CDLP Self Study Guide
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- Rosaline Lesley Richard
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1 Dear CDLP Candidate: Congratulations on your commitment to elevate your level of professionalism in the divorce lending market by taking the CDLP certification test. The Divorce Lending Association is committed to educating divorce lending professionals such as yourself and helping you elevate your success in the divorce lending market through the CDLP certification program. Additionally, we are committed to marketing the awareness of CDLP Certification program to local attorneys, financial planners as well as consumers directly. Our goal is to be very present within the divorce market making it even easier for you as a CDLP to gain the trust of your referral partners and divorcing clients. Before we get started with Module 1, let s take care of a couple of housekeeping items. There are a total of 3 modules with the CDLP program: Module 1 Family / Divorce Law and it pertains to real estate Module 2 IRA Tax Rules as they pertain to real estate and divorce Module 3 Divorce Lending Guidelines and Mortgage Planning Upon completion of Module 3 you will be required to take a 100 question test with requires an 80% score in order to receive your CDLP Certification. YOU WILL BE ED SEPARATELY ACCESS INFORMATION FOR THE ONLINE TEST. The thought process behind the CDLP program is for you as a divorce lending professional to have an understanding of how family law or IRS tax rules pertain and mortgage lending are all connected. You have to have more than just knowledge of investor guidelines to succeed in divorce lending. In order for you to elevate your service level and really get a foot hold in the divorce lending industry, you MUST understand the connection between the three modules. How can you effectively advise your divorcing clients on how to proceed with their mortgage options if you are not aware of the potential legal or tax consequences you may be putting them into? Or how can their attorneys adequately advise their divorcing clients on how to structure support and the disposition of the marital home if you have not done your part to educate your attorney partner on these same potential consequences as they relate to mortgage financing? Divorce clients are seriously underserved in the divorce lending market. They lack direction and clarity as to what opportunities and consequences are ahead of them. So, again thank you for your commitment to raise the bar in the divorce lending market by participating in the CDLP Certification program and become a Certified Divorce Lending Professional. Divorce Lending Association, LLC P a g e 1
2 Divorce is a complex process that affects just about every aspect of the divorcing client s life: financial, emotional, physical and legal. Unless they have been married for only a short time and have no property, assets, or children, they probably need the advice of more than one divorce professional to help smooth the road ahead of them. They will need expert service from one, some, or all of the following professionals: lawyer, mediator, accountant, divorce financial specialist, therapist, real estate agent and mortgage lender. While each of these professionals can help a divorcing client through a challenging transition period, finding the right ones can be stressful. Not only is selecting a divorce attorney and financial advisor one of the most important decisions a divorcing client makes during a divorce; equally important is the extended P a g e 2
3 professional divorce team of these trusted advisors. When real estate is involved, divorcing couples are looking for professionals who not only empathize with what they are going through, but who also understand and recognize the tax and legal implications of dividing real estate in a divorce. With 2.4 Million divorces every year in America, the devastating impact reaches further than just the divorcing couple. Divorce has devastating impacts on extended family, friends, children and co-workers. With an estimated average of $20,000 spent per couple on divorce that equates to Billions of dollars spent each year in America. As we begin to explore the pieces of the divorce puzzle as they all relate to divorce, it is important to recognize how family law, tax law and other opportunities implicate divorcing couples. Equally important is the understanding of each piece of the puzzle to a real estate professional and mortgage lender and how they should know and understand the implications as well. The actions of each professional, however involved in and to what degree, can have positive and negative effects on the client s life after divorce. By gaining an understanding of how each piece of the puzzle fits together, your professional divorce team can better serve your divorcing client. The goal of the CDLP study course is to address the topics of Divorce Law, Tax Law and mortgage financing as they all correlate together where real estate is involved. During the course you will begin to see the connection between each area of divorce while having a solid foundation of knowledge to apply to your practice when working with divorcing clients. P a g e 3
4 It is imperative to recognize that if you are truly committed to becoming a divorce lending expert via the CDLP program that you realize the importance of being able to see and understand the entire big picture recognizing potential negative and positive consequences to your clients through the division of assets, support income and current or future mortgage financing. You must be able to identify potential consequences from a financing and tax perspective. The failure to understand the industry (divorce lending) and only focus on your product (mortgage lending) is a dis-service to your clients and can have lasting consequences in their post-divorce lives. As we get started with the various modules of family law, tax rules and mortgage financing make note that your goal is to be able to identify potential consequences by providing INFORMATION as it pertains to family law and tax rules. Unless you are also an attorney or a tax account, please note the difference in giving information vs. providing ADVICE. Your goal is to bring the potential consequences to the attention of your divorce clients, attorneys and/or financial planners and let them make the call and provide the advice to the divorcing clients. Your credibility will continue to increase with your clients and referral partners because you have the knowledge base to bring the potential consequence to their attention which will be very appreciated. The CDLP program consists of four modules: 1. Divorce Law as it pertains to real estate 2. Tax rules as they pertains to real estate and divorce situations 3. Mortgage financing as it pertains to real estate in divorce situations 4. Marketing Module (accessible once a passing score on the CDLP test is achieved) Once you are finished with modules 1-3, you will be required to receive a passing grade of 80% on a 100 question test. P a g e 4
5 Module 1 Family Divorce Law & Real Estate 1. Divorce and Real Estate Determining Value 2. Marital Property vs. Separate Property 3. Community Property States 4. Title Vesting Concerns in Divorce 5. Equity Lines of Credit 6. Marital Liens and Lis Pendens 7. Property Settlement Notes 8. Dividing the Marital Home Module 2 IRS Tax Rules Divorce & Real Estate 1. Divorce or Separated Individuals a) Filing Status b) Defined Contribution Plans vs. Defined Benefit Plans and QDROs c) Alimony / Child Support / Unallocated Support 2. Selling Your Home a) Capital Gains Law b) Importance of Basis c) Ownership / Use Period Rule 3. Mortgage Interest Deductions a) Acquisition vs. Home Equity Indebtedness b) 90 Day Cash Rule 4. Divorce and Negative Equity 5. Short Sale / Foreclosure Module 3 Divorce Lending 1. Divorce Lending Guidelines 2. Fannie Mae and Freddie Mac on Divorce 3. FHA / VA Divorce Situations 4. Credit Files in Divorce 5. Reverse Mortgages & the Grey Divorce 6. Mortgage Planning Tools 7. Divorce Scenarios Thank you for viewing the introduction to the CDLP Study Guide. Full Study Guide and materials are available with full CDLP Certification Program. P a g e 5
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