FHA Total Scorecard
FHA has developed Technology Open To Approved Lenders (TOTAL) Scorecard to assist lenders in evaluating loans. In this course, we take a look at the factors that influence TOTAL Scorecard decisions and resubmission requirements.
At the end of the course you will be able to:
> Describe how to qualify a customer for FHA financing using TOTAL Scorecard
> Recognize resubmission requirements and manual downgrades as required when using TOTAL Scorecard
> List the basic FHA underwriting requirements for credit, assets, employment, and income when a loan receives an Aprove/Accept from TOTAL Scorecard
> Explain the documentation requirements for various types of employment, assets, and gifts when a loan recieves an Approve/Accept from TOTAL Scorecard