Instructor-led Online Course

This course is designed for the underwriter who has a very solid understanding of all of the principles of underwriting FHA loans. He/she should be able to:

  • Describe TOTAL Scorecard and its requirements
  • Recognize when a manual downgrade is required
  • Analyze various credit scenarios and determine acceptability for TOTAL Scorecard or manual underwrite
  • Analyze income for stability and effectiveness for inclusion in qualifying income
  • Complete an in-depth analysis of assets
  • Evaluate appraisals to ensure compliance with FHA flipping requirements
  • Evaluate condo documentation for compliance with FHA re-certification of project requirements

What it's about

These skills may have been acquired through attending the Fundamentals of FHA Underwriting and/or Intermediate FHA Underwriting courses through AllRegs or through other training or experience.

During the course students will utilize and apply their knowledge of manual underwriting, and scenarios which should be addressed by the underwriter during the credit write-up. This course will consist of hands-on manual underwriting, various special underwriting circumstances and programs, a variety of refinance scenarios and guidance, as well as digging deeper into the complexity of condominium approval, appraisal reviews on condominiums and 2-4 unit properties.

Class Schedule

Thursdays, May 4, 11, 18 and 25, 2017
12:00 p.m. - 1:30 p.m. ET
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Wednesdays, July 5, 12, 19 and 26, 2017
12:00 p.m. - 1:30 p.m. ET
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Tuesdays, September 5, 12, 19 and 26, 2017
2:00 p.m. - 3:30 p.m. ET
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View Education Calendar

Learning Goals and Objectives:

Upon completion of the course, students will be able to:

  • Perform and describe a manual underwrite and credit write-up
  • Identify and execute special underwriting techniques
  • Evaluate complex properties

WHO SHOULD ATTEND

  • Processors
  • Underwriters
  • Quality Control Staff

Benefits

By the end of this course students will be able to manually underwrite and take appropriate actions based on their credit analysis, Understand and execute special underwriting circumstances, fluently underwrite any type of FHA refinance, and understand condominium approvals and complex property appraisals.

Program Details:

Session One

Topics

  • Credit Risk
    • Housing history
    • Repayment history
    • Disputed accounts
    • Collections and charge offs
  • Layering Risk
    • No credit
    • Non-traditional credit
    • Thin credit
    • Bad credit

Session Two

Topics

  • Specialty Programs
    • ARMs
    • Temporary Buydowns
    • Construction to Perm
    • EEF
    • HUD REOs
    • GNND
  • Streamline Refinance
    • With Appraisal
    • Without Appraisal

Session Three

Topics

  • Single Family
  • Condo Criteria
    • Appraisal Review
    • Project Approvals
  • Multi-unit properties
  • HUD REO

Session Four

Topics

  • Manually Underwrite a Purchase Transaction
    • Credit
    • Income
    • Assets
    • Appraisal
  • Manually Underwrite a Streamline Refinance
  • Recommend an Approval or Denial

Tuition & Registration

The course is $600 per person. Tuition includes all course materials. Upon successfully completing the course, students will earn an industry-recognized certificate of completion.