| Introduction |
| Chapter 1. The Mortgage Application......................9 |
- Most Frequently Asked Questions About the Mortgage Application
- Completing the Application - the 1003
- Completing the Transmittal Form - 1008
- The Paper Trail...Information and Documents
- Documents Provided at Time of Application
- Explaining the Loan Disclosure Form
- USA Patriot Act Customer Identification
- Being In Compliance
- Section 32 Mortgages
- Yield Spread Premium Issues
- The Good Faith Estimate
- When to Re-Disclose
- Federal Truth-in-Lending Form
- Annual Percentage Rate
- Verifications of Employment, Deposit, Mortgage and Rent
|
| Chapter 2. Qualifying for a Mortgage....................20 |
- The Mortgage Process
- How To Use a Mortgage Calculator
- Pre-Qualification/Pre-Approval
- Qualifying Questions
- Qualifying Ratios
- How to Calculate Income Ratios
- Calculating Cash Flow from Income Property
- The Sales Contact
- The Self-Employed Borrower
- The No-Income Verification Loan
- Menu of Stated Income Programs
|
| Chapter 3. The Credit Game..................................48 |
- Credit Reports - An Overview
- Interpreting Credit Report Symbols
- Credit Scoring
- How an Underwriter Looks At Credit
- Less than Perfect Credit
- Compensating Factors for Less than Perfect Credit
- Credit Denials
- Overcoming Bad Credit
- No Credit History - No Problem
- Establishing Credit
- Non-Traditional Credit Reports
|
| Chapter 4. Don't Blow the Deal!..........................62 |
- Loan Officer Responsibilities
- Loan Processor Responsibilities
- Processor's Top 10 Wish List
- Processing Review and Follow up
- Submitting the Loan Package to the Investor/Lender
- Underwriting
- Top Ten Reasons Loans Are Rejected
- Preparing for the Closing
- Mistakes Loan Officers can Make with a Loan
- Mistakes Processors can Make with a Loan
- Mistakes Underwriters can Make with a Loan
|
| Chapter 5. Interest Rates..................................................75 |
- Key Factors Affecting Interest Rates
- Locking in an Interest Rate
- How Does a Lock-In Work
- How Long to Lock-in a Loan
- Points/How Loan Officers Get Paid
- Point Jargon
|
| Chapter 6. Loan Programs................................................95 |
- Finding the Perfect Fit
- Adjustable Rate Mortgages
- Balloon Mortgages
- Bi-Weekly Mortgages
- Community Home Buyer Program
- Fixed Rate Mortgages
- Interest Only Loans
- Temporary Buy-Downs
- Two-Step Mortgages
|
| Chapter 7. Other Forms of Mortgages & Financing.......120 |
- Refinances
- Home Equity Loans
- Sub-prime / Non Conforming Mortgages
- Sellers as Lenders
- Builder Finacing
- Shared Equity / Non-Resident Investor
- Reverse Annuity Mortgages
- Lease Option
- How to Purchase Property with No Money Down
|
| Chapter 8. The Home Stretch.........................................140 |
- Appraisals
- Flood Insurance
- Escrows
- Title Insurance
- Hazard Insurance
- Closing Costs
- RESPA Closing Statements
- When is the Best Time to Close on a Mortgage
- No Mortgage Payment this Month
| Chapter 9. Let't Make a Deal! |
- Common Mistakes when Completing the Application
- The 1003 as a Marketing Gold Mine
- Borrower's Questions - How Many Can You Answer?
- Ideas to Boost Your Confidence Level
- Taking a Complete Pre-Qual
- Turning Leads into Loans
- How to Handle Rate Shoppers
- Analyzing Credit Reports & Improving Client's Credit Scores
- Working as a Team with your Processor to Close More Loans
- Increasing Realtor Business
- Making Every Closing the Beginning of More Business
- Managing Your Career as an Entrepreneur
Glossary 162
Appendix 180
|
|
|
