Mortgage Loan Products

Course Description

Seat Time: 1.5hrs - Desc:

This course will introduce the learner to fixed rate mortgages (FRMs) and teach the learner about Adjustable Rate Mortgages (ARMs). The course will also provide the learner with an overview of the nature and risks of jumbo loans. After completing this program, the learner will have a strong understanding of:

• Conforming loans.
• Federal Housing Administration (FHA) loans.
• Veterans Affairs (VA) loans.

Course Topics

T1. Fixed Rate Mortgages: This topic will introduce the learner to fixed rate mortgages (FRMs) and will instruct him/her on the advantages and disadvantages of using FRMs.

T2. Adjustable Rate Mortgages: This topic will teach the learner about Adjustable Rate Mortgages (ARMs), indices, and pricing ARMs so s/he is prepared to evaluate ARMs for the lender and for the borrower.

T3. Jumbo Loans: This topic will define the term and use of jumbo loans for the learner so that s/he understands the nature and risks of jumbo loans.

T4. Conforming Loans: This topic will define for the learner the term "conforming loan" so that s/he understands the criteria for conforming loans and the advantages to them.

T5. FHA and VA Loans: This topic will teach the learner about Federal Housing Administration (FHA) loans and Veterans Affairs (VA) loans so s/he understands why these loans are designed and how eligible areas are designated.

T6. Other Types of Loans: This topic will teach the learner about the other types of loans, such as balloon mortgages and blanket loans, which s/he might encounter in the role of a lending officer.