Department of Family, Consumer, & Human Development

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1 Department of Family, Consumer, 1 & Human Development Department of Family, Consumer and Human Development Housing Finance and Regulations: FCHD 5340, Section 1, Class 12:00 pm 1:15 pm TR FCHD West Spring Semester 2015 Instructors: Lucy Delgadillo, Family Life 308A; ; lucy.delgadillo@usu.edu Office hours: Monday a.m. and by appointment. Students with ADA-documented physical, sensory, emotional or medical impairments may be eligible for reasonable accommodations. Veterans may also be eligible for services. All accommodations are coordinated through the Disability Resource Center (DRC) in Room 101 of the University Inn, (435) voice, (435) TTY, or toll free at Please contact the DRC as early in the semester as possible. Alternate format materials (Braille, large print or digital) are available with advance notice. REQUIRED LEARNING MATERIALS: Thomas J. Pinkowish Residential Mortgage Lending: Principles and Practices 6th Edition 2012 ISBN: Calculator: A financial calculator HP10BII. Learning Objectives: 1. Gaining Factual Knowledge: 1.1. Explain requirements, qualifications, limitations, advantages and disadvantages of different loan programs. 1.2 List and explain differences between government insured loans, conventional loans, reverse equity loans, and refinancing. 1.3 Describe foreclosure procedures, and what can be done to prevent foreclosure 2. Learning to apply course material: 2.1. Explain the mortgage process, specifically the qualification process and general principles, orally and in writing for different audiences. CLASS EXPECTATIONS: 1. Students are responsible for all lecture materials, announcements, handouts, and assignments presented in class. Assignments and due dates may change. If you are absent from class, ask classmates, not your instructor, for missed notes. If you have a question about an assignment or anything else, the time to ask is before the deadline or exam date. Students are responsible for keeping a record of their grades and for knowing where they stand on this class. Instructors should be contacted for clarification and correction of grades, and for formally documenting the student s grade.

2 2 2. Written work must (a) be typed, (b) use 12 -point font, set margins to one inch (c) double spaced (d) must be grammatically correct, (e) present the information in the order stated in the assignments (f) Submit it via canvas (g) do not include a title page (except for assignment 3 project) PAY PARTICULAR ATTENTION TO THE ASSIGNMENTS GUIDELINES. FOR EXAMPLE, IF ASKED FOR ONE PAGE, IT WILL BE EXPECTED THAT YOU WILL TURN IN ONE FULL PAGE (THERE ARE APPROX. 22 LINES IN A FULL DOUBLE SPACED 8 ½ by 11" PAGE). Assignments will not be accepted via , unless due to an emergency situation. Please or call before submitting your assignment via Late assignments will be penalized 10% per day if 1-3 calendar days late. No assignment will be accepted later than 4 calendar days after the due date. No work will be accepted after the last class period. Always keep a soft copy of all assignments you submit; retain graded assignments until final course grade is received 4. Makeup examinations are given only if the instructor is informed ahead of time, or for an unexpected reasonable last minute emergency. (I reserve the right to decide what an emergency is. Examples are: a documented medical reason, a documented family emergency or documented civil or student responsibility. If you know today (today means the first week of the semester) that you have a conflict with any of the exam dates, let the instructor know immediately. Make up examinations and earlier exams will be given at the instructor convenience. Students who miss an examination without notifying the instructor prior to the day of the examination will not be allowed to take a make-up exam (it sounds nasty, right?) 5. Cheating or plagiarism is subject to the discipline process as outlined in the USU Code. Always include references and citations in all your work. 6. Quizzes: Quizzes will be taken online on the Canvas course management system before each Monday by noon. ALL QUIZZES MUST BE TAKEN BY THE DATE POSTED IN THE SYLLABUS or in Canvas. You will not be able to access the quizzes after the closing date posted. The quizzes will be on the text reading ONLY. The quizzes are open book. However, only 10 minutes will be allotted for each quiz. If you do not read the chapter before you take the quiz, it will be hard to finish the quiz. Do the quizzes alone. Do not work with anyone else. Please do not cheat! See #5 above. If you have to be out of town when a quiz is due, take it early. 7. Practice exercises: We will study a great deal of theory in this class but we will apply the theory to several real life scenarios. 8. Respectful learning environment: Students are expected to behave appropriately and to treat the instructor, guest speakers, and classmates with respect. Respectful behavior includes, but is not limited to, not swearing, not eating, not reading newspapers or other books not relevant to our class, not coming in late, not leaving early, and not disrupting other students by talking with your classmates, cell phone use, etc. 9. Extra credit. I do not provide extra credit in this class.

3 10. Contesting grades/ Grievance policies. You are always welcome to discuss any concerns about your grades. Grievance Process (Student Code). Students who feel they have been unfairly treated [in matters other than (i) discipline or (ii) admission, residency, employment, traffic, and parking - which are addressed by procedures separate and independent from the Student Code] may file a grievance through the channels and procedures described in the Student Code: (Article VII. Grievances, pages 25-30). nto=search 11. Sexual Harassment. Sexual harassment is defined by the Affirmative Action/Equal Employment Opportunity Commission as any "unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature." If you feel you are a victim of sexual harassment, you may talk to or file a complaint with the Affirmative Action/Equal Employment Opportunity Office located in Old Main, Room 161, or call the AA/EEO Office at ASSIGