Residential Government Underwriter (RGU) Certification

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1 Residential Government Underwriter (RGU) Certification Underwriting is the key activity in the mortgage decision-making process. To make sound loan decisions, underwriting professionals must have familiarity with specific loan requirements and be able to identify borrowers who qualify and have the ability to repay a loan. Sound loan decisions not only benefit the homebuyer, they help reduce the lender s risk of default. As the volume of government loan products increases daily, possessing core competencies for underwriting government loans is a valuable asset to your company and to your career. So how do you get started, when you have......of experience? So you re ready and you want to earn your RGU. What do you do? If you have 10 years of experience in underwriting: n Having 5 or more years, experience exempts you from 50 percent of the course requirements. Choose 6 credit hours of training from the approved RGU course list and register for those courses. AllRegs Academy recommends enrolling in either the Fundamentals of FHA Underwriting or Advanced FHA Underwriting, as they both individually meet the 6 hour education requirement. 10 YEARS 3 YEARS If you have 3 years of experience in underwriting: n Choose 12 hours of training from the approved course list and register for those courses. AllRegs Academy recommends enrolling in the Fundamentals of FHA Underwriting and Advanced FHA Underwriting courses, as together they meet the 12 hour education requirement. If you have 1 year of experience in underwriting: n Choose 12 hours of training from the approved course list and register for those courses. We recommend enrolling in the Fundamentals of FHA Underwriting and Advanced FHA Underwriting courses, as together they meet the 12 hour education requirement. n Reach two years of industry experience. 1 YEAR

2 Exemptions RGU candidates having more than 5 years of documented experience working in the mortgage industry as an underwriter, underwriting manager, processor, validator, quality assurance expert, or other similar position can choose to apply their years of experience as education credit and omit up to 50 percent () of the course requirements. Experience with underwriting government loan products is preferred but not required. Commitment to Ethical Standards For all matriculated professional certificates or designations, AllRegs Academy requires a signed Code of Ethics statement. RGU Required Core Competencies RGU designees, through the successful completion of the certification assessment, must exhibit the ability to: n Identify the characteristics of FHA, VA, and RHS loan requirements n Distinguish between borrowers that qualify for FHA, VA, and RHS loans and those borrowers that do not n Identify reasons why borrowers do not qualify and specific steps required to cure the inefficiencies n Make a decision on a borrower s ability to qualify and pay for a government loan n Read a uniform appraisal report n Identify common red flags of fraud in an appraisal and loan file n Calculate standard mortgage math examples and understand their application to the loan file (e.g., loan limits, front-end and back-end ratios) n List the basic principles of RESPA, TILA, HMDA, GLB Privacy Act, the USA PATRIOT Act, and HERA, as well as their impact on government loan applications submitted by a borrower n Know any supporting material required to complete a decision on a government loan Application Process and Fees Candidates must submit an RGU application, indicating their background and experience. While experience is required, current employment in the mortgage industry is not required. A $275 fee is required with the application. This enrollment fee allows the candidates to make two attempts at the final RGU Assessment. RGU candidates will need to enroll in and successfully complete the appropriate coursework from AllRegs Academy to meet their education requirements. RGU Courses* Course Title Fundamentals of FHA Underwriting Advanced FHA Underwriting Analysis of Self-Employed Borrowers Underwriting and Processing Guaranteed Rural Housing (GRH) Loans: A Rural Development Program Exploring Guaranteed Rural Housing (GRH): A Rural Development Program School of Residential Underwriting Essentials of Mortgage Lending Discovering FHA Programs Fair Lending - The Essentials Reviewing the Residential Appraisal Report Processing and Underwriting Credit Underwriting VA Loans School of Mortgage Compliance State and Local Mortgage Compliance Hours Fulfilled 8 hours 8 hours

3 Participant Requirements n Submit an RGU application and a $275 application fee n Agree to abide by the AllRegs Academy Code of Ethics n Have at least 2 years experience in the mortgage industry, with an emphasis in underwriting, processing, risk analysis or quality assurance n Successfully complete 12 hours of education through select AllRegs Academy coursework* with a passing score of 75% or above n Complete the RGU Assessment consisting of a comprehensive examination based on required core competencies for an RGU designee *Each course requires individual enrollment and registration fee. Certification Assessment After completing the required courses, RGU candidates must pass the certification assessment, an exam that consists of questions derived from the core training programs, as well as questions on industry best practices, general underwriting guidelines, and core competencies. A sampling of core competencies includes the ability to: n Summarize the essentials of mortgage lending n Identify red flags and fraud schemes n Calculate up-front and monthly MIP n List recent updates to guidelines effecting government loans n Determine if properties are within FHA/VA/RHS guidelines n Evaluate properties and appraisals to ensure compliance n Analyze various credit history scenarios and determine acceptability Upon successful completion of the required courses and the certification assessment, RGU designees will receive a certificate of recognition, an RGU certification PIN, and industry acknowledgement in the AllRegs Weekly Digest. About the RGU Assessment: The RGU certification assessment is an online exam consisting of multiple choice, multiple answer, true/false, and fill in the blank questions. The exam is comprised of 100 questions based on the RGU core competencies (20 percent general underwriting, 65 percent FHA, 10 percent VA, 5 percent USDA). It will take approximately an hour to complete the exam, and you have two opportunities to pass it. Preparing for the Exam: The RGU assessment is a thorough and comprehensive exam designed to test your knowledge and understanding of the core competencies of underwriting government loans (see sample RGU test questions). Completing AllRegs Academy s RGU courses is the best way to prepare for the RGU assessment. Candidates must prepare and study in advance in order to successfully pass the exam. The RGU assessment consists of the following: n General underwriting questions 20 percent n FHA content questions 65 percent n VA content questions 10 percent n USDA content questions 5 percent However, if you have more than 5 years of mortgage industry experience, you need only take 6 credit hours from our approved course list. We then suggest the following exam prep activities: n Review sample RGU test questions n Keep up with current trades n Read the guidelines published by USDA, VA, and FHA, including recent mortgagee letters n Join our Weekly Digest of E-Alerts (link to subscription form) and read related articles and industry updates prior to your assessment Register Today at or call

4 Recognition Designees will receive the following: n Recognition from AllRegs Academy n Certificate of Recognition n Certification Pin n Recognition in industry publications n Name on RGU Graduate List on n Press kit on how to announce your certification to your company and news publications Continuing Education Requirements To maintain the RGU certification, RGU graduates must complete at least 2 hours of approved AllRegs Academy RGU coursework each year. AllRegs reserves the right to revoke anyone s certification at any time for ethical violations, nonpayment of CE fees, failure to pass CE requirements, or not meeting any AllRegs RGU requirements. Any ethical violations should be reported in writing to AllRegs Academy via . List of companies using AllRegs for FHA Underwriting and Origination training: n ABN AMRO Mortgage n Access Mortgage Corporation n Adirondack Bank n Advantage Mortgage Group Inc n AEA Group, LLC n Affiliated Mortgage n Aimloan.Com n Alaska Pacific Bank n Alaska USA Federal Credit Union n All State Banc n Alliance Credit Union n Allied Home Mortgage Capital CO n Alpine Mortgage LLC n Altra Federal Credit Union n Amcap Mortgage Ltd n America First Credit Union n American Bancorp n American Bank n American Home Bank n American Mortgage Corp n American Pacific Mortgage Corp n American Sterling Bank n American Trust & Savings Bank n Amerisave n AMN Mortgage Services n Amtrust Bank n Anheuser Busch Employees Credit n Associated Mortgage n Associated Mortgage Pros n Auburn Bank n Aurora Financial Group Inc. n Aurora Loan Services Inc n Bancfirst n Banco Popular n Bank of America n Bank Of The West n Bankers Guarantee Title & Trust n Bankers Trust Co n Bank Orion n Bank United n Beach Community Mortgage n BB & T n Broadview Mortgage n CA Housing Finance Agency n Capital City Bank n Capital One Home Loans n Capital Quest Mortgage n Capstar Lending n Capstone Direct n Cardinal Financial Co n Carlsbad National Bank n Carolina Bank & Trust n Casa Capital n Cashmere Valley Bank n Central Mortgage Company n Central Pacific Homeloans Inc n Centrebank n Charter Pacific Lending Corp n Chase n Chase Manhattan Mtg Corp n Cimax Mortgage n Citigroup n Citizens First Savings Bank n Citizens National Bank n Citizens Savings & Loan n Citizens Security Bank n Colonial Bank n Colorado Housing & Finance Auth n Comcor Mortgage n Commerce Mortgage Corp n Community Bank n Cornerstone Community Bank n Cornerstone Home Mortgage Corp n Countrywide n Crossroads Bank n CTX Mortgage Co n Deutsche Bank n Dexma n Eli Lilly Federal Credit Union n Empire Bank n Fannie Mae n Farmers & Merchants Bank n FHA - Federal Housing Administration n FHR Residential Mortgage LLC Continued on next page

5 List of companies using AllRegs for FHA Underwriting and Origination training continued: n Fidelity Bank n Fidelity Homestead Assn n Fifth Third Bancorp n Finance Factors n First American Bank Home Mortgage n First Arizona Savings n First Bank n First Citizens National Bank n Fiserv Lending Solutions n Flagstar Bank n Fortes Residential Mortgage n Franklin American Mortgage n Franklin American Mortgage Company n Franklin Bank n Franklin Credit Management Corp n Freddie Mac n Freedom Mortgage n Fremont Bank n Fremont Investment & Loan n Fulton Mortgage Co n Funding Source LLC n Gateway Funding n Genequity Mortgage n Genpact Mortgage Services n GMACM/GMAC-RFC n Greystone Residential Funding n Guaranty Northwest Mortgage n Guild Mortgage n HCI Mortgage n Home Savings Of America n Homeloanadvisors.Com n Hometown Mortgage Services n HSBC n IBM n Imortgage.Com n Impac Funding n Independent National Bank n Indymac & Affiliates n ING Direct n Inova Federal Credit Union n Insouth Funding, Inc. n Integrity Bank n Interbay Funding, Llc n Irwin Home Equity n Landmark National Bank n M & T Mortgage Corp n M&T Bank n Manhattan Financial Group Inc n Mann Mortgage, LLC n Marlborough Savings Bank n Mason Dixon Funding Inc n MGIC - Mtg Guaranty Ins Corp n Midwest Mortgage Capital n Millennium Financial Group, Inc n MMI Mortgage n Monona State Bank n Mutual Of Omaha Bank n National City Mortgage n Nationwide Mortgage Services n Nationwide Wholesale n Netmore America n Newbridge Bank n Northstar Alliance Inc n Northstar Bank n Northwestern State Bank n Norway Savings Bank n Oneida Savings Bank n Oregon Federal Credit Union n Origen Financial LLC n Overture Technologies n Peoples Bank n PMI Mortgage Insurance Co. n Red River Federal Credit Union n Regions Financial Corp n S & T Bank n Saxon Mortgage, Inc n SBMC Mortgage n Sierra Pacific Mortgage n Standard Pacific Mortgage n Stearns Lending, Inc n Stenton Mortgage, Inc n Sterling Bank n Steuben Trust CO n Stillman Banccorp NA n Stonegate Mortgage Corp n Sun American Mortgage CO n Sun Capital Inc n Suntrust Mortgage Inc n Superior Mortgage Corp n Surrey Bank & Trust n Sycamore Mortgage Co Inc n Synovus Mortgage Corp n Taylor Bean & Whitaker Mortgage n TIB Bank Of The Keys n TIB The Independent Bankers bank n Tierone Bank n Tower Bank & Trust n Tri Counties Bank n Truhome Solutions n United Bank n US Bank Home Mortgage n US Guaranty Mortgage Corp n US Mortgage n Vantage Score Solutions n Vertice n Viking Community Bank n Washington Mutual n Washington State Employees Credit Union n Washington Trust Bank n Waterstone Mortgage Corp n WCS Lending n Webster Bank n Wells Fargo Home Mortgage