Certificate in US Residential Mortgage Underwriting

Course details

Mortgage underwriting in the United States is the process a lender uses to determine if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable. Most of the risks and terms that underwriters consider fall under the three C's of underwriting: credit, capacity and collateral.
The course covers

• Mortgage and Underwriting Basics
• FHA/VA Underwriting
• Due Diligence
• Calculating Income, LTV & DTI
• Appraisal Review
• Tax Returns Analysis

Why should one take US Residential Mortgage Underwriting certification?
This Course is intended for professionals and graduates wanting to excel in USA residential mortgage underwriting. It is also well suited for those who are already working and would like to take certification for further career progression.

Who will benefit from taking US Residential Mortgage Underwriting certification?
Professionals and executives looking to find employment in underwriting departments of various insurance and mortgage companies, students generally wanting to improve their skill set and make their CV stronger and existing employees looking for a better role can prove their employers the value of their skills through this certification.
 
Benefits of Certification

• Government Certification
• Certification valid for life
• Lifelong e-learning access
• Learning Hours: 12+ hrs

 
How It Works

1. Select Certification & Register
2. Receive Online e-Learning Access (LMS)
3. Take exam online anywhere, anytime
4. Get certified & Increase Employability

Test Details

• Duration: 60 minutes
• No. of questions: 50
• Maximum marks: 50, Passing marks: 25 (50%).
• There is NO negative marking in this module.
• Online exam.

 
TABLE OF CONTENT

Mortgage Basics

• What is a Mortgage?
• Monthly Payment
• Escrow Account
• Types of Loans
• Pre-qualification and pre-approval
• APR
• Points and Pre-Payment Penalty
• Standard Mortgage Forms
• Government-Sponsored Enterprise (GSE)
• Loan Processing
• Common Mortgage Terms
• Mortgage Terminology

Underwriting Basics

• Underwriter Role
• Underwriting Elements
• Underwriting Process
• Types of Underwriting
• Mortgage Underwriting
• Types of Mortgage Jobs
• 4 C’s
• Loan Stacking
• Origination
• Underwriter Skills and Duties

Advanced Underwriting

• Reference Guides
• Agency Guidelines
• AUS Findings
• Forms 1003 & 1008
• Credit Report Review
• Credit Analysis
• General Income Information
• Assessing Income
• Assessing Assets
• Appraisals

FHA/VA Underwriting

• FHA Program
• Borrower Eligibility
• Mortgage Parameters
• Mortgage Insurance
• VA Entitlement & Guaranty
• VA Credit Underwriting

Due Diligence

• Due Diligence Basics
• Automated Underwriting
• Manual Underwriting
• Compensating Factors
• Identifying Red Flags

Calculating Income, LTV & DTI

• Automated Income Validation
• Wage and Income Calculation
• LTV/CLTV/HCLTV
• Debt-To-Income Ratios

Appraisal Review

• Appraisers Responsibilities
• Lenders Responsibilities
• UAD and UCDP
• Collateral Underwriter (CU)
• Appraisal Forms
• FHA Considerations

Tax Returns Analysis

• Self-Employment Business Structures
• Cash Flow Analysis Forms Review
• Tax Cuts and Jobs Act (TCJA)
• 2017 and 2018 IRS 1040 Individual Tax Return
• Financial Statements
• Sole Proprietorship
• 1120S Analysis, 1120S K1
• Partnership & Partnership Business Analysis
• Limited Liability Company (LLC)
• Analyzing Corporations
• Royalty Payment Income
• Farming Income

Updated on 27 December, 2023