Intermediate FHA Underwriting

Are you ready for the next step in FHA underwriting? This course is designed to enhance your fundamental underwriting knowledge and abilities. This course is designed for those who have the fundamental skills of FHA underwriting and who are able to:
Explain the most common FHA Programs and requirements
Recognize FHA specific forms and documentation
Calculate loan amounts, qualifying ratios and mortgage insurance premiums
Recognize underwriting forms
Describe FHA technology as it applies to underwriting
Explain borrower benefits when financing with a FHA loan
Identify basic income, assets and related underwriting policies
Identify basic credit history, liabilities and related underwriting policies
Explain situations that impact maximum mortgage
Identify differences between conventional and FHA appraisal requirements

What it's about
These skills may have been acquired through attending AllRegs Fundamentals of FHA Underwriting or through on the job training.

During this course will enhance their fundamental underwriting knowledge and abilities by taking a deeper dive into FHA TOTAL Scorecard requirements, and those scenarios in which a manual downgrade is required. This course will consist of scenarios that address challenges that are present in today鈥檚 market.

It will also include the 鈥淩ed Flags鈥� as identified by FHA, which require a much deeper review of the documentation.

By the end of this course students will be able to take appropriate action based on TOTAL Scorecard requirements and recommendations including those referring to manual downgrades, increase their potential, which will allow students to underwrite more complex loan files, including the evaluation of appraisals.

What will I learn?

Upon completion of the course, students will be able to:

Describe TOTAL Scorecard and its requirements
Recognize when a manual downgrade is required
Analyze various credit scenarios and determine acceptability for TOTAL Scorecard or Manual UW
Analyze Income for stability and effectiveness for inclusion in qualifying income.
Complete an In 鈥� Depth analysis of Assets
Evaluate appraisals to ensure compliance with FHA Flipping requirements
Evaluate Condo Documentation for compliance with FHA Re-Certification of Project Requirements

Participants will be provided a student manual for each of the four sessions.

Participants will be required to complete an assessment at the end of each of the four sessions to assess mastery of the content.

To receive the Certificate of Completion participants must receive a course total of 70% or greater.

Classes consist of four 90-minute live sessions with instructors delivered through the Zoom conferencing platform.

Benefits

Upon returning to the office, students will be able to:

Understand the importance of accurate data when completing automated or manual underwriting.
Extend knowledge as it relates to appraisals, specifically property flipping and condo recertification

Agenda

During the course the following topics will be covered:
Session One - Topics

TOTAL Scorecard
Submission Requirements & Tolerances
AUS and Accountability
Lender Overlay

Session Two - Topics

Other Income

Self-Employed
Re-entering the Work Force
Second Job
Social Security
Form 4506-T

Session Three - Topics

Session Two Review
Appraisal Review and Hot Topics
Condo Appraisal Form 1073 Review

Session Four - Topics

Manual downgrade requirements
Analyzing credit reports
Documentation requirements for manual underwriting
Risk assessment based on ML 2012-03