Fundamentals of FHA Underwriting

Instructor-Led Online Course

Click here for class schedule.

Last year, the Federal Housing Administration insured more than $310 billion in single-family mortgages. For mortgage lenders, FHA loan programs are vital in order to meet the needs of many of their clients. If you are currently an FHA loan underwriter, or wish to begin underwriting FHA loans, it is imperative that you have a thorough understanding of FHA’s unique guidelines and requirements. We can help, with AllRegs Academy’s Fundamentals of FHA Underwriting.

This instructor-led online course will provide clarity so that you and your staff can begin underwriting a variety of FHA loans. Presented in four 90-minute sessions, the course will go back to basics with an introduction to the Federal Housing Administration and FHA programs. The course will also explore the borrower in-depth, evaluating credit, income and assets, while also reviewing case studies and exercises on purchase transactions and FHA refinance transactions. As the use of FHA loan programs continues to grow, can you afford to miss this course?

Learning Goals and Objectives

Upon completion of the course, students will be able to:

• Explain key differences between underwriting conventional and FHA loans
• Calculate maximum FHA loan limits, qualifying ratios, up-front and monthly MIP
• Identify the critical areas on the 92900-LT
• Determine if a manufactured home and other properties are within FHA guidelines
• Determine if a borrower's income and assets meet FHA standards

Who Should Attend

• Underwriters and processors new to FHA underwriting
• Seasoned underwriters and processors needing a refresher on FHA underwriting
• Loan originators
• Operations managers

Course Topics

Session 1

• Review of pre-course assignment
  • Programs and Refinance Transactions
• FHA Basics
  • History
  • Benefits and Challenges
  • Home Ownership Centers
• FHA Direct Endorsement
  • Test Cases
• Using FHA Technology
  • Limited Denial of Participation List
  • CAIVRS
  • Neighborhood Watch
  • FHA Connection
  • TOTAL Scorecard
• Required Disclosures

Session 2

• FHA Loan Amounts
  • Transactions that Affect Calculations
• Mortgage Insurance Premiums
• Evaluating Borrower Eligibility
  • Citizenship
  • Age
  • Trusts
  • Non-purchasing Spouse
  • Co-borrowers/Co-signers
• Secondary Financing
• Using the 92900LT

Session 3

• Analyzing the File
  • Credit
  • Liabilities
  • Employment
  • Income
  • Assets
  • Seller contributions
  • Compensating factors
• TOTAL Scorecard
  • Automated Underwriting Systems

Session 4

• Property Eligibility
  • New Construction
  • Construction to Permanent Loan
  • Condominiums
  • Manufactured Homes
  • Mixed Use
  • Dealing with Resales
• The Appraisal Process
  • FHA Appraisers
  • Appraisal Forms
  • Review the Appraisal

See the full Course Agenda (PDF)

Course Delivery

The training sessions utilize WebEx technology in conjunction with audio conferencing. Polling capabilities, live chat, and question & answer sessions allow participants to easily interact with subject matter experts. The course consists of four 90-minute sessions over a 4-week period. Pre-reading and exercises are included and accessed through the AllRegs Academy learning management system. Participants are required to complete assignments prior to each session.

Class Schedule

Choose from the upcoming four-week course sessions:

• Tuesdays, July 2, 9, 16 and 23, 2013, 2:00 p.m. – 3:30 p.m. ET
• Tuesdays, October 1, 8, 15 and 22, 2013, 2:00 p.m. – 3:30 p.m. ET

Certification Credit

Upon successful completion of this course, you will earn 6 hours of credit towards the Residential Government Underwriter (RGU) certification.

Tuition & Registration

The course is $365 per person. Tuition includes all course materials. Upon successfully completing the course, students will earn an industry-recognized certificate of completion.

Additional Resources

Printed Literature (PDF)

Cancellation/Refund Policy (PDF)

For more information, call our sales and customer service department at (800) 848-4904 or email sales@allregs.com.