The Loan Officer's Practical Guide to Residential Finance 2021: 2021 Version - Includes SAFE Act (The Practical Guide to Finance Series)

Updated as of 4/14/2021 - to include new Uniform Residential Loan Application (URLA) treatment, updated agency loan eligibility guidelines (Fannie Mae/Freddie Mac/FHA/VA), and certain revised regulations, such as Ability to Repay (Qualified Mortgage) and Customer Privacy.

We have combined our mortgage knowledge guide and compliance guide into a single product that covers 100% of the SAFE Act required curriculum and more. You need to know how to pass the test, but today it is more important to be able to provide in-depth value to your customer. This text teaches you how to

• understand rate and point quotes
• use a financial calculator
• make basic computations customers require
• understand loan programs and compare product features
• understand loan specifications - Conventional Conforming, Jumbo, FHA/VA Qualified Mortgage program guidelines
• have a practical understanding of ratios, income, assets and closing costs, debts and credit history.
• collect all the required documents and disclosures
• supervise a loan from application to closing.
• finance various property types; condos, PUDs, new construction and investment property
• refinance - issues which most often confront the loan officer in a period of heavy refinancing - 10 reasons to refinance
• understand how loans are made in the secondary market
• understand the basics of interest rate quoting and behavior .

Great as:

• New Training Program for potential recruits (If they read it, you know he or she is serious)
• Tool for referral sources (give it to your agents, CPAs, financial planners, builders, etc. - discounts for purchases in quantities greater than 10)

Published since 1992, and updated annually, this 380 page textbook was written as an answer to the "sink-or-swim" training methods of many mortgage firms. The format is designed to give the newly initiated loan officer/agent, lender, processor, or other initiate the practical information they need to do the loan officer's job.