National MI University: Delivering High Quality Education
National MI is pleased to announce a series of new training seminars as part of our MI University. Stay informed on the leading topics and fundamentals that are important to your industry.
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Acts, Laws and Regulations:
- NSS under RESPA: Servicing Delinquent Borrowers
- National Servicing Standards under TILA
- Federal Regulations (Flood insurance, US Patriot Act, Esign/Edisclosure, Do Not Call, SAFE Act)
- Fair Lending Laws (ECOA, HMDA, UDAAP, AML and Fair Housing Act)
- Gramm-Leach Bliley Act
- HPA (Private Mortgage Insurance Cancellation)
- TRID 1 (Overview of all the changes)
- TRID 2 (Deep Dive into Loan Estimator)
- TRID 3 (Deep Dive into Closing Documents)
- SAFE Act and Mortgage Loan Originator Licensing Rules
- Introduction to Mortgage Lending
- Traditional Mortgage Products
- ATR & QM Features
- QM Points and Fees and Exemptions
- Ability to Repay for Mortgage Professionals
- Preventing Mortgage Fraud
- When Fraud Becomes a Felony (Mike
- Identity Theft Red Flags Rules
Mortgage Application Topics:
Access resources to First Time Home Buyers Education and Landlord Counseling.
First Time Home Buyer Program
Valuable information and insights to help first-time home buyers navigate the process, from qualifying for a mortgage to where to find home buyer assistance programs.
An overview of the responsibilities of being a landlord, and the technical, practical and financial topics that a home buyer should understand before purchasing a rental property.
Click HERE for access.
Tuesday, April 4th, 2017 – Freddie Mac Home Possible Mortgages
10:00 AM – 11:30 PDT/ 11:00 AM – 12:30 MDT / 12:00 PM – 1:30 CDT / 1:00 PM – 2:30 EDT
Freddie Mac’s Home Possible® and Home Possible Advantage® mortgage offerings provide lenders with a low down payment option and flexible credit terms to meet a variety of borrower needs. In this 90-minute session led by Tom Ward, National Training Manager at Freddie Mac, participants will learn how they can expand their reach in rapidly growing markets including first-time homebuyers, move-up borrowers, families in Underserved Areas, low-income borrowers. Topics include general eligibility requirements, borrower eligibility, maximum LTV/TLTV ratios, contributions from borrower personal funds, and mortgage insurance requirements for Home Possible mortgages. You’ll also gain an understanding of the flexibility and options provided by Home Possible Advantage.
Sign up to attend the webinar here.
Thursday, April 13th, 2017 – Back to Basics with Income Assets and Credit in Today’s World
10:00 AM – 12:00 PDT/ 11:00 AM – 1:00 MDT / 12:00 PM – 2:00 CDT / 1:00 PM – 3:00 EDT
The stability of income is important in determining an applicant’s ability to repay the loan, and the documentation in the file should support this ability. However, every borrower’s situation is different, and stable income doesn’t necessarily mean the borrower must have been at the same employer in the same job for at least two years. In this 2-hour session designed for originators, processors, and underwriters, participants will learn how to review and analyze the documentation in the file for income qualification including acceptable assets, along with details for seller contribution rules, credit scores, credit reports, and the analysis of derogatory credit and current regulations that impact credit will also be reviewed. You’ll even learn how the accumulation of a borrower’s assets can be a strong indication of a person’s creditworthiness.
Sign up to attend the webinar here.
Thursday, April 20th, 2017 – Increasing Sales with Women Homebuyers
12:00 PM – 1:00 PDT / 1:00 PM – 2:00 MDT / 2:00 PM – 3:00 CDT / 3:00 PM – 4:00 EDT
Single women account for 16% of recent home purchases, and are increasingly driving home buying decisions in their households. Lenders can learn about female homebuyer values to better target their marketing and customer service efforts towards women in this 1-hour session led by Kristin Messerli of Cultural Outreach Solutions. Demographic insights about the female homebuyer will be shared including their values toward homeownership and their own economic advancement. Participants will also learn how online tools such as Twitter, Facebook, LinkedIn, Instagram and Pinterest can be very productive in engaging a female audience.
Sign up to attend the webinar here.
National MI also offers onsite and live webinars, contact your National MI Sales Advisor for more information.
- Ability to Repay for Mortgage Professionals:
The Consumer Financial Protection Bureau (CFPB) issued regulations under the Truth in lending Act for lenders to make a reasonable, good-faith determination about a borrower’s ability to repay a loan prior to the loan closing. This course will examine how mortgage professionals can identify the borrower’s ability to repay the mortgage, the impact to the origination and underwriting processes, the pricing thresholds and caps to be in compliance with the ability to repay rules, and the risks to mortgage professionals with these regulations.
- ATR & QM Features:
In January 2013, the Consumer Financial Protection Bureau (CFPB) issued regulations under the Truth in Lending Act requiring lenders to make a reasonable, good-faith determination about a borrower’s ability to repay a loan prior to the loan closing. This course will define the ability to repay standards, show the criteria for a qualified mortgage (QM), explain terminology under the rules, and specify the borrower’s options to legally challenge a creditor’s ability to repay decision.
- Closing the Loan:
This course will assist mortgage professionals in educating their customers about the closing process, enabling them to be well prepared for a smooth closing experience. Closing packages are not a few pages anymore! Starting with the closers who prepare the package to the title company representatives (or attorneys) who conduct closings, all must have a vast knowledge of the information on each document. In addition, title insurance plays an integral role in the closing process. The elements of title insurance, the different ways co-ownership can be held, and title terminologies are all presented in this course.
- Completing the URLA:
This course will emphasize the proper rules for its completion, the fields where compliance guidelines fit in, and the ways to communicate the requirements effectively to a customer to ensure fairness and accuracy.
- Credit Analysis:
This course will present the five factors that make up a borrower’s credit score and how certain actions taken can impact the score as well as nontraditional credit is described as an option for borrowers without a credit score or with thin credit.
- Fair Lending Laws (ECOA, HMDA, UDAAP, AML and Fair Housing Act):
It is imperative to be in compliance for notifications of action taken, including the process for communication when an applicant is denied. The role of the Consumer Finance Protection Bureau (CFPB) is also explained along with the regulations, rules, and principles that must be followed. Specifics are presented to make sure advertisements are clear and contain certain details to prevent unfair and deceptive language that would cause customers to be confused.
The objective of this course is to provide detail from the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA). This includes information for fraud alerts, credit scores, and credit reports.
- Federal Regulations (Flood insurance, US Patriot Act, Esign/Edisclosure, Do Not Call, SAFE Act):
The objective of this course is to define certain federal regulations and their importance in the mortgage market.
- Gramm-Leach Bliley Act”>Gramm-Leach Bliley Act:
The objective of this course is to define the importance of keeping customer information secure and private.
- HPA (Private Mortgage Insurance Cancellation):
The objective of this course is to provide the details for cancellation of private mortgage insurance and the disclosures provided to the borrower.
- Identity Theft Red Flags Rules
The objective of this course is to detail the components of the Identity Theft Red Flags Rules in order to identify, detect, and prevent identity theft of customers.
- Income Analysis:
This course will identify several examples of stable employment, methods to document employment and income to meet program guidelines, and the most common calculations for establishing acceptable qualifying income for a borrower.
- Introduction to Mortgage Lending:
The objectives of this course are to provide an overview of mortgage banking along with learning the steps in the mortgage loan process. It also explains the roles and responsibilities for those involved in the mortgage loan process.”>Introduction to Mortgage Lending.
- NSS under RESPA: Servicing Delinquent Borrowers:
This course will describe some of the mortgage servicing requirements that were published under the 2013 RESPA Servicing Final Rule. These include early intervention requirements for delinquent borrowers, details for continuity of contact with delinquent borrowers, loss mitigation procedures, and the types of loans covered under the Final Rule.
