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Texas Mortgage CE

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Course Title Hours Price

Course Description

The purpose of this learning module is to provide an overview of the mortgage industry pausing to examine legislation, government involvement, the process of mortgage lending, ethics and professional standards, different means of lending and underwriting, closing, and a basic math review.

This module is presented as a content review of matters that are already in practice by licensed mortgage brokers and loan officers and to provide a strong refresher course based in law, theory, study, and practice.

This module includes the following lessons.

  • Federal Legislation
  • Texas Legislation
  • Government and Mortgage Entities
  • Ethics
  • Title
  • Mortgages and Finance Instruments
  • Fannie, Freddie, FHA, and VA
  • The Loan Cycle
  • Closing the Loan
  • Mortgage Math
  • Activities and Case Studies

Learning Objectives

  • Know how the government influences real estate finance through agencies like the Federal Reserve and the Department of Housing and Urban Development.
  • Understand the basic concepts of real estate finance.
  • Know the principle instruments of financing-the promissory note, the mortgage and the deed of trust-and how they are used.
  • Know who lends money to the purchasers of real estate.
  • Be familiar with the operations of the secondary market for loans.
  • Be familiar with the tax deductions and credits associated with real estate ownership.
  • Know the use of and legal requirements placed upon escrow accounts.
  • Know the difference between lien theory and title theory states.
  • Know what a discount point is, when it is offered and when it should be bought.
  • Be familiar with what an underwriter looks for in approving a loan.
  • Be familiar with the elements of a credit report and how FICO® scores affect a consumer’s borrowing ability.
  • Be familiar with the provisions of the federal legislation that affect real estate lending: the Fair Credit Reporting Act, the Equal Credit Opportunity Act and the Truth in Lending Act.
  • Know the use and the method of calculation of a lender’s qualifying income ratios.
  • Be familiar with the classification of types of debts.
  • Understand the role of mortgage brokers and loan officers in the financing process.
  • Know the purpose and content of an earnest money contract and the earnest money deposit.
  • Know what a deed is and the types of interest it can convey.
  • Be familiar with the RESPA requirements for closing procedures and disclosures at closing.
  • Know the basic organization of face – to – face and escrow closings: who presides over them and how transactions are conducted.
  • Know the principles of proration: calendar years and banker’s years, as well as prepaid items, accrued items and how to divide them by calculating a daily rate.
  • Know the current Fannie Mae and Freddie Mac loan limits.
  • Understand private mortgage insurance: when it is required, when it is advisable and when it is cancelable.
  • Know the requirements for a borrower’s financial qualifications in a conforming loan.
  • Be familiar with the different types of mortgages, including ARMs, GEMs, GPMs and balloon mortgages.
  • Understand the use and purpose of temporary and permanent buydowns.
  • Be familiar with the most important FHA programs, especially Section 203(b).
  • Know the various underwriting requirements for FHA – insured loans, such as down payment and closing cost requirements.
  • Understand the FHA’s mortgage insurance premium (MIP) and how it is different from PMI.
  • Be familiar with the key elements of the VA loan guarantee program.
  • Know who is eligible for the VA program and the documents required for proving one’s eligibility.
  • Understand VA loan entitlement and be able to calculate the basic and bonus entitlement based on loan amount.
  • Be familiar with Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector electronic underwriting programs.
15 $99

This course fulfills the core requirement of you Continuing Education.
This course details the proper operation of the mortgage industry in America.

This module includes the following lessons.

  • Mortgage Industry Overview
  • Secondary Marketing
  • Community Reinvestment Act of 1977, Public Law 95 – 128
  • Home Mortgage Disclosure Act (HMDA)
  • Department of Housing and Urban Development, Real Estate Settlement Procedures Act (RESPA), Regulation X
  • Truth – in – Lending Act (TILA), Regulation Z
  • Title 12, Banks and Banking Part 202, Equal Credit Opportunity Act, Regulation B
  • Fair Housing Act (FHA)
  • Fair Credit Reporting Act (FCRA)
  • Privacy Laws and Regulations
  • USA Patriot Act
  • Predatory Lending
  • National Flood Insurance Program

Final Exam


Following the lessons, two Final Exams are included.

Learning Objectives

  • Apply Federal Laws and Regulations in the conduct of mortgage business
  • Evaluate applicants and documentation for mortgage
  • Define key terms used in the mortgage industry
8 $59

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