Book Description

The latest and best FHA training source for new and seasoned loan originators, loan processors, and mortgage trainers who need to learn FHA in a snap. The guide is in depth and loaded with information to guide you through originating FHA-insured mortgages. It's perfect as a textbook for training classes. This guide discusses: Terms, Program Types, Loan Amounts, LTVs, Minimum Cash Investments, Property Eligibility, File Submission, Automated Underwriting, Closing Requirements, and much, much more. This resource guide is a must have for Mortgage Professionals. Includes a 130 page mortgage fraud detection and deterrence guide.The Mortgage Fraud guide is designed for those loan officers and loan processors that wish to stem the rising tide of loan-level mortgage fraud. Lender belt-tightening has left a lot of individuals, who previously had access to borrowed funds with a lack of lucrative financing options. Hundreds of industry professionals have been indicted for criminal conduct and thousands of others have left the industry for other professions--yet even during a down real estate market builders, homeowners, and white collar criminals will explore creative ways to buy, sell, and refinance properties. As a loan officer in a different lending landscape, you'll have to keep an eye out for borrowers whose sole intent is to commit fraudulent acts for financial gain. This book will explore the various types of mortgage fraud scams that you should be knowledgeable about. The presence of one or more red flags in a loan file is not an automatic indication of loan fraud-honest mistakes are sometimes made by those party to the loan-but red flags should serve as an alert that the loan documentation may warrant a closer look. The checklists in this book will help to significantly reduce the risk of fraud in your loan files. Loan originators and loan processors should each run their own compliance reviews and not rely solely on the other to ensure loan quality.