Underwriting VA Loans

Transcription

1 Curse Agenda Underwriting VA Lans The VA Hme Lan Guaranty has been prviding ur servicemen and wmen the pprtunity t btain the American Dream f hmewnership since Wrld War II. Many veterans lk t these prgrams t find an affrdable and reliable means t get their hme. These pwerful prgrams can be a challenge t many mrtgage prfessinals. Wrking with the variety f unique requirements and disclsures can be a daunting task. AllRegs Academy's Underwriting VA Lans instructr-led nline curse prvides clear instructin fr thse lking t add the VA prgram t yur existing prduct mix. The curse explains guidelines and prvides strng advice frm industry experts wh have wrked with the prgrams persnally. Learning Gals and : By the end f this prgram the participants will be able t: List a variety f VA lan prgrams Recgnize the VA hme lan eligibility criteria fr veterans and active duty service member Calculate the VA maximum mrtgage amunt fr applicants under varius circumstances Distinguish eligible and ineligible prperty types fr VA financing Be familiar with requirements t rder appraisals, review appraisals and deliver Ntices f Value t the veteran brrwer Use autmated underwriting systems t help determine VA lan dcumentatin and make credit decisins Explain the key difference between cnventinal and VA guidelines with regard t credit histry, incme/emplyment and financial assets Cmprehend the residual incme analysis methd f qualificatin and VA s qualificatin rati requirement differs frm cnventinal mrtgages Prgram Assessment: A cmprehensive 25 questin assessment will be given nline after the curse t ensure that participants have mastered the curse curriculum presented.

2 Sessin 1 Tpics Intrductin t Department f Veterans Affairs VA lan prgram basics Eligibility and Entitlement Lan Applicatin Requirements Required VA disclsures VA Lan Prgrams VA Lan Limits VA Funding Fee Define the purpse f the VA State the benefits VA lans Recgnize the disclsures required with a VA lan Define a variety f VA Prgrams Calculate the VA maximum mrtgage amunt Hmewrk Assignment Cmplete the VA Maximum Mrtgage Calculatin Exercises fund n the curse site Sessin 2 Tpics Hmewrk Review VA Mrtgage Calculatins Seller Cncessins Clsing csts Fees Premium Pricing

3 Prperty Eligibility Prperty types Airprt restrictins Cnstructins - New, existing and prpsed Manufactured hmes Mdular hmes Farms Appraisal Prcessing Prcedures Ordering Frms Appraiser requirements NOV Determine allwable seller cncessins Recgnize eligible prperty types Recgnize the requirements and prcesses fr rdering and reviewing appraisals Hmewrk Assignment Review the VA case study and determine hw the lender can save the deal Sessin 3 Tpics Hmewrk Review VA Case Study Navigating WebLGY Autmated systems Brrwer Qualificatins Emplyment and Incme Funds t clse Credit histry and bligatins CAIVRS

4 Residual Incme Cmpensating Factrs Navigate the VA prtal, specifically WebLGY Use autmated systems as a pwerful tl t help determine VA lan dcumentatin requirements and make credit decisins Explain the key differences between cnventinal and VA guidelines with regard t credit histry, incme/emplyment, and financial assets Apply the residual incme analysis methd f qualificatin and explain hw VA s qualificatin rati requirement differs frm cnventinal mrtgages Hmewrk Assignment Review the case study and using the VA Lan Analysis Wrksheet calculate the applicant s residual incme and debt-t-incme rati. Make a lan decisin, and list cmpensating factrs, if applicable. Sessin 4 Tpics Hmewrk Review VA Mrtgage Calculatins Prcessing and Underwriting Prcedures Agents and Spnsring Lenders Prir Apprval versus Autmatic LAPP VA QC Findings VA Refinance Optins IRRRLs Cash-ut Refinance Cnstructin-t-Permanent

5 Differentiate the delegated VA underwriter and delegated appraisal reviewer requirements fr Supervised Lenders, Nn-Supervised Lenders and Agents Review the requirements fr a VA Interest Rate Reductin Refinance Lan and VA Cash-ut transactin