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This is the Updated 2014 Edition of the first book in the "Practical Guide" series for the mortgage industry. The May 2014 Version has been updated to meet the requirements of the SAFE Act, CFPB, Dodd-Frank and many other changes. We have also made many of the changes recommended by Amazon readers and reviewers. With all of the changes in the industry, keeping this product up-to-date is a full time job.The book covers all of the vocational skills required of the loan originator, but also includes all Federal law, ethics, predatory lending and fraud components required by the Federal SAFE loan originator licensing Act of 2008.Published since 1992, and updated annually, this 390 page textbook was written as an answer to the "sink-or-swim" training methods of many mortgage firms. The format is designed to give the newly initiated loan officer/agent, lender, processor, or other initiate the practical information they need to do the loan officer's job.The reader learns how to understand rate and point quotes, how to use a financial calculator, how to make basic computations customers require, how to understand loan programs and compare product features. The student progresses through understanding loan specifications - Conventional Conforming, Jumbo, FHA/VA and Sub-Prime program guidelines - to a practical understanding of ratios, income, assets and closing costs, debts and credit history. This is then placed in the context of the loan application - how to collect all the required documents and disclosures and supervise a loan from application to closing. Beyond the basics, students learn how to finance various property types; condos, PUDs, new construction and investment property. A detailed chapter on refinancing addresses the issues which most often confront the loan officer in a period of heavy refinancing - 10 reasons to refinance.Finally, understanding how loans are made in the secondary market and the basics of interest rate quoting and behavior are covered.This product is submitted for approval for use in continuing education in all states which have, or are adopting, a requirement. Many companies use this product as a handout to prospective new loan officers. Many loan officers give this product to their referral sources to help educate them to the requirements of the industry.
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- EditoreCreatespace Independent Pub
- Data di pubblicazione2014
- ISBN 10 1500328820
- ISBN 13 9781500328825
- RilegaturaCopertina flessibile
- Numero di pagine374
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