MASTERING MORTGAGE ORIGINATION
The Right Start For Mortgage Originators
Comprehensive Baseline Training Program
10 3 hour sessions of intensive training for new recruits, novice originators, those who seek a position as a loan originator or Loan Originators that have not generated the production level expected.
This course is taught by a variety of seasoned industry professionals including lender account reps, brokers and attorneys who will share a wealth of knowledge and real life experiences. We follow a strict No Recruiting Policy you send them to us and we send them back to you trained and ready to do business.
Mastering Mortgage Origination is the Right Start for loan originators and is designed to give anyone currently originating residential mortgages an in-depth understanding of the role of the mortgage originator, what it means to originate, structuring loans, pricing, credit analysis, products and marketing. Upon completion attendees will be able to complete a 1003, understand how to sell specific mortgage products, deal with credit issues, structure a loan to maximize applicants financial profile, price the loan to market and set up a marketing system.
This baseline course is a must for all loan originators who want to efficiently, effectively and professionally earn more commissions by eliminating time wasters. Your lenders will underwrite your files with faster approvals and fewer conditions. Your potential for creating a steady stream of business will increase dramatically!
10 Sessions with Full Course Workbook: $795.00
View our calendar of courses for September and register today!
Special price of $695. for members of CMBA, CTAMB or CSMB!
Use our quick and easy online payment option!
Non Members $795.
Watch for our new advanced course coming soon...
The Profile of a Win-Win Structure
SESSION SPECIFICS
Session 1: Originating Mortgage Loans
Individual responsibilities of mortgage originators, skills necessary to succeed, identifying target markets, who all the parties to a transaction are and their roles, systems used and how to control purchase and refinance transactions.
Session 2: The Loan Application (Form 1003) & Required Disclosures
The purpose of the 10 sections of a 1003 and how to avoid problems when submitting loans for processing. Review federal and state disclosures required for all applicants, completion of a sample 1003.
Session 3: Secondary Market Making Your Money
Analysis of rate sheets and prices, how lenders adjust rates and price according to risk, pricing pre-payment penalties, determining market rate, locking and extending rate locks.
Calculator Review Real Estate Master Qualifier Plus IIIx:
Function keys, practice calculations for adjustable rate mortgages, loan-to-value, amortizing payments, calculating insurance and taxes, combination loans.
*Calculators will be available for instruction. Attendees may purchase a calculator with a pocket reference guide for $65.00 at beginning of Session.
Session 4: Basic Products I
Matching the right product with the right buyer; understanding product motivation, advantages and disadvantages of fixed and adjustable rates, components of an adjustable rate and how to disclose features, advantages and disadvantages of combination loans and loans with mortgage insurance.
Session 5: The Impact of Credit Scores
Credit scores, how they are used by lenders, the 3 repositories, different scoring models, how to determine prime from sub-prime loans, credit repair services, re-scoring credit reports.
Session 6: File Structure, Processing and Underwriting
Components of the loan decision, transaction risk, the ACID test, verifications, how credit plays into underwriting decisions, sources of income, debt-to-income rations, debt analysis, tax returns for qualifying income, documentation, payment shock, automated underwriting systems.
Session 7: Advanced Products II
Borrower residency, properties, interest only loans, deferred interest, cross-collateral loans, calculating payments and adjustments, identifying life caps, annual caps and payment caps, options on a negative amortization loan.
Session 8: Closings and The Law & State and Federal Regulations
Mechanics of execution, offer and acceptance, local customs, contract terms, contingencies, inspections, deadlines, contractual documents, Hubbard clause, extension agreements, hold harmless, legal disclosures, lead, the HUD, purchase vs. refinance, moving issues, titles and deeds, types of ownership, potential closing issues.
Session 9: WORKSHOP
A comprehensive working session where teams bring it all together. Each team given a set of variables will have 1 ½ hours to complete their case assignment, then present and support their conclusions.
Session 10: Marketing Activities for the Entrepreneurial Originator
Components of a successful marketing campaign, YOU the brand, marketing vs. sales, economic market overview, Freddie Mac, Fannie Mae outlook, objective of a marketing plan, budgets, tools, sources, planning, assessment and revision, continuing your education, networking, community involvement, territory books and database management.
* Upon completion of entire course, attendees will receive a certificate of completion.
All information and content deemed reliable but not guaranteed.
23 Wildwood Acres
Rockfall, CT 06481-2055
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