Pre-licensing Comprehensive Mortgage Lending Course     

 3 Day Course   - Friday, Saturday & Sunday
8:00 a.m. = 6.30 p.m.

Credit Hours - 28

Our Pre-licensing Comprehensive Mortgage Lending Course has been approved by the Texas Savings and Loan Department to satisfy the Texas Savings and Loan Department  28 CORE credit hour educational training requirement for  those wanting to be licensed, as  Loan Officers and Mortgage Brokers.  The course covers key concepts used in the Residential Mortgage Industry, covering the core vocabulary, principles, techniques, nomenclature and financial instruments in lay-man terms, so that our Loan Brokers/Loan Officers can easily grasp and understand the concepts and communicate with lenders and borrowers in the real world, in the most effective and winning manner.  In addition, the course covers other vital components of the mortgage and lending business such as Sources of Money, Loan Origination, Loan Processing, Underwriting Guidelines, the creation, completion and analysis of a Residential Loan Application, Credit Report and Appraisal Report, all of which are critical components of creating a complete and thorough Residential Mortgage Loan Package.  Additionally, the course briefly covers sales and marketing concepts designed to help you effectively deliver your services to your present and future clients. Finally, the major emphasis shall be given to state and federal regulations and compliance
 
Realizing that the numerous brokers and lenders that attended our school lead very full professional and family lives, Texas Mortgage Lending School conveniently offers its Pre-licensing Comprehensive Mortgage Lending Course only  in-class sessions.  About 95% students who took our live class training have rated us EXCELLENT

TOPICS COVERED 
Lesson One   1-1 to 1-3

·        WHAT IS REAL ESTATE?

·        WHAT IS PERSONAL PROPERTY?

·        WHAT IS A MORTGAGE?

·        MORTGAGE IS THE MOST EXPENSIVE COMMODITY

·        PRICE OF MORTGAGE AND ITS COMPONENTS

Lesson Two    2-1 to 2-3

·        WHAT IS LOAN BROKER?

·        WHY PEOPLE USE LOAN BROKER?

·        THE ROLE OF THE LOAN BROKER

·        HOW DOES THE BROKER MAKE HIS MONEY?

·        BROKER COMMISSION GUIDELINES

Lesson Three (Funding Sources)   3-1to 3-12

·        MORTGAGE BANKS

·        COMMERCIAL BANKS

·        SAVINGS & LOAN INSTITUTIONS

·        CREDIT UNIONS

·        INSURANCE COMPANIES

·        PRIVATE INVESTORS

·        401 K FUNDS

Lesson Four (Various Mortgage Instruments 4-1 to 4-4)

·        CONVENTIONAL FIXED RATE MORTGAGE

·        ADJUSTABLE RATE MORTGAGE (ARM)

·        BI-WEEKLY MORTGAGES

·        BUY-DOWN

·        HOME EQUITY LOANS

·        BALLOON LOANS

·        FHA/VA LOANS

·        JUMBO LOANS
Lesson Five (Credit Report) 5-1 to 5-9

·        AUTHORIZATION TO GET THE CREDIT REPORT

·        CONFIDENTIALITY

·        HOW TO GET CREDIT REPORTS

·        CREDIT REPORTING AGENCIES

·        CRUCIAL AREAS IN CREDIT REPORTS

·        FICO SCORE

·        FEES

·        CREDIT ERRORS AND HOW TO CORRECT THEM

Lesson Six (Appraisal) 6-1 to 6-10

·        WHAT IS AN APPRAISAL?

·        WHO IS AN APPRAISER?

