This is a single-family/residential course.
As an employee of a mortgage banking firm, mortgage brokerage firm, or lending institution, you will be contacted by existing or potential customers regarding loan services and general lending information. Often the inquiries are for rate information from "rate shopping" consumers. At other times the calls will be for the purpose of applying for a mortgage loan.
Fair Lending During Inquiries provides guidance for handling consumer loan inquiries for both conventional and community lending products. Next the course covers fair lending in regards to prequalifying and preapproving potential applicants as well as distinguishing between the two. From there information gathering is discussed including obtaining the credit report, completing calculations, and determining required income.
Finally, the course will examine taking an application. This includes rules that govern taking an application, best practices around co-borrowers and using titles, what is permissible to ask an applicant, and completing the "Acknowledgement and Agreement, and "Government Monitoring Questions" sections of the application.
- Product Inquiries
- Prequalification and Pre-Approval
- Information Gathering
Seat time approximately one (1) hour.