- National Servicing Standards under TILA:
Regulation Z, the Truth in Lending Act (TILA), was created to promote the informed use of consumer credit. It also offers protections for consumers’ credit transactions. The objective of this course is to understand certain details under Regulation Z, the Truth In Lending Act. These range from initial and final disclosure rules to the components for advertising and high cost loans.
- Preventing Mortgage Fraud:
In this course, there is an explanation of the different fraud schemes so mortgage professionals can easily detect and prevent them from occurring. In addition, this course will identify the two regulatory entities working to track mortgage fraud cases and the red flags that indicate there may be mortgage fraud or misrepresentation in the loan documentation.
- QM Points and Fees and Exemptions:
The Ability to Repay / Qualified Mortgage (ATR/QM) Rule provides a rebuttable presumption of compliance with the borrower’s ability to repay. However, QMs must meet certain thresholds for total points and fees paid at closing. This course will describe how to calculate a qualified mortgage’s total points and fees, identify the fees that must be excluded from this calculation, show exemptions to the ability to repay rules, and explain the details for prepayment penalty restrictions.
- SAFE Act and Mortgage Loan Originator Licensing Rules:
This self-guided online course will provide a detailed analysis of the SAFE Act and Mortgage Loan Originator Licensing rules. This course is not state specific. It reviews terminology from the SAFE Act, licensing requirements, education details, and ways to remain in compliance with the SAFE Act.”>SAFE Act and Mortgage Loan Originator Licensing Rules.
- Self-Employed Borrowers:
Analyzing tax returns, and calculating qualifying income for a self-employed borrower can be the most challenging tasks when analyzing a loan because there are so many schedules and forms to consider. This webinar will explain the situations when tax returns are required, compare the different types of self-employed borrowers, clarify what to look for when reviewing business tax returns, discuss how to assess the different schedules and forms found in tax returns, and walk through exactly what you need to calculate in qualifying income for a self-employed borrower.
- Traditional Mortgage Products:
This course is part of a series of self-guided online courses that will provide a detailed analysis of mortgage banking rules and regulations. The objective of this course is to provide an overview of traditional mortgage products.
- TRID 1 (Overview of all the changes):
This curriculum consists of three courses explaining the general requirements of the law that combined multiple disclosures into two separate forms, which are the Loan Estimate and the Closing Disclosure. This three-course curriculum will explain the purpose of the two disclosures and their relationship to each other, outline the receipt and delivery requirements of the disclosures, define the circumstances when the forms can be revised, and show the tolerance levels for increases in settlement costs.
- TRID 2 (Deep Dive into Loan Estimator):
Completing the Loan Estimate (TRID #2) will provide step-by-step instructions for completing the Loan Estimate as required by the Integrated Disclosures Rule. The course will detail the proper format of the required information on each page of the Loan Estimate, explain the different categories and proper locations for disclosing estimated settlement charges, and list the other disclosures that are included on the Loan Estimate.
- TRID 3 (Deep Dive into Closing Documents):
Completing the Closing Disclosure (TRID #3) will explain the relationship between the Loan Estimate and the Closing Disclosure, show the proper format for the required information on all five pages of the form, define the different categories and proper locations for disclosing actual settlement charges, and list the other disclosures that are included on the Closing Disclosure.
- Verification of Assets:
This course covers the following objectives: Outline acceptable source of funds, define the importance of acceptable assets in a mortgage transaction, detail unacceptable source of funds, define excess seller contributions, analyze a case study for funds to close.
- When Fraud becomes a Felony (Mike Davis Story):
This course will present the true story of Michael A. Davis, owner of a title company and a mortgage company, who spent six years in prison for committing mortgage fraud of over $7 million dollars. This fraud not only ruined more than 40 families, but also nearly led a highly respected wholesale lender to bankruptcy.