Verification of Assets

The course covers the following objectives:


 - Define the importance of acceptable assets in a mortgage transaction
 - Outline acceptable sources of funds
 - Detail unacceptable sources of funds
 - Understand the documentation requirements for different types of assets
 - Detail the seller contribution limitations for conventional and FHA loans
 - Define excess seller contributions
 - Analyze a case study for funds to close

 

The course covers the following topics:


 - The most common types of assets used for down payment, closing costs and reserves
 - Examples of assets that cannot be used for down payment, closing costs and reserves
 - Documenting checking accounts and savings accounts properly
 - Considerations given to retirement accounts for assets
 - The ways to document the sale of personal property for funds to close
 - The methods to follow when a gift is given to a borrower
 - Standard documentation guidelines versus alternative documentation guidelines
 - The rules for seller contributions to costs in a purchase transaction
 - A sample cash to close worksheet

 

Register today by calling 800-278-0200.

 

Fee

$39