This course explores the roles and practices of underwriters and appraisers as they qualify borrowers and properties for loans. Other requirements for loans, leases, and titles will also be discussed. The student will examine loan settlement procedures, the role of the Truth-in-Lending Act, and the effects of the Fair Housing Act and the Americans with Disabilities Act.
Upon completion of this course, the student will be able to:
- Explain how an underwriter determines the qualifications of a borrower for a loan; Name the underwriting standards used by the FHLMC and FNMA; Recall how these underwriting standards are utilized
- Name the underwriting standards for loans used by the FHA; List the qualifying standards for loans used by the VA; Recall how these underwriting standards are utilized
- Explain the role of appraisers in the lending process; Tell how appraisers use market value as part of the appraisal process; Describe the three appraisal methods used by Licensed and Certified Appraisers
- Explain the importance of the appraisal process for lending agents and brokers; List the considerations used by residential appraisers; Name the conditions for other property types
- Discuss home builder commitment methods; Expound upon the significance of loan-to-value ratios; Identify dollar limitation amounts for residential loans; Clarify the differences between various land leases such as unsubordinated ground leases, subordinated agreement leases, leasebacks, and build-to-suit leases; Recognize the role of the SEC in real estate transactions; Explain seller-financed mortgages; Define foreclosure, explain the reasons for it and describe the various types; Differentiate regulations for condominiums, cooperative apartments, and manufactured homes
- List and define the three major types of legal descriptions for property; Identify land title requirements, loan settlement procedures and requirements, and the role of the Truth-in-Lending Act on these items; Explain how the ADA affects construction and remodeling; Describe the Fair Housing Act; Describe property characteristics
This course covers the following topics:
- Qualifying the Borrower: Part 1
- Qualifying the Borrower: Part 2
- Qualifying the Property: Part 1
- Qualifying the Property: Part 2
- Loans and Leases
Qualifying - Buyer and Property - Utah Division of Real Estate
End of Course Instructions
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