November 25th, 2008
| Utah Key Law Highlights |
What follows is a compilation of key highlights from the Utah Residential Mortgage Practices Act . These summaries should provide the mortgage broker with a basic understanding of the law and its requirements, including licensing requirements, continuing education requirements, details regarding record retention and examination, maintenance of necessary fidelity and surety bonds, net worth requirements, penalties for noncompliance or violation of the act, as well as various fees required for license application and renewal.
For additional study, The Utah Residential Mortgage Practices Act may be accessed in its entirety at:
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November 25th, 2008
| Post-closing Issues |
- Post Closing Issues: Consequences of Post Closing, Compliance and Quality Control, Quality Control Checklists
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November 25th, 2008
| Closing Process and Documents |
The following portions of the Utah Refresher Course will be most useful in preparing you for this topic:
- The Mortgage Loan Process: Step 6: Pre-closing, Step 7: Closing, Processing Checklist, Stacking the File, Documents and Instruments
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November 25th, 2008
| Relationship with Clients |
The following portions of the Utah Refresher Course will be most useful in preparing you for this topic:
- Utah High Cost Home Loan Act: Prepayment penalties
- The Real Estate Settlement Procedures Act: Prohibiting Kickbacks and Unearned Fees, Limitations on Advance Deposits in Escrow Accounts, Escrow Account Statements
- The Fair Credit Reporting Act: Obligations of All Users of Consumer Reports, Adverse Actions Based on Information from CRA, Adverse Actions Based on Information from Non-CRA Third Parties, Adverse Actions Based on Information from Affiliates, Summary of Consumer Rights
- Ethics: Recommended Business Practices, Predatory Lending
- The Mortgage Loan Process: Mortgage Clauses
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November 25th, 2008
| Underwriting and Program Guidelines |
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- The Mortgage Loan Process: Loan Programs, FHA Insured Loans, FHA Loan Qualification Ratios, FHA Insured Loan Refinances, Section 245 FHA Loans, VA Guaranteed Loans, Summary of Fannie Mae Loan Requirements, Summary of Freddie Mac Loan Requirements.
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November 25th, 2008
| Assembling, Verifying, and Evaluating Applicant Information |
- The Mortgage Loan Process: Reviewing the Loan Application (URL/Form 1003), The Appraisal, Understanding Credit, Credit
 Scoring, Credit Bureaus, How to Read a Credit Report, Income Verification, Income Calculation Methodology, Loan-to-Value Calculations, Cumulative Loan-to-Value (CLTV), FHA Loan Qualification Ratios
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November 25th, 2008
| Applications |
- The Mortgage Loan Process: Reviewing the Loan Application (URL/Form 1003)
- The Real Estate Settlement Procedures Act: The Good Faith Estimate Exercise
- The Truth In Lending Act: Truth in Lending Disclosure Statements
- Federal Law Update: The Equal Credit Opportunity Act, Reason for adverse action; procedure applicable; “adverse action” defined
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November 25th, 2008
| Qualifying Process |
- The Mortgage Loan Process: Key Mortgage Eligibility Issues, Factors of Consideration for Loan Approval, FHA Loan Qualification Ratios, VA Guaranteed
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November 25th, 2008
| Identification and Consequences of Fraud |
The mortgage industry can help protect itself and the broader public by  creating a climate and culture that emphasizes honesty and quality customer service. Mortgage companies with dependable, effective environments start with the full support and commitment of everyone from office assistants to senior management. The goal of establishing and maintaining a responsible and respectable company should be reflected in policies and procedures, compensation schemes and marketing efforts. A company that neglects or downplays quality control does so at its own peril. |
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November 25th, 2008
| Identification and Consequences of Fraud |
| In September 2004, the Federal Bureau of Investigation reported that there had been three (3) times as many reported incidents of possible mortgage fraud that year as there had been in 2001. Through the first nine months of 2004, mortgage companies and banks reported more than 12,100 instances of suspicious activity. And this figure only accounts for the cases reported to the FBI. Complaints are also fielded by State offices of the HUD Inspector General as well as state and local law enforcement agencies. The FBI assistant director for criminal investigations stated that mortgage fraud “has the potential to be an epidemic.”
The serious problem of mortgage fraud inspired Congress to sponsor a Housing Fraud Initiative Task Force. The task force includes the Federal Bureau of Investigation and HUD’s Office of the Inspector General. |
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