CFTEA

Processing Income and Assets

$105.00

SKU: f4be00279ee2 Category:

Description

When a lender extends a mortgage loan to a consumer, it is done so with the acceptance of a certain level of risk based on the borrower’s willingness and ability to repay a loan. This willingness is largely determined through a consumer’s credit history. The ability is driven by the consumer’s income and assets.  Knowing how to determine and document a borrower’s income and available assets will ensure that both the lender and borrower are at an acceptable level of risk at consummation.

This one-hour self-study online course is designed to provide a basic education of the income and asset documentation and underwriting requirements of a conforming residential mortgage loan. The course will also provide tips on preparing a quality loan for submission to underwriting.

 

After completing this course, students will be able to:
• Distinguish the risk factors of a mortgage loan
• Identify employment documentation requirements
• Calculate stable monthly income
• Calculate qualifying ratios
• Calculate funds needed to close
• Recognize documentation requirements and acceptable sources of fund

Code: A6045SP
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