Loan Officer - Executive Programs

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LOAN OFFICER TRAINING

Learn-2-Loan / Loan Officer Training
Course Outline

INTRO
1. UNDERLYING DOCUMENTS
  1. PROMISSORY NOTE
  2. DEED OF TRUST
2. INTEREST RATES
  1. CALCULATE
  2. FORMULATION
  3. DIFFERENT TYPES
  4. THE 4 Cs
3. LOAN PROCESS
PROMISSORY NOTE
1. 2-PARTY DOCUMENT
  1. PAYOR & PAYEE
2. 4-TERMS
  1. PRINCIPLE
  2. TERM
  3. INTEREST
  4. PAYMENT
3. 3-CONCEPTS
  1. NEGOTIABILITY
  2. ACCELERATION
  3. SECURITY
DEED OF TRUST
1. 3-PARTY DOCUMENT
  1. TRUSTOR
  2. BENEFICIARY
  3. TRUSTEE
2. OBLIGATION OF TRUSTOR
  1. PAY THE NOTE
  2. PAY THE TAXES
  3. HAVE INSURANCE
3. DUE ON SALE CLAUSE
4. POWER OF SALE CLAUSE
5. CONCEPT OF PRIORITY
6. MORTGAGE (EAST COAST)
INTEREST
1. FIXED RATE
2. ADJUSTABLE MORTGAGE RATE (ARM)
  1. INDEX
  2. MARGIN
  3. PAYMENT CAP
  4. LIFETIME CAP
3. HYBRID
4. COMPARING THE TYPES
THE 4 Cs
1. CREDIT
2. CAPACITY
3. COLLATERAL
4. CHARACTER
CREDIT
1. REPORTING AGENCIES
2. REPORT INFORMATION
  1. SCORE
  2. OPEN ACCOUNTS
  3. CLOSED ACCOUNTS
  4. PUBLIC RECORDS
  5. ENQUIRIES
3. FICO SCORE
  1. PAYMENT HISTORY
  2. AMOUNT OWED
  3. HOW LONG HAVE THEY HAD CREDIT
  4. HOW MUCH NEW CREDIT
  5. TYPE OF CREDIT
4. TYPES OF LENDERS
  1. PRIME LENDER
  2. ALT A LENDER
  3. SUB-PRIME
  4. HARD MONEY LENDER

CAPACITY
1. DEBT TO INCOME RATIO (DTI)
COLLATERAL
1. APPRAISAL
  1. COMPARABLES
  2. COST APPROACH
  3. INCOME APPROACH
CHARACTER
1. COMPENSATING FACTORS
  1. RESERVES
  2. NEW EMPLOYMENT
  3. BONUSES
  4. CO-SIGNERS
  5. MULTIPLE PROPERTIES
DOWN PAYMENT PROGRAMS
RATE SHEETS
LOAN PROCESS
1. PRE-QUALIFICATION
2. PRE-APPROVING
3. ANALYZING
4. LOAN APPLICATION / 1003
  1. TYPE OF MORTGAGE/TERM OF LOAN
  2. PROPERTY INFO/PURPOSE OF LOAN
  3. BORROWERS’ INFO
  4. EMPLOYMENT INFO
  5. INCOME & EXPENSES
  6. ASSEST & LIABILITIES
  7. DETAILS OF TRANSACTION
  8. DECLARATIONS
  9. ACKNOWLEDGEMENTS & AGREEMENTS
5. DOCUMENTATION
6. APPRAISAL
7. CREDIT REPORT
8. PROCESSOR
9. TITLE REPORT
  1. DESCRIPTION OF PROPERTY
  2. DISCLOSURE OF TAXES
  3. BONDS OR SPECIAL ASSESSMENTS
  4. ENCUMBRANCES
  5. EASEMENTS
10. ISSUANCE OF GOOD FAITH ESTIMATE
11. TRUTH & LENDING DISCLOSURE STATEMENT
12. UNDERWRITING
13. ESCROW
14. CLOSING
15. FUNDING

DOWN PAYMENT PROGRAMS

RATE SHEETS

LOAN PROCESS