|
|
|
|
SAFE Comprehensive Course(20 hrs) & Loan Officer Training $495 Objectives: The purpose of the course is to familiarize students with topics on compliance and discipline issues pertaining to federal laws and regulations. We will cover ethics in mortgage lending, particular mortgage fraud and predatory lending. In addition, we will review non-traditional loan products that have drawn red flags in the past. Finally, we will have a comprehensive overview of the intricate process of loan origination. We will analyze and do hands-on activities: loan origination, processing, underwriting, details of the new Good Faith Estimate, and computations on complex scenarios. On completion of the course, one will have a better understanding of general mortgage knowledge and mortgage loan origination activities. Cancellation and Refund Policy: A student may cancel seven calendar days before class starts. However, if cancellation occurs less than the 7-day window, there is no refund; e.g., class starts on 2/15 but cancels on 2/9, no refund applies. . No one can sit in on the live sessions in the student’s place. Privacy Policy: REL: Real Estate and Loan School will not share your information with other institutions. Material Needed: Mortgage Calculator (ex: HP-12C or Qualifier) Instructor’s Qualifications: Mary Shoane, broker, is a 20-year veteran of both mortgage experiences in wholesale and retail sales as well as in real estate—listing and selling. She was featured in an article in the San Jose Mercury about her journey as a trainer. She has written course materials and has trained at some of the major companies in Silicon Valley. 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) 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 ARM: Adjustabe Rate Mortgage Section 3-2 Subprime Loans Section 3-3 SAM: Shared Appreciation Mortgage Section 3-4 Reverse Mortgage Section 3-8 Land Contract Section 3-11 Wraparound Purchase Money Mortgage Section 3-12 Government Loan Programs: FHA & VA Ø Quiz: Non-Traditional Products Chapter 4: Loan Officer Training: (12 hours) Section 4-1: The Mortgage Lending Process (1 hour) · Role of the Mortgage Professional · Complete process from origination, underwriting, processing and close. · The loan approval process Section 4-2: Completing the loan application (2 hours) · Analyze the 1008 and each section of the 1003 · How to underwrite your loans · How to get a loan approval with compensating factors Underwrite the 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 · How to calculate Impound and Mortgage Insurance · Identifying items for APR computation Section 4-3: How to Read a Rate Sheet: (1 hour) · Basis Point Rate Sheet vs. Percentage Rate Sheet · Watch for the fine prints when adding on price adjustments Section 4-4: Traditional Loan Programs: (1 hour) · Buy Down Mortgage · Bridge Loans · The Two-Step Mortgage · Convertible Rate Loans · Bi-Weekly Mortgage · Reduction Option Mortgage Computation: (2 hours) · Quick tips on estimating costs for refinance and purchase · How to determine a refinance with no cost and no point · How to Calculate APR · 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: (2 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 a Residential Appraisal Report (1 hour) · 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: How to Satisfy PTD/PTF Conditions (1 hour) · Analyze PTD/PTF conditions · Understand what is needed to satisfy the conditions Section 4-8: Income Property Appraisal (1 hour) · Analyze an Income Property Appraisal Report Analyze Complex Scenarios using Computations · Compare different terms and rates and the recoup time on a refinance · Use future 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 FINAL EXAMINATION _______________________________________________________________ Class Sessions: the class sessions will be conducted in four (4) sessions. Each session is five (5) hours. There will be a 10-minute break for each hour of session.
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 hour Chap 4-Section 1 Chap 4-Section 2 {first part})___ 1 hour_____________ 5 hours
Session 3 Loan Officer Training Chap 4-Sections 2 {continued}) 1 hour Chap 4-Section 3 1 hour Chap 4-Section 4 3 hours 5 hours
Session 4 Loan Officer Training Chap 4-Sections 5 2 hours Chap 4-Section 6 1 hour Chap 4-Section 7 1 hour
Chap 4-Section 8
1 hour 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 20 questions 20 minutes Ø Ethics 10 questions 10 minutes Ø Non-traditional products 10 questions 10 minutes Ø FINAL EXAMINATION 25 questions 20 minutes
SAFE Course: 8 Hrs Continuing Education (On-Line) $129 This package includes 8 hours of NMLS-approved continuing education training to fulfill the requirements. The course contents are as follows: Ø 2-Hour SAFE Non-Traditional Mortgage Products Trends Ø 1-Hour SAFE Fair Housing & Lending-CE Ø 2-Hour SAFE Ethics-Consumer Protection-CE Ø 3-Hour SAFE Federal Law RESPA-CE ____________________________ Course Guidelines: (1) You have 6 months from the date of enrollment to complete the course. (2) Quiz: there is a unit quiz in each course which requires a 70% passing. (3) Exam: there is a final exam at the end of each course which requires a 70% passing. (4) The quizzes and exams have no time frame and you have unlimited attempts to take them. Key Benefits
Pricing
|
Send mail to
mary@maryshoane.com with
questions or comments about this web site.
|
