Title: VA FUNDAMENTALS - WEBINAR

About: VA Webinar – Four Day Series Course Description: Increase your understanding of the Veterans Affairs (VA) mortgage product at this highly interactive guided Web-based course. Learn the basics of veteran eligibility, Interest Rate Reduction Refinance Loans (IRRRLs) and processing, underwriting and appraisal requirements. This program is perfect for professionals new to the VA mortgage program. It includes in-depth case studies and discussions. Day One 1. Introduction to VA Lending a. VA Guidelines versus Lender Guidelines b. Automated Underwriting Systems c. Approval Authority d. VA Lenders Handbook e. Loan Purpose f. Occupancy Standard 2. Eligibility a. Maximum Eligibility b. Available Entitlement c. Restoring Entitlement d. Obtaining a Certificate of Eligibility (COE) i. Automated Certificate of Eligibility ii. Written requests for COE iii. Proof of Service iv. Entitlement codes e. Reference Service table f. Joint Loans i. Underwriting considerations ii. Entitlement/Guarantee calculation 3. Closing Costs and Funding Fee a. Overview b. Confirming exempt status c. Calculating the Funding Fee i. Funding fee table d. Calculating maximum loan amount with Funding Fee e. Down payment requirement f. Itemized cost table g. Other fees i. Cash-out refinances ii. Prepayment penalties iii. Brokerage Fees iv. Refunds to Veteran v. Interest Rates and Points Day Two 1. Underwriting a. Overview b. Non-traditional credit c. VA Benefit-Related Indebteness d. CAIVRS e. Delinquent federal debt f. Other adverse credit g. Consumer Credit Counseling h. General credit report requirements i. Rental and mortgage history j. Verification of debts not listed on credit report k. Alimony and child support payment l. Consideration of debt m. Pending sales of real estate n. Student loan deferment o. 401K loans and secured debt p. Bankruptcy i. Chapter 7 ii. Chapter 13 q. Foreclosures r. Verification of Regular Non-military employment/income s. Self-employment income i. Documentation Requirements ii. Calculating t. Verification of rental income u. Verification of Active Duty income i. Military allowance chart v. Verification of income from Reserves and National Guard w. Qualifying for VA Loan i. Total Debt Ratio calculation ii. Residual income calculation iii. Residual income for loan amounts of $79,999 and below iv. Residual income for loan amounts of $80,000 and above x. Compensating factors y. Verification requirements Day Three 1) VA Forms a) Processing forms table b) Certificate of Eligibility (COE) c) Uniform Residential Loan Application (URLA) d) Counseling checklist for military homebuyers e) Loan analysis f) Nearest living relative g) VA Amendment to Contract h) Request for Determination of Eligibility and Available Loan Guarantee Entitlement (Form 26-1880) i) Unmarried Surviving Spouse (Form 26-1817) ii) Regular Military (Form DD-214) iii) Reserves or National Guard (Form MGB-22) 2) Proof of Service Statement 3) Alive and Well Certification 4) Loan Analysis Worksheet a) Exercise Day Four 1) Appraisals a) Overview b) Lender Appraisal Processing Program (LAPP) i) Staff Appraisal Reviewer (SAR) ii) LAPP property eligibility c) Type of Property i) Existing construction ii) New construction iii) Proposed or under construction iv) Manufactured home v) Modular home d) Ordering the appraisal i) Fees for appraisals and inspections ii) Four steps e) Transfer of appraisals f) Conversion of FHA appraisal to VA g) SAR Responsibilities h) Completing the Notice of Value (NOV) i) SAR certification ii) Appraisals subject to alterations, improvements or repairs iii) Manufactured homes iv) Building code enforcement (Certificate of Occupancy) v) How long is NOV valid vi) Extension of appraisal value vii) Repairs and repair escrows i) Change in final value 2) VA Refinances a) Refinance program descriptions b) Cash-out refinances i) Maximum guarantee & entitlement c) Interest Rate Reductions Refinancing Loans (IRRL’s) i) Sample IRRL worksheet ii) Interest rate and payment changes iii) What can be included in the new loan? iv) Cash back allowed v) Maximum loan term vi) Lien position & title requirements vii) Procedures for IIRL status and COE

Fee: $179.00

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