tax implications Ø Quiz: Loan Officer Training _______________________________________________________________ Class Sessions: the class sessions will be conducted in four (4) sessions. Each session is five (5) hours. Session 1: Laws and Regulations (Chap 1) 3 hours Ethics (Chap 2) 2 hours 5 hours
Session 2: Ethics-Chap 2 (continued) 1 hour Non-Traditional Products 2 hours (Chap 3) Loan Officer Training 1.5 hours (Chap 4-Section 1) Loan Officer Training 0.5 hour (Chap 4-Section 2 {first part})________________ 5 hours
Session 3 Loan Officer Training (Chap 4-Sections 2 {continued}) 1.0 hour (Chap 4-Section 3) 1.5 hours (Chap 4-Section 4) 1.5 hours (Chap 4-Section 5 {first part}) 1.0 hour 5 hours
Session 4 Loan Officer Training (Chap 4-Sections 5 {continued}) 0.5 hour Loan officer Training (Chap 4-Section 6) 1.5 hours Loan Officer Training (Chap 4-Section 7) 1.5 hours Loan Officer Training
(Chap 4-Section 8) 1.5 hours Material: Handouts will be provided to the students Final Examination: on completion of each chapter, a quiz will be given. Each quiz is open notes. Students are required to pass each quiz with 70% proficiency. Ø Laws and Regulations examination 23 questions 20 minutes Ø Ethics 9 questions 10 minutes Ø Non-traditional products 12 questions 15 minutes Ø Loan Officer Training 20 questions 20 minutes
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