·        COST APPROACH

·        MARKET APPROACH

·        INCOME ANALYSIS APPROACH

·        UNIFORM APPRAISAL FORM

Lesson Seven (Pre-qualification) 7-1 to 7-4

·        FACE-TO-FACE INTERVIEW

·        FRONT RATIO

·        BACK RATIO

·        LTV

·        NATIONAL STANDARDS FOR RATIOS

Lesson Eight (1003 Loan Application) 8-1 to 8-12

·        MORTGAGE APPLIED FOR

·        PROPERTY LEGAL ADDRESS

·        BORROWER INFORMATION

·        CO-BORROWER INFORMATION

·        PRESENT ADDRESS

·        EMPLOYMENT INFORMATION SECTION

·        GROSS MONTHLY INCOME

·        TOTAL MONTHLY HOUSING EXPENSES

·        OTHER INCOME IF EMPLOYED LESS THAN TWO YEARS

·        ASSETS AND LIABILITIES SECTION

·        NET WORTH

Lesson Nine (Information for Mortgage Loan)  9-1 to 9-2

·        NAME OF BORROWER & CO-BORROWER FOR TITLE

·        ADDRESS OF THE PROPERTY FROM THE TITLE COMPANY

·        SOCIAL SECURITY AND BIRTH DATE

·        PRESENT ADDRESS FOR AT LEAST TWO YEARS

·        PREVIOUS ADDRESS IF LESS THAN TWO YEARS AT THE PRESENT ADDRESS

·        CREDIT ACCOUNT INFORMATION

·        EMPLOYMENT INFORMATION FOR AT LEAST 2 YEARS

·        PREVIOUS EMPLOYMENT IF LESS THAN 2 YEARS

·        SELF-EMPLOYED INCOME TAX AND PROFITS AND LOSS FOR TWO YEARS

·        DETAILS FOR ALL HIS LIQUID ASSETS

Lesson Ten (Mortgage Federal & State Laws, Disclosure forms) & Compliance Rules by TSLD
 
  • Understanding Good Faith Estimates
  • Equal Credit Opportunity Act (ECOA)
  • Fair Credit Reporting Act  (FCRA)
  • Community Reinvestment Act (CRA)
  • Fair Housing Act (FHA)
  • American with Disabilities Act (ADA)
  • Fair Debt Collection Act
  • Real Estate Settlement Procedure Act (RESPA)
  • Truth and Lending Statement (TILA)
  • U.S. Patriot Act
  • Home Mortgage Disclosure Act (HMDA)
  • Texas Mortgage Broker Act (MBLA)
  • Explaining and Teaching Various Disclosure Forms
  • Exercises and Exams.
  • Predatory Lending
  • Final Exam.

Lesson Eleven (Loan Processing) 11 to 11-9 

·       VERIFICATIONS

·        EMPLOYMENT

·        PREVIOUS EMPLOYMENT IF LESS THAN 2 YEARS

·        DEPOSITS

·        SOURCES OF DOWN PAYMENT

·        MORTGAGE OR RENT

·        VOD FORMS

·        VOE FORMS

·        VOM FORMS

Lesson Twelve Typical Loan Package Components  12-1 to 12-33

·        AUTHORIZATION TO CHECK THE INFORMATION

·        UNIFORM RESIDENTIAL LOAN APPLICATION---1003

·        GOOD FAITH ESTIMATE

·        TRUTH-IN-LENDING STATEMENT

·        ALL OTHER STATE AND FEDERAL DISCLOSURE FORMS

·        EMPLOYMENT VERIFICATION

·        DEPOSIT VERIFICATION

·        RENT OR MORTGAGE VERIFICATION

·        COPY OF THE CREDIT REPORT

·        COPY OF THE UNIFORM RESIDENTIAL APPRAISAL REPORT

·        ANY BALLOON RIDERS

·        LOAN SUBMISSION FORM

Lesson Thirteen (Marketing Your Services)13-1 to 13-3

·        WHAT IS MARKETING?

·        WHAT IS SELLING?

·        FOUR CRUCIAL STEPS IN SELLING

·        SELLING TECHNIQUES

·        ADVERTISEMENT

·        FLYERS TO REAL ESTATE AGENTS

·        RADIO AND TV

·        COLD CALLING
APPENDIXES A-1/A-2, B-1 and C

·        Major Credit Reporting Companies

·        Famous Mortgage Software Companies

     Predatory Lending