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Choose from the upcoming four-week course sessions:
Michelle Tangen is currently an underwriting manager for a mortgage company in Virginia. Michelle started in the mortgage industry in 1988 as the receptionist and worked her way up to processing mortgage loans and then onto underwriting them. Read Full Bio »
What do you hope your students learn from this course? In every class I teach, I hope my students leave with a thorough knowledge of the subject I'm teaching in addition to knowing what resources are there for them to find the answers to things they might not know or run into later. For FHA, I want them to be able to go into an FHA file and be able to tell if it meets FHA guidelines. For VA, the same thing, want them to know if the loan meets the VA guidelines which are cumbersome to say the least! If it's a collateral analysis class, I hope that I focus on the main issues on the URAR and show them how to determine if the appraisal is a good one.
Michael D. James is the Community Development Director for Lee County, Virginia. In this capacity, he manages economic development and affordable housing activities as well as serving as Zoning Administrator for the county. In addition, he has 20 years of private sector mortgage banking experience in a variety of origination, training and underwriting positions. Read Full Bio »
What do you hope your students learn from this course?I hope to provide a slightly different view point on the topic. I have been the salesman trying to get underwriting to approve a deal, and I have been the underwriter listening to the salesman’s plea to approve the deal. I hope to share my well-rounded perspective with the students.
By the end of this course, participants will be able to:
The course is $380 per person. Tuition includes all course materials. Upon successfully completing the course, students will earn an industry-recognized certificate of completion.
TopicsIntroduction to Department of Veterans AffairLoan Application RequirementsVA Loan ProgramsVA Loan LimitsVA Funding FeeComplete the VA Maximum Mortgage Calculation Exercises found on the course siteObjectivesDefine the purpose of the VAState the benefits VA loansRecognize the disclosures required with a VA loanDefine a variety of VA ProgramsCalculate the VA maximum mortgage amount
TopicsSeller ConcessionsProperty EligibilityAppraisal Processing ProceduresReview the VA case study and determine how the lender can save the dealObjectivesDetermine allowable seller concessionsRecognize eligible property typesRecognize the requirements and processes for ordering and reviewing appraisals
TopicsNavigating WebLGYAutomated systemsBorrower QualificationsResidual IncomeCompensating FactorsReview the case study and using the VA Loan Analysis Worksheet calculate the applicant’s residual income and debt-to-income ratio. Make a loan decision, and list compensating factors, if applicable.ObjectivesNavigate the VA portal, specifically WebLGYUse automated systems as a powerful tool to help determine VA loan documentation requirements and make credit decisionsExplain the key differences between conventional and VA guidelines with regard to credit history, income/employment, and financial assetsApply the residual income analysis method of qualification and explain how VA’s qualification ratio requirement differs from conventional mortgages
TopicsProcessing and Underwriting ProceduresAgents and Sponsoring LendersPrior Approval versus AutomaticLAPPVA QC FindingsVA Refinance OptionsIRRRLsCash-out RefinanceConstruction-to-PermanentObjectivesDifferentiate the delegated VA underwriter and delegated appraisal reviewer requirements for Supervised Lenders, Non-Supervised Lenders and AgentsReview the requirements for a VA Interest Rate Reduction Refinance Loan and VA Cash-out transaction
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