Published since 1992, as well as updated annually, this 198 page textbook was written as an answer to the "sink-or-swim" training methods of numerous mortgage firms. The format is designed to give the newly initiated loan officer/agent, lender, processor, or other initiate the practical information they need to do the loan officer's job.
The reader learns how to understand rate and point quotes, how to use a financial calculator, how to make basic computations customers require, how to understand loan programs and compare product features. The student progresses through understanding loan specifications - Conventional Conforming, Jumbo, FHA/VA and Sub-Prime program guidelines - to a practical understanding of ratios, income, assets and closing costs, debts and credit history. This is then placed in the context of the loan application - how to collect all the required documents and disclosures and supervise a loan from application to closing. Beyond the basics, students learn how to finance various property types; condos, PUDs, new construction and investment property. A detailed chapter on refinancing addresses the issues which most often confront the loan officer in a period of heavy refinancing - 10 reasons to refinance.
Finally, understanding how loans are made in the secondary market and the basics of interest rate quoting and behavior are covered.
This product is submitted for approval for use in continuing education in all states which have, or are adopting, a requirement. Many companies use this product as a handout to prospective new loan officers. Many loan officers give this product to their referral sources to help educate them to the requirements of the industry.
Thomas Morgan's The Loan Officer's Practical Guide to Residential Finance is THE most comprehensive loan officer training book in print today. Chock full of every single aspect of the mortgage origination process, I truly recommend this book to every amateur as well as novice loan officer I know!
I wish I had found this book the day I passed my state exam. It would have saved me much frustration as well as my confidence could have been boosted a lot sooner, which is key to succeeding in this business. This book is putting me equal to, if not ahead of many individuals who have been in the business for years. I'm shocked at how little people cognize and I'm pleased at how much I've learned from this book. Absolutely the best money I've spent on my early career!
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