This is a single-family/residential module.
The process of real estate lending results in collecting a number of documents used to create a mortgage loan. Most of these documents are associated with the origination and underwriting functions and are dictated by the standard processes imposed by secondary marketing investors.
Anyone working in loan administration should be familiar with the critical documents in the loan file and have a thorough understanding of its essential instruments. The documents in the loan file are the tools used to resolve any problems that may arise throughout the life of the loan, such as borrower default.
Loan File Documents closely examines the critical documents in a loan file, including the deed, the security instrument, and the promissory note. The course surveys the essential mortgage clauses and riders to the promissory note and security instrument and also studies the various insurance policies/certificates in the loan file, including those for title, hazard/homeowner, flood, and mortgage insurance.
Finally, the course ends with a consideration of other important documents found in the loan file such as the sales contract, loan application, good faith estimate, loan estimate, credit report, verifications, appraisal, survey, truth-in-lending statement, HUD-1 settlement statement, and the closing disclosure.
Essential Mortgage Clauses
Riders to the Promissory Note and Security Instrument
Title Insurance Policy
Hazard or Homeowner Insurance Policy
Flood Insurance Policy
Mortgage Insurance Policy/Certificate
Other Loan File Documents
Seat time approximately one (1) hour.