The Ultimate Set Of Products And Services For Training FHA Lending
All Of Our Best FHA / VA Training Products And Services
Mortgage U has proven to be one of if not the best in FHA training and consulting. The MU team is lead by Alice Alvey, CMB who in her lifetime has achieved what we like to call a Master Level Sensei equivalent in the art of FHA & VA Mastery and has been guiding clients to become black belts in FHA & VA lending for over 30 years. Alice Alvey has authored the wildly popular FHA Practical Guide as sold by the AllRegs Academy and used by lenders nationwide for best practice references, checklists, guidelines and much more. The Mortgage U Team is also a top-of-mind choice to provide consulting and procedural services by banks and credit unions on any and all FHA / VA related topics and is dedicated to delivering efficient, customized solutions within a last minute’s notice.
FHA Practical Guide
Get the right answer, the first time.
[A practical manual for FHA lending]
Mortgage U, Inc. has created the bible for a practical approach to FHA lending. The FHA Practical Guide provides a comprehensive step by step guide for FHA approval, origination, processing, underwriting, closing, post closing and insuring for your organization in an easy to use.
Authored by Alice Alvey, CMB and distributed online by the Allregs Academy, The FHA Practical Guide is designed to serve as your FHA procedures manual as well. This indispensable tool is the ultimate source for FHA requirements, every chapter includes easy to follow charts and worksheets and is updated diligently to reflect FHA changes right after the Mortgagee Letters are published. The FHA Practical Guide includes:
- All lender approval and renewal requirements
- Direct endorsement underwriting approval requirements
- Topics organized by job description to insure everyone knows his/her role and responsibilities in the FHA loan process
- Checklists and maximum mortgage amount worksheets
- A comprehensive reference table for FHA forms including the elusive forms without a HUD ID number
- Reference notes indicating documents that will impact the HUD case binder and insuring process
- Best practices as identified by HUD and lenders
- References to possible credit overlays established by investors
VA Practical Guide
Get the right answer, the first time.
[A practical manual for VA lending]
Our second most wildly popular guide, The VA Practical Guide is essentially the bible for VA lending. This guide aims to fill the gap in logic between the stiff wording of the law and the reality of your real world interpretations of the law. This is the same guide offered in book and online format through the Allregs Academy.
The VA Guide is perfect for lenders to receive clear guidance. All of the VA Handbook information is here in one spot, organized, updated, and right at your fingertips. We understand how trying to analyze your file while interpreting the VA Handbook can be time consuming and many aspects of VA requirements are not addressed by the automated underwriting systems. We know you need to get the loan properly documented quickly and don’t have the time to read five different chapters of the VA Handbook or spend time surfing a variety of web sites only to possibly get the answer you need. Introducing, The VA Practical Guide. The Guide includes:
- Every requirement a lender must follow
- Information organized logically to mirror the mortgage process
- Reference notes to the VA Handbook and circular letters
- A user friendly “how-to” format
- Automatic Authority and LAPP through guaranty
- Cross-referenced information provides single points of reference
- Exclusive worksheets & checklists accessible to the novice
- Best practices for common industry standards and procedures
Mortgage U FHA & VA Consulting Services:
* FHA start up and merger of operations
* Transitioning from FHA mini eagle to full FHA Direct Endorsement approval
* Enterprise education solutions including proprietary web based courses
* Knowledge testing
* Assessment of mergers and acquisition contracts for compliance with FHA requirements
* Procedures and loan origination system usage
* Process improvement from application through insuring
* Loan Origination System assessment for FHA compliance and management
Why MU?
In addition our staff works with lenders during HUD audits and attends FHA events regularly to keep up to date on the latest FHA hot buttons. MU’s affiliation with Wetzel Trott provides a constant resource to identify trends in the industry and elaborate on best practices throughout the book.
We stand behind our students long after they have finished a course. Students and companies may contact our instructors any time with questions and if we don’t have the answer we’ll find someone who does. Our network of contacts across all lines of mortgage originations and wide ranges of philosophies gives us the ability to answer questions no one else wants to. We will make sure you know what FHA states in writing, what lenders are implementing and why in order for you to make the right FHA choices.
FHA And VA Training
The training needs for FHA and VA loan programs vary greatly from one lender or broker to the next. We recognize the need for customized agenda’s and multiple delivery formats to accommodate small or large staff and crazy schedules.
FHA Fundamentals
Our cornerstone FHA program has trained over 10,000 individuals. Our FHA Fundamentals workbook has become a widely used referenced tool with over 300 pages of valuable tips, checklists and best practices. Created with both beginners and those with experience in mind, this focused and lively workshop will guide you through origination, processing and underwriting requirements of FHA Mortgages. Our experts have developed the ultimate one-day course in which you will learn how to calculate the maximum mortgage amount; mortgage insurance premiums and closing costs. You’ll brush up on the many forms used through processing, understand their purpose and how to avoid problems in an audit. Discover the secrets to determining if an FHA loan is right for your customer and be ready to handle both purchase and refinance transactions. You’ll walk away with our top-notch reference manual, which contains excerpts from the HUD Handbook 4155.1, several mortgagee letters, all the FHA specific forms and easy to use worksheets and checklists, — all the tools you need to help you sell the true benefits of the FHA 203b loan program.
Offered in: Live Classroom, Webinar, Self-Paced Online
FHA Advanced
As our FHA 201 course, this program expands on the fundamentals by including new construction, condo solutions, property requirements and a full afternoon of developing an understanding of FHA underwriting risk analysis.
FHA Closing, Post Closing & Insuring
This course will help both new and experienced mortgage professionals understand that the last stages of the loan process can be the most critical, especially with FHA loans, so the file must be in compliance with FHA requirements in order to have the mortgage certificate issued. FHA has some very unique requirements that impact the different aspects of closing, post closing and insuring and this course will help the student understand those components.
Formats offered: Online, Self-Paced
FHA Basics & Advanced Case Studies
This course is designed for individuals looking to expand their expertise in FHA risk analysis and FHA underwriting. Attendees should have a basic working knowledge of FHA documentation, credit and appraisal guidelines through processing or underwriting FHA loans.
Formats offered: Live Classroom, Webinar
VA Fundamentals
MU has provided VA training to top national lenders. We bring focus to this valuable niche and the opportunity to produce a quality product. We take the fear of having only a few VA’s in process!
Offered in: Live Classroom, Webinar
Webinars
Our FHA and VA Fundamentals are available in 3 part webinars that work great for originators and beginning processors or underwriters. We provide comprehensive handout materials similar to our live programs. You get to see the instructor live , ask questions and interact with other students to achieve a meaningful learning experience.
Webinars On Demand
The FHA Fundamentals webinars are also available in a pre-recorded format as well for 24/7 access!
FHA Basic and Advanced Case Studies The perfect 3 part program for individuals with FHA experience and ready to move into FHA underwriting. This program is conducted live with Alice Alvey, CMB and author of the FHA and VA Practical Guides. She conducts a short presentation at the opening of each webinar to bring common FHA underwriting challenges to the forefront in an open and frank discussion. After the 20-30 minute discussion the lesson moves to reviewing a specially designed case study. The case studies include purchases, refinances and streamlines and will engage and inspire the learner to grasp a true understanding of FHA risk analysis.
On Line Self Paced
MU has developed on line learning for the following programs with many more on the way in 2012:
FHA Fundamentals The same agenda you know and love from the full day program
FHA Qualifying and Underwriting An easy pace program designed to get originators and new processors started with FHA basics in a two hour format.
FHA Appraisals This one hour format is great information about FHA’s Minimum Property Requirements (MPR’s) and will assist originators, processor and underwriters in making sure the property meets FHA standards.
FHA Closing, Post Closing and Insuring This course includes comprehensive details for closers, post closers and insuring specialists charged with assembling the case binder and delivery of the loan to FHA. A must have course for any company with direct endorsement approval!
Customize it!
Take any format or agenda above and make it yours. Just call Alice: 800-278-0200 or if you’re in a rush just use the On Demand Form.
Earn Your DE
In today’s competitive market loan originators, processors and underwriters must be highly trained in automated underwriting data quality, documentation review and agency requirements in order to produce accurate automated underwriting feedback results.
* Create a highly trained staff to:
* minimize processing and closing delays
* Reduce risk of deficiencies found in underwriting and post closing
* Improve the customer experience!
* Minimize exposure to repurchases
After attending the FHA series of courses, consider MU for a review of your FHA pre-closing cases and the operations to insure your process meets all FHA requirements. It’s not just about the end result in the case binder! Process matters! Contact Alice Alvey at 800-278-0200 ext 2415 to learn more about how we help DE lenders excel.
Course List
“Condo U” FHA Requirements – Live Continuing Education
FHA Fundamentals – Live
FHA Fundamentals – Webinar
FHA Advanced – Live
FHA Basics & Advanced Case Study – Webinar
FHA and Conventional Loan Case Study
FHA Direct Endorsement Approval
Many companies are hesitant to begin their Pre Closing Review’ stage with FHA for fear they still don’t have the full expertise and/or experience to present a top quality credit package. It is widely known that pre closing review can delay a closing if the underwriter is not prepared!
Here is a snapshot of DE Approval requirements (as found in the FHA Practical Guide):
The lender will be required to submit 15 test cases to the applicable HOC for review prior to the loan closing. The HOC may request that more cases be submitted as part of the test period if the.
15 test cases do not demonstrate acceptable underwriting, or
first 15 cases do not represent expected underwriting situations
Therefore, lenders have always worked with the concept that they need to be prepared to deliver quality in 15 consecutive cases in order to avoid additional case studies and earn DE authority as quickly and efficiently as possible.
Per the Homeownership Center Guide: Five of the fifteen cases may be a combination of streamline refinances and automated underwritten/TOTAL cases. Therefore, at least 10 of the case studies must be manually underwritten
The HOC may limit the number of streamlines. According to the Homeownership Reference Guide (Chapter 3, part 6), five of the fifteen cases can be a combination of streamline refinances and automated underwritten/TOTAL scored cases.
- The HOC’s goal is to process the test cases within three business days of receipt of the case for new lenders.
- The 15 test cases must be submitted within 12 consecutive months.
- According to 4155.2.2.B.3.d, there is not any notation for flexibility with this number for lenders with very low volume.
During pre closing review status the underwriter must:
- Review the files and confirm they are in strict conformance with all FHA underwriting and appraisal requirements
- Verify all FHA specific application, processing and appraisal forms have been completed correctly
- Review the loan for any irregularities that could indicate fraud or misrepresentation
- Make remarks/notes on the HUD-92900-LT about compensating factors but not sign the form (Refer to the ‘Underwriting the Borrower’ chapter for details on completing the FHA Loan Underwriting and Transmittal Summary (LT)
- It is recommended the underwriter complete the HUD form 54114, DE Underwriter/HUD Reviewer analysis of appraisal report
Create a highly trained staff to:
- minimize processing and closing delays
- reduce risk of deficiencies found in underwriting and post closing
- improve the customer experience!
- minimize exposure to repurchases
After attending the FHA series of courses, consider MU for a review of your FHA pre-closing cases and the operations to insure your process meets all FHA requirements. It’s not just about the end result in the case binder! Process matters! Contact Alice Alvey at 800-278-0200 ext 2415 to learn more about how we help DE lenders excel
FHA Case Study Support
Many companies are hesitant to begin their Pre Endorsement Review’ stage with FHA for fear they still don’t have the full expertise and/or experience to present a top quality credit package. In today’s competitive market loan originators, processors and underwriters must be highly trained in automated underwriting data quality, documentation review and agency requirements in order to produce accurate automated underwriting feedback results.
Create a highly trained staff to: Improve customer satisfaction Minimize processing and closing delays Reduce risk of deficiencies found in underwriting and post closing Minimize exposure to repurchases Mortgage U offers case study training programs customized to your individual schedule and underwriting requirements! Our staff works closely with Wetzel Trott to provide technically sound loan reviews and feedback. Contact Alice Alvey at 800-278-0200 ext 2415 to learn more.
