Product Description
This is the 2009 Edition of the first book in the “Practical Guide” series for the mortgage industry. The October 2009 Version has been updated to meet the requirements of the SAFE Act.
It covers all of the vocational skills required of the loan originator, but also includes all Federal law, ethics, predatory lending and fraud components required by the Federal SAFE loan originator licensing Act of 2008.
Published since 1992, and updated annually, this 378 page textbook was written as an answer to the “sink-or-swim” training methods of many mortgage firms. The format is designed to give the newly initiated loan officer/agent, lender, processor, or other initiate the practical information they need to do the loan officer’s job.
The reader learns how to understand rate and point quotes, how to use a financial calculator, how to make basic computations customers require, how to understand loan programs and compare product features. The student progresses through understanding loan specifications – Conventional Conforming, Jumbo, FHA/VA and Sub-Prime program guidelines – to a practical understanding of ratios, income, assets and closing costs, debts and credit history. This is then placed in the context of the loan application – how to collect all the required documents and disclosures and supervise a loan from application to closing. Beyond the basics, students learn how to finance various property types; condos, PUDs, new construction and investment property. A detailed chapter on refinancing addresses the issues which most often confront the loan officer in a period of heavy refinancing – 10 reasons to refinance.
Finally, understanding how loans are made in the secondary market and the basics of interest rate quoting and behavior are covered.
This product is submitted for approval for use in continuing education in all states which have, or are adopting, a requirement. Many companies use this product as a handout to prospective new loan officers. Many loan officers give this product to their referral sources to help educate them to the requirements of the industry.
The Loan Officer’s Practical Guide to Residential Finance – SAFE Act Version
Hi, my name is Jameson Thottam and as a mortgage industry participant (VP with various firms such as The Loan Page, IndyMac Bank, Homestore), I highly recommend this book to anyone interested in learning about how the mortgage industry works (soup to nuts: Mortgage Value Chain, Secondary Mortgage Loan Insider Trading, Marketing, and issues related to OCC / OTS / SEC / FDIC, RESPA legal issues & litigation, Operations and other significant issues).
Hope you enjoy,
Jameson Luke Thottam
(Job History: Battery Ventures/The Loan Page, IndyMac Bank, Homestore, Morgan Stanley Investment Banking, LEK Management Consulting)
Rating: 5 / 5
This book is a must have for anyone interested in pursuing a career in mortgage brokering and origination. This book is definitely one of the best refernces I’ve seen so far. Many other books out there either overwhelm you with techniques or just swaths of information that can be a bit confusing. This guide is very easy to read and well organized. The industry terminology is well explained and accompanied by lots of graphic examples and sidebars. The author really breaks down the financial side of realestate transactions so that not only do you learn the details of putting a transaction together properly, you understand the flow of the mortgage business and legal limitations. Even those who may be a bit mathmatically challenged can understand and easily perform standard calculations by following the well explained examples. This book has really filled in gaps in my current education and experience in the mortgage business and I would recommend it to anyone. Even experienced brokers and Loan Officers may want to keep it as a refresher reference.
Rating: 5 / 5
I recently ordered several mortgage books as learning and reference tools as I embark on my new career as a loan officer. I have not read any of the books from cover to cover, but they are serving me well for the purpose intended. The book arrived in a timely manner and in the condition described.
Rating: 5 / 5
This is a great book and needs to be in your library if you are, or are considering a career in the mortgage industry. But, Mr. Morgan needs to do a better job of describing what is in the tables used as examples. It becomes confusing when looking at a box with numbers in it and little or no quantification of the rows or columns. If this book is truly a “guide to residential finance” then more examples are needed and perhaps some excises with answers, kind of like a text book. Even though this book has been around for several years, a few modifications could make it a well rounded text and an industry standard.
Rating: 4 / 5
This book is for the striving ‘want to be’ loan officer. It fully covers the mathematics involved in calculating loan processes. It is easy to understand and provides the reader with plenty of sample problems to work out.
Rating: 5 / 5