16 Hour SAFE Elective: Closing, Post Closing and Insuring FHA Loans (NMLS Course ID 1105) is approved to apply towards 16 hours of the NMLS prelicensing Elective requirements. This highly interactive instructor-led course focuses the FHA 203(b) program for 1-4 family owner occupied loans.
If you are an FHA lender or involved in any way with FHA loans, this course will provide important knowledge into the FHA loan process. The last stages of the loan process can be the most critical, especially with FHA loans. After an FHA loan closes, it must be sent to the correct FHA Homeownership Center (HOC) for review. The HOC will review the file for compliance with FHA requirements and will issue a Mortgage Insurance Certificate (MIC) if the loan is properly closed and packaged. The insuring step is separate from sending the loan to an investor for sale or funding and separate from getting the loan set up in servicing. This course will closely examine each step in the process.
FHA's unique requirements impact many aspects of the closing, post closing and insuring process. During the three-week course period, you will gain insights into the FHA mortgage lending industry, as well as knowledge about important new regulations affecting loan closings and insuring.
We recommended that you have a basic knowledge of FHA, but everyone is welcome. By the end of the course, you will have gained a firm foundation in all functions of closing, post closing and insuring FHA loans and you will be able to:
Recognize basic FHA 203(b) program requirements as needed for closing
Calculate the maximum loan amount
Identify mortgage insurance premiums within FHA origination and closing forms and understand their purpose
Understand the additional tasks required in post closing for an FHA loan
Prepare a case binder for submission to FHA for insuring
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB) Designation.
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