USDA Rural Housing Loans

Transcription

1 Curse Agenda USDA Rural Husing Lans This curse is fr thse mrtgage prfessinals new t the USDA/RHS Prgram r thse with SOME FAMILIARITY t the USDA/RHS prgrams that are lking fr a refresher. And, fr thse wh are already riginating, prcessing and underwriting ther lan prgrams like, Cnventinal, FHA and/r VA. Participants will be prvided with a high level intrductin t the unique features and benefits f this lan prgram with emphasis n the actins taken and prcesses cmpleted t mve the lan thrugh Originatin, Prcessing and Underwriting. This curse will NOT INCLUDE SERVICING. During the curse there will be discussin n the unique requirements f a Rural Husing lan such as, brrwer and prperty eligibility, mrtgage limits and guarantee amunts. Attendees will participate in discussins and activities with their facilitatrs and peers t reinfrce what they have learned. The target audience wuld be riginatrs, prcessrs, underwriters and quality cntrl staff. The curse cnsists f fur 90 minute live nline classes delivered thrugh the WebEx Training Platfrm. Learning Gals and Upn cmpletin f the curse, students will be able t: Define a USDA/RHS lan and its basic requirement Explain the difference in the applicatin prcess frm ther lan prgrams like Cnventinal, FHA r VA Explain the unique prcessing requirements Describe Underwriting Requirements specific t this lan prgram USDA Rural Husing Lans

2 Targeted Audience: Originatrs Prcessrs Underwriters Quality Cntrl Participants will be prvided a participant guide fr each f the fur sessins. Participants will be required t cmplete an assessment at the end f each f the fur sessins t assess mastery f the cntent. T receive the certificate f cmpletin participants must receive a curse grade f 70% r greater. Prgram Details: Sessin One Tpics Intrductin t USDA/RHS What is a Gus General Eligibility Explain GUS Define and Calculate the Maximum Mrtgage fr USDA/RHS Lans Calculate Incme based n USDA/RHS Requirements Sessin Tw Tpics Originating USDA Lans Determining Prperty Eligibility USDA Rural Husing Lans

3 Credit Wrthiness Incme Determinatins Direct and Guaranteed Asset Eligibility Credit and Rati Waivers Utilize Rural Husing Eligibility Map t determine incme limits Determine if specific prperties are eligible fr USDA financing Identify which Credit Prfiles are eligible fr USDA financing Describe the difference in Direct and Guaranteed USDA Lans Analyze Assets t determine eligibility fr USDA Explain Requirements fr Waivers fr Credit and Ratis USDA Rural Husing Lans

4 Sessin Three Tpics Prcessing USDA Lans Prperty and Incme Eligibility Qualifying Incme and Husehld Incme GUS findings Credit Prfiles fr Manual Underwriting Guarantee Fee and Annual Mrtgage Insurance Premiums Lcating ffice fr Guarantee Issuance Determining Prperty Eligibility Calculate Incme Eligibility (qualifying vs husehld Direct and Guaranteed) Analyze GUS findings Identify Credit Prfiles that May Require Manual Underwriting Calculate Guarantee Fee and Annual MIP Lcate crrect USDA ffices fr Guarantee Issuance Sessin Fur Tpics Underwriting USDA Lans Prperty Eligibility Brrwer Eligibility Refinance Requirements Insurance and Escrw Requirements Verify Lan Calculatins are accurate thrugh recalucuatins Calculate Incme Calculate Assets Verifying Prperty Meets USDA/RHA Prperty Standards Analyze Ratis and determine if they meet USDA/RHA requirements USDA Rural Husing Lans

5 Recgnize when cmpensating factrs wuld justify a Credit/Rati Waiver frm USDA/RHS Manually Underwrite a USDA/RHS lan USDA Rural Husing Lans