If you already have some understanding of what's involved in processing residential mortgage loans, and want formal guidance in processing government loans, this course is for you. Essentials of Government Loan Processing is designed to give you a general understanding of the procedural requirements, documentation and terminology associated with FHA, RHS and VA loan programs. Since this course does not have prerequisites, the first two lessons provide general background on the role of the loan processor and loan finance.  Essentials of Government Loan Processing provides a convenient supplement to your company's library of handbooks, circulars, mortgagee letters and procedural guides distributed by the Federal Housing Administration, Department of Veteran's Affairs and the Rural Housing Service.

You'll learn:

the function and organization of the loan production department

the requirements of fair lending laws applicable to loan processing

features of the most common loan programs

distinguishing characteristics of FHA homeowner programs

factors used to assess an applicant's ability to repay a mortgage

how to calculate FHA underwriting ratios, maximum mortgage amount and minimum cash requirements

the requirements for processing "streamline" and IRRRL refinances

the process of restoring a veteran's entitlement

how to calculate a veteran's residual income and debt-to-income ratio and determine a veteran's maximum loan amount

the key underwriting criteria for RHS guaranteed loans

the documentation and procedural requirements of RHS guaranteed loans

NOTES:  This is a self-paced, self-study course. Enroll anytime and take up to 8 months to complete the course. 
KEY_WORDS:  processing, government, FHA, VA