Online Mortgage Training - Intermediate FHA Underwriting

Instructor-Led Online Course

Related Products/Topics: condo, flipping, appraisal, fha underwriting, mortgage education

Click here to see class schedule.

Are you ready for the next step in FHA underwriting? Intermediate FHA Underwriting is designed to enhance your underwriting knowledge and abilities to include an in-depth understanding of FHA TOTAL Scorecard requirements, and those scenarios in which a manual downgrade is required.  It will also include the “Red Flags” as identified by FHA, which require a much deeper review of the documentation.

This instructor-led online course, presented in four 90-minute sessions, will concentrate on scenarios that address challenges that are present in today’s market. This course is delivered through the WebEx conferencing platform. You will have asynchronous activities to complete, as weekly assignments, to reinforce your learning, along with quizzes. Developed by leading industry experts, this course will provide you with the skills you need to start underwriting FHA loans.

Learning Goals and Objectives

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

• Understand TOTAL Scorecard and its requirements
• Recognize when a manual downgrade is required
• Analyze various credit scenarios and determine acceptability for TOTAL Scorecard or manual underwriting
• Analyze income for stability and effectiveness for inclusion in qualifying income
• Complete an in-depth analysis of assets
• Evaluate appraisals to ensure compliance with FHA flipping requirements
• Evaluate Condo Documentation for compliance with FHA Re-Certification of Project Requirements
• Perform a comprehensive review of credit documentation to determine acceptability for Total Scorecard requirements

Who Should Attend

• Underwriters
• Processors
• Closing Staff
• Quality Control
• Insuring

Course Topics

Session 1

Topics

• Total Scorecard – Review Guide
• Data Input - Integrity
• Resubmission Requirements & Tolerances
• What AUS does not consider
• Accountability

Objectives

• Understanding of Total Scorecard
• How to correctly input data
• How to accurately condition the loan approval to meet the requirements of the DU findings
• Triggers for a Manual Downgrade

Session 2

Topics

• What constitutes a Manual Downgrade
• Documentation requirements of a Manual
• Analyze Credit Report Samples
• Risk Assessment of  Credit to include MTGEE LTR 2012-03

Objectives

• Identify when a Manual Downgrade required based upon review of credit report
• Understand the differences between AUS documentation requirements and Manual UW documentation requirements           

Session 3

Topics

• Review New Requirements per MTGEE Ltr 2012-03 for S/E
• Re-entering the Workforce
• Second Job Income
• Non-Employment Sources of Income Documentation
• Source of Funds Documentation
• Gifts to include Gifts of Equity & DPA’s
• Manual Downgrade

Objectives

• Income Documentation requirements
• How to review Income & Asset documentation for AUS
• Analysis for determination of income for stability & inclusion for qualifying
• Understanding the requirements for Gifts to include donor eligibility

Session 4

Topics

• Appraisal General Requirements/Reminders
• FHA Flipping Requirements
• FHA Condo Project Re-certification requirements

Objectives

• Improve FHA Appraisal requirements knowledge
• Successfully identify and analyze a FHA Flip
• Comprehensive knowledge of FHA requirements for a Condo Project Re-Certification

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, August 6, 13, 20 and 27, 2013, 2:00 p.m. – 3:30 p.m. ET
• Tuesdays, November  5, 12, 19 and 26, 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.