This is a single-family/residential course.
MBA Education is dedicated to accommodating today's busy professional by offering short, accessible learning programs that can be completed in less than an hour. Content in this course is derived from Residential Underwriting Basics, which is no longer available for retail purchase.
In Asset Review in Residential Underwriting, we will describe how to analyze an applicant's assets to ensure that there are sufficient funds to close and that the applicant meets program guidelines with respect to the minimum borrower contribution.
The course begins with a look at the Details of Transaction section of the loan application and considerations during its review. It then addresses acceptable sources of liquid reserves and related requirements. Next, it describes how to calculate available funds to close. Toward the end of the course, verification requirements and guidelines are reviewed for personal funds, gifts, grants, and interested party contributions (IPCs).
It is important to note that the concepts explained in this course are concepts that form the foundation for sound underwriting. When a loan is run through an automated underwriting system (AUS) such as Fannie Mae's Desktop Underwriter® or Freddie Mac's Loan Product Advisor®, some of the factors discussed in this course may be applied automatically.
Details of Transaction
Calculating Available Funds
Gifts, Grants, and Contributions
Seat time approximately one (1) hour.