| Loan counselors play a vital role in the mortgage lending business. Their job is to resolve delinquent loans - loans that could eventually cost lenders many thousands of dollars. Loan counselors are professional problem solvers. They work to resolve each delinquency so that everybody involved - including the borrower - benefits.
This course explains how to be a successful loan counselor. Students will learn about the purpose of the seven essential mortgage loan documents; customer characteristics, advantages and disadvantages of each type of collection tool, and professional communication skills;
relevant regulations, agencies and investors; workout options, including temporary relief programs, conventional loan workouts, VA programs, the HUD insured workouts and the HUD assignment program; and bankruptcy and foreclosure.
Course Outline:
Lesson 1 - Mortgage Lending Overview
- The Mortgage Lending Cycle
- Types of Loans
- Financing Options
- The Investors
- Mortgage Loan Documents
Lesson 2 - Preventing and Managing Delinquencies
- Impact of Delinquencies
- Partners in Preventing/Managing Delinquencies
- The Role of the Loan Counselor
- Late Charge Policies
Lesson 3 - Understanding the Customer
- Five Primary Needs and How They Affect Behavior
- Five Basic Appeals to Motivate Borrowers
- Reacting to a Borrower Based on His/Her Disposition
- Emotional Reactions
Lesson 4 - Collection Tools
- Available Collection Tools
- Stages of Delinquency
- Tools Used at Various Stages
Lesson 5 - Telephone Communication Skills
- Steps for Successful Telephone Contact
- Techniques for Successful Telephone Communication
- Handling Difficult Borrowers
Lesson 6 - Meeting Collections Goals
- Determining the Reason for Delinquency
- Obtaining the Promise to Pay
Lesson 7 - Temporary Relief Programs and Workout Options
- Temporary Relief Programs
- Workout Options
- Conventional Loans
- HUD-Insured Loans
- VA-Insured Loans
- Fannie Mae Workout Programs
- Freddie Mac Workout Programs
Lesson 8 - Bankruptcy and Foreclosure Overview
- Bankruptcy Overview
- Foreclosure Overview
Lesson 9 - Agency and Investor Requirements
- FHA, VA, Fannie Mae, and Freddie Mac requirements for collections, delinquency reporting, and credit bureau reporting.
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, Default Administration Achievement Certificate (CMS Level I). |