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Study the non-conforming or subprime loan and how to indentify, structure, sell and document this huge part of our market.
This interactive CD-ROM training will cover the following:
- Industry Overview - Describes responsibilities of people in the industry
- Glossary - Defines common terms
- Credit, Credit Guidelines, Derogatory credit, Bankruptcies
- Identifies important information
- Shows document and included hot spots that you can click on which explains what to look for and why
- Details are available
- A short test follows each of these:
- Credit Report
- Bank Statements
- Divorce decree
- Paystubs
- Relocation Letter
- Questions loan officer should ask
- Stories
- Evaluate Credit
- Income, Employment, Acceptable Income, Unacceptable Income
- Paystubs, W-2s, Self-employed
- Sole Proprietorship, Schedule C, Partnership, 1065, Corporation, 1120, S-Corporation, 1120S, Miscellaneous
- Dividend income, rental income, etc.
- Questions the loan officer should ask, Stories, Evaluate Income
- Assets, Acceptable Assets
- Bank Statements, Deposit Slip, Gift letter, Retirement statement, Personal Property, LTV
- Acceptable limits for various properties
- Purchase Contract, Title Report, Evidence of Insurance, Appraisal
- Regulatory Documents
- Good Faith Estimate, TIL, ECOA, Mortgage Program Disclosure, Right to receive a copy of the appraisal, Servicing Transfer Disclosure, Borrower Authorization
- Loan Information, Rates Rate Sheet Buydowns
- Locks Lock Sheets, Qualify the borrower Loan Amount, PMI, P&I, PITI
- Qualifying Income, Front Ratio, Monthly Debts, Back Ratio, Closing Costs
- Critical Path -- When to get the loan submitted so it funds on time
- Assets, Liabilities, Compensating Factors
- Processing Information Included With Above:
- Final 1003 1008 Checklist
- Certified copies
- Payoff Cover Letter Submission order
- Underwriting Responses
- Schedule Closing Funding
- Nonconforming Modules Include:
- What makes a loan nonconforming?
- How can you determine which debts to pay off (debt consolidation)?
- What are the general credit guidelines?
- What are the general income guidelines?
- What are the general asset guidelines?
- What are the general property guidelines?
- Who will benefit from nonconforming loans and why?
- What is the price grid and matrix and how are they read?
- What is a piggyback?
- What documentatation is required for a second mortgage?
- What documentation is required for "Lite" docs?
- What documentation is required for "Alternate" docs?
- What documentation is required for "Stated" docs?
- What are NIV, NINA, or NIQ loans?
This is hours of interactive training in the most lucrative market in the lending industry!
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