| This course introduces new customer service representatives to the world of loan administration. The course begins with overviews of mortgage banking and loan administration. Next it looks at customer service basics. The later lessons cover issues central to loan administration, presenting related typical borrower questions and common customer service responses. Students will examine the following topics: the mortgage lending process, major loans products and typical financing options; loan administration functions, loan administration objectives and how they are attained; importance of quality customer service in mortgage lending, customer service department setups, characteristics of successful customer service representatives; and the payment history/escrow summary, the amortization schedule, payment methods, and fees and late charges.
Course Outline:
Lesson 1 - Mortgage Banking Overview
- The Mortgage Lending Process
- Major Loan Programs
- Financing Options
Lesson 2 - Loan Administration Overview
- Loan Administration Functions
- Loan Administration Objectives
Lesson 3 - Customer Service Basics
- Importance of Quality Customer Service in Mortgage Lending
- Customer Service - Departmental Setups
- Characteristics of Successful Customer Service Representatives
- Common Methods of Communicating with Your Customer
- Technology in Customer Service
- Evaluating Customer Satisfaction
Lesson 4 - Laws and Regulations
- Laws That Govern Fair Lending
- Customer Privacy
- Truth in Lending Act
- Fair Debt Collection Practices Act
- Real Estate Settlement Procedures Act
Lesson 5 - Accounting
- Payment History/Escrow Summary
- Amortization Schedules
- Payment Processing
- Fees and Late Charges
- Year-End and Form 1098 Statements
- Mistakes on Form 1098 or Year-End Statements
Lesson 6 - Escrow Operations
- Escrow Overview
- Mortgage Insurance
- Property Insurance
- Taxes
- Escrow Analysis
Lesson 7 - Servicing Transfers
- Economics of Servicing Transfers
- Transition Letters
- Transition Payments
- Data Transfer
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or Certified Mortgage Technologist (CMT) designations. This course also earns five points towards MBA's Mortgage Servicer, Loan Administration (CMS Level I) Achievement Certificate. |