About This Course:
The program covers a variety of key mortgage underwriter functions, and consists of several instructor-led online training modules and an exam at the end of the course.
Below are the module titles and just a few of the learning items covered in each module.
Introduction Mortgage Underwriting
This class is designed for individuals seeking to deepen their knowledge of underwriting principles and mortgage process. This introductory course provides a thorough review of mortgage terminology, best practices, and the 4 C’s of credit.
- Loan Documentation
- Mortgage Terminology
- Loan Programs
- Underwriting Defined
- Underwriting Tools and Guidelines
- LTV, CLTV, and HCLTV Review
Evaluating Credit and Assets
In this class you will learn how to evaluate the borrowers’ credit and assets. You will learn the different types assets and documentations requirements.
- Understand FICO scores
- Interpreting credit reports and tradelines
- How to address AKA’s, inquires and address variations
- Assets Assessment
Evaluating and Calculating Borrower Income (Wage Income)
This class provides the details you will need to accurately assess the borrowers’ ability to repay. You will learn how to apply the correct income calculation based on different loan scenarios.
- Hourly Wage Calculations
- Salaried Income Calculations
- Overtime, Bonus & Commission
- Variable Income
Evaluating Self-Employed Income
This class provides detailed instruction on all tax return forms and schedules, the required income calculation formulas, and completion of the Fannie Mae Cash Flow Analysis Form 1084.
- Self-Employment Defined
- Self-Employment Income Guidelines
- Personal Tax Return Forms and Schedules
- Business Tax Returns Forms and Schedules
- Income Calculation Formulas
- Fannie Mae Cash Flow Analysis Form 1084
- Fannie Mae Comparative Income Analysis Form 1088
- Profit & Loss Statement and Balance Sheet Review
Reviewing an Appraisal
In this course we will help you build and strengthen your appraisal evaluation skills. In this session we will analyze the most popular appraisal report (1004)
Upon enrollment, you will receive an email from the course provider (AskSam®) with links and passwords to access your course. You will have full access to the course and it’s modules for one full year.
- Laptop / Desktop Computer
- Internet Access
- Webcam (if you're using desktop computer)
- Zoom Application