This course begins with the responsibilities of the loan payoff department and the requirements to be met in order to successfully close a loan. It includes calculating interest due and any penalties or additional fees for the final payoff.
As part of the final payoff, the lien attached to the deed must be released or satisfied. This is the second topic covered in this course. Lien release involves discharging the secured property/collateral of liens, which creates the satisfaction of the mortgage at the local county clerk’s office.
Assumptions is the last topic covered in this course. Although assumptions are currently not as common as they were in the past, the course will include the advantages of assumptions, necessary documentation, and the approval process.
Course Outline:
Lesson 1 - Payoffs
- Payoff Basics
- Step 1 - Requesting a Payoff Statement
- Step 2a - Generating a Payoff Quote
- Step 2b - Calculating the Payoff Quote
- Step 3 - Delivering the Payoff Quote
- Step 4 - Closing and Post Closing
- Private Party Payoffs
Lesson 2 - Lien Release
- Lien Release Basics
- Regulatory Compliance and State Imposed Penalties
- Step 1 - Retrieving Required Documents
- Step 2 - Preparing Lien Release Documents
- Step 3 - Submitting Lien Release Documents to Recording Office
Lesson 3 - Assumptions
- Assumption Basics
- Assumption Statements
- Approval Process
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 Professional Certificate (CMS Level II). |