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Course Description
~Part Lender, Part Real Estate Aficionado~
In this course we will discover the workings of mortgage bankers/broker specialists and the unique role they play in partnering with individuals when they make one of the most important purchases of their entire lives--that of buying property.
While somewhat technical, the training to become a mortgage banker/broker entails a good amount of knowledge in such areas of lending as: mortgage types, interest rate structures, and matching loan instruments to individuals based upon the nature of their personal financial situations.
To assess whether an individual would make a good mortgage loan candidate, mortgage bankers/brokers spend a great deal of time evaluating clients' credit backgrounds, income statements and additional financial factors.
Further, with new onuses in place whereby bankers/brokers are being required to critically analyze an individual's credit background prior to granting him/her a mortgage loan, it is more important than ever, that there be well-qualified mortgage bankers/brokers helping consumers navigate through the home finance lending process.
And with the help of this Mortgage Banker/Broker course, we have gone to great lengths to familiarize you with the major tenets with which a mortgage banker needs to be well acquainted from credit applications and pre mortgage loan approvals to interest rate fluctuations and subprime markets.
And in light of the current US economic crisis, it is very important for mortgage bankers/brokers to be fully up not only on the regulations and legislations affecting the mortgage industry but also on the steps clients can take to avoid negative pitfalls and reduce unnecessary costs.
Hence, as you explore the career options that exist within the mortgage lending field, we believe you will find this cross-section of mortgage-related tools, steps, and activities to be both helpful and applicable to the daily work performed by bankers/brokers.
Course Lessons
Lesson 1 : Introduction to Mortgage Banker/Broker Careers
This introductory lesson covers the basic differences between a mortgage banker and a mortgage broker; key job responsibilities associated with each.
Lesson 2 : General RE Financial Industry Overview
In the second lesson, we aim to provide you with a general sense of the how the Real Estate lending finance industry works.
Lesson 3 : Differences between Mortgage Bankers and Mortgage Brokers & Suggested Professional Training
Within this lesson, while further exploring these marked differences, we also explain the basic steps involved in becoming a mortgage banker/broker, as well as the stipulations required of each profession.
Lesson 4 : Mortgage Loan Process
We now begin to shift our focus to that of the 'actual mortgage loan process' detailing the respective steps and activities applicable to each stage.
Lesson 5 : Funding Sources
We captured many of the ways in which bankers and brokers act in similar ways. However, when we come to the subject of funding sources, we find this to be where the major distinction between the two professions comes into play.
Lesson 6 : The Federal Reserve and Factors Affecting the Mortgage Lending Industry
Rather than being a product of an insulated bubble, mortgage rate fluctuations react in accordance with developments in the nation's economy.
Lesson 7 : Two Basic Types of Mortgage Loans: Fixed and Adjustable Rate Mortgages (ARMs)
Within this lesson, in an effort to get acclimated to the full range of mortgage types, we will begin by first looking at the two primary groups: adjustable rate mortgages and fixed rate mortgages.
Lesson 8 : Additional Types of Mortgages
Within this subsequent lesson we will look at traditional government loans, as well as, specialty types of loans designed to provide the borrower with creative financing solutions.
Lesson 9 : Refinance Tools: HELOCs and Second Mortgages
Because a home is quite frequently a person's single largest source of collateral, it represents a source of funding which can be tapped through a range of different loan instruments.
Lesson 10 : ARM Indexes
To gain a better sense of how Adjustable Rate Mortgages (ARMs) work and source(s) upon which their accompanying interest rates are based, it will be helpful to understand ARM indexes.
Lesson 11 : The Mortgage Loan Package & Application
In working with a client, your role as a banker/broker is to help walk the individual through the mortgage lending process to ensure they understand of all that is required and feel confident in the decisions they make along the way.
Lesson 12 : Interest, Points and Annual Percentage Rates
Perhaps one of the most complicated aspects of a mortgage loan is that of the accompanying interest payments. True of any type of loan, the bank/financial lender charges a fee for the use of the moneys loaned.
Lesson 13 : Mortgage-Related Insurance Products
As we have come to find throughout this e-book, while mortgages share many similarities with other types of loans, they also are unique in the ways clients apply for them.
Lesson 14 : Reverse Mortgages
For individuals more advanced in age, different home ownership financial strategies may prove more applicable for them than their younger counterparts.
Lesson 15 : Regulatory & Legislative Issues
Both Federal and state, have a consortium of regulations and legislations giving them the authority to monitor activities of financial lending institutions among others involved in real estate finance transactions.
Lesson 16 : Mortgage Loan Resources
Within the final chapter of this e-book, we provide an informative wrap-up comprised of mortgage acronyms, commonly used mortgage terms and mortgage-related resources.
Optional Certificates Awarded
Certificate of Merit
Certificate of Academic Excellence
In addition to the standard Certificate of Course Completion, Merit Awards may be issued by the instructor at his/her own discretion and are based on student achievement. Merit awards also incur an additional $30.00 processing fee that covers the customization, printing, and delivery of the award, as well as access to the UniversalClass™ Portfolio Service that documents your achievements online. Official Merit Awards have a serial number that verifies the authenticity of the award (great for employers to verify your achievement).
This is a non-credit course, and is provided for your personal enrichment.
This course is not intended to be a substitute for any state, government, licensing, or educational requirements.
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($85.00) As we move into a new era of lending, one in which there will be increased regulations and scrutiny of loan officer activities, it is very critical to have well educated and trained professionals in place capable of knowledgably working with clients and guiding them on their process to secure a loan. more
($65.00) The home inspection field is one that has been rapidly growing since its inception in the mid-1970s. more
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