|This course includes the following:|
20 Hours SAFE PE (Includes PA State Law) – Webinar
This course provides the “key elements” a loan officer needs to understand as they enter the mortgage industry. It focuses on the most critical part of the business – qualifying a customer and making the right type of loan for the right client.
- The “Three C’s” – Credit, Collateral and Capacity are discussed in detail providing the loan officer with the basic understanding of who makes a good prospective borrower and what property is acceptable for security.
- Full Document Loans – A complete explanation of the requirements to provide a borrower with the lowest possible rate with the best terms available. Heavy emphasis on qualification and accurate documentation.
- Limited Doc Loans or No Doc Loans – Alternatives are explored that can be used to provide mortgage loans to those who will not qualify for a Full Document Loan. There is a strong emphasis on provision of tax returns and bank statements to demonstrate cash flow.
- Basic Loan Products – This section covers the differences between a conforming, a subprime (non-conforming), FHA and VA loan. It also touches on some of the more common loan structures.
Federal Law: RESPA and SAFE
In this course, we are going to cover RESPA and the SAFE act. As with most laws, these laws are, in the end, aimed at preventing industry behavior that negatively impacts consumers such as fraud and information that is not uniform and comparable. Knowing these laws well will be critical for your business with regards to regulators, litigation and reputational challenges.
Pennsylvania State Law
Chapter 61 of Pennsylvania’s “Mortgage Loan Industry Licensing and Consumer Protection Act,” as amended by the “Mortgage Licensing Act of 2009,” states that Pre-Licensing Education must include 3 hours of State Law and Regulations consisting of a discussion of three laws. This course discusses each of these laws in separate modules
- Module 1: Chapter 61 of the Mortgage Loan Industry Licensing and Consumer Protection Act
- Module 2: The Housing Finance Agency Law (December 3, 1959; P.L.1688, No.621)
- Module 3: The Loan Interest and Protection Law (January 30, 1974; P.L.13, No.6)
Federal Law: Credit and Information
In this course, we are going to cover a number of Federal Laws and regulations that deal with the extension of credit to borrowers based on information about the borrower and the handling and use of consumer information in the mortgage industry. Specifically, we will cover the below.
Federal Law: TILA
In this course, we are going to cover the Truth-in-Lending Act, generally known as TILA. Along with any discussion of TILA, there are several important amendments. One that we will spend a fair amount of time on is HOEPA. We have also included the newest updates resulting from MDIA. Knowing TILA well will be critical for your business with regards to regulators, litigation and reputational challenges.
This course additionally details the Truth-In-Lending Disclosure, the Right to Rescission Form and the Section 32 Truth-In-Lending Disclosure
Nontraditional Mortgages Overview
This course summarizes a broad selection of non-traditional mortgages that have been introduced over the last 30 years. This course is taught in context of the 2007 housing meltdown and includes the features, pros/cons and pitfalls of each type of loan.
Specific loans covered include:
- Adjustable rate mortgages (ARMs)
- Interest Only mortgages (IOs)
- Negative Amortization mortgage
- Construction permanent mortgages
- Reverse Mortgages