FHA Loans Sell More Homes: Current Issues in Mortgage Lending

4 Clock Hours
C-5817

This course will provide insight into the current crisis of historic proportions facing the mortgage lending industry nationwide.  We will discuss the most current news such as the coming Fannie Mae/Freddie Mac bailout, any recent bank failures, and the new consumer protection rules just announced by the Federal Reserve. In addition, Realtors will become more informed on FHA because in today’s market, FHA Loans help real estate agents sell more homes!  However, FHA is not the government’s subprime loan.  In this four hour course Realtors will learn about FHA’s upfront MIP, the new transition to risk-based pricing, what it takes to become an FHA-approved lender (and why you should care), payment to non-approved mortgage brokers, temporary loan limits, FHA Secure, non-traditional credit, risk assessment, payment shock, qualifying ratios, co-borrowers, downpayment requirements, loan “killers,” and an intro to FHA’s 4Cs: Character, Capacity, Collateral, Capital.  We’ll end class with a case study and reveal what a ratings agency found when they re-underwrote a pool of early default subprime loans

This class is an updated version of the class titled “The Subprime Meltdown” which was taught in the Spring of 2007 to early 2008.  For those of you who attended this class in the Spring of 2007: I told you it was going to get worse, didn’t I?  Well guess what, I’m going to tell you again that we are far from the end of this crisis. Until defaults and foreclosures start slowing down, underwriting guidelines and downpayment requirements will continue to tighten.  With the trouble at Fannie Mae and Freddie Mac only just beginning, FHA has become a beacon of light for Realtors, homebuyers and home sellers.

If you are a 2007 student and want to re-take this class for clock hours, please note that your certificate will contain an entirely new C-number because the content has been updated, so yes, you will earn another 4 clock hours.

This class will also include a review of the new Washington State Distressed Property Law, as required by DOL.

Schedule of upcoming classes

This class is also approved for Realtor clock hours in the state of Idaho
Course Number: E0623-0608
Idaho Approval Expires June 30, 2010

These end-of-course evals are from the Subprime Meltdown class:

“I absolutely loved this class. It was one of the best classes I have taken lately to really create an environment where I feel like I understand the topic LEAGUES ahead of where I was when I walked in.  Obviously it is a very timely and a passionate subject as well.  Jillayne, I really thought you did an excellent job!”

“Pros: Beneficial to have the Realtors and Mortgage Brokers in the same room able to learn from one another and ability to help us understand the challenges of what our buyers and sellers are facing.  Cons: Not long enough.  Thank you!”

“Explored real world issues that affect Realtors and lenders in everyday work. Rarely do those two groups interact together and that was an informative and beneficial exchange worth my time.”

“I am amazed that the mortgage business is so under regulated.”

“Information packed class regarding credit practices and mortgage lending procedures occurring in the U.S. today.”

“Informative and excellent control of group participation.”

“Great class! Loads of interesting information taught with enthusiasm.”