Behind the Scenes of the Residential Mortgage | Self-Paced - V.2

Content
12 modules

Difficulty
Basic

Rating

Course Length
3 hours

Instructor
REALTORS® Real Estate School

Description

This course gives agents a strong understanding of what it takes to process a mortgage, what happens behind the scenes that brokers and borrowers do not see, and how the decision to issue the mortgage is made. It looks at the borrower's first contact/application with a loan officer, the steps that a lender takes to process the loan, and what the mortgage requires to be completed and go to closing. With this education brokers will be better able to assist their clients as the lender processes the mortgage.

3 Hours Elective CE Credit

Objectives

Objective 1: Knowledge To identify and define:

  • The different roles of mortgage brokers, mortgage bankers and retail banks in the mortgage process.
  • The functions of and differences between the primary mortgage market and the secondary mortgage market.
  • What information is required in order to create and process a mortgage.
  • The various types of loan programs available.
  • Why a particular loan program would be more suitable for different borrowers.
  • How the loan is processed once the application is submitted.
  • What is needed to close a mortgage.
  • Who is involved in the closing of the mortgage and what their duties are.

 

Objective 2: Comprehension and Analysis

  • To aid the student in being able to explain and distinguish:
  • The individuals and markets involved in the mortgage process, their functions, benefits and disadvantages.
  • The criteria on which a borrower is evaluated.
  • How a borrower would be placed into a particular mortgage.
  • The different types of mortgages available.
  • The terms of different mortgage types.
  • The duties and obligations of those involved in processing and closing the mortgage.

 

Objective 3: Application and Evaluation

  • To prepare the student to be able to interpret and evaluate with a client:
  • The characteristics and benefits of the client working with a mortgage broker, mortgage banker or a retail banker.
  • Which lender might be more suitable and beneficial for the client.
  • Discuss the materials necessary for a loan origination and analyze how they are used.
  • How the various mortgage programs apply to the borrowers’ needs.
  • What is involved in closing the loan.
  • Any questions the client might have in trying to understand what is happening as the mortgage progresses from creation to closing.

Certificate

By completing/passing this course, you will attain the certificate Online_Behind the Scenes_Trascript - 564.003037

Learning Credits

CEU
3.0
1.
Course Overview
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2.
Section 1 - Loan Originators, Different Types of Lenders
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3.
Section 1 Quiz
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4.
Section 2 - Primary Mortgage Market & Secondary Mortgage Market
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5.
Section 2 Quiz
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6.
Section 3 - Loan Origination, Points, Process Including Credit Report & Application Information
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7.
Section 4 - Loan Programs and Types,PMI,APR
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8.
Section 4 Quiz
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9.
Section 5 - The Finalization of the Loan
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10.
Section 6 - The Closing
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11.
Section 6 Quiz
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12.
REQUIRED: Course Survey
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7. While the Association will try to avoid doing so, the Association reserves the right to cancel or reschedule a course as the Association deems necessary or prudent for any reason, including if an insufficient number of students enroll in a course.  In the event that the Association cancels or reschedules a course, you may be entitled to a refund in accordance with the Association’s refund policies. 

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