Origination Basics for Mortgage Brokers takes the new broker through the mortgage origination process from initial contact and prequalification through the taking of the loan application and issuance of disclosures. The course begins with an overview of loan production and the role of the broker/originator in the process. Next it examines the steps of initial contact and prequalification, including calculation of the LTV and qualification ratios. The final lesson describes in detail the Uniform Residential Loan Application and what the broker knows to complete it, including how to read the a rate sheet and how to select the best loan program for a borrower. Supporting documents such as the appraisal, credit scores, and verifications, are defined and described. The final lesson also defines the essential disclosures issued by the broker at or shortly after application, including the Truth in Lending disclosure and the Good Faith Estimate.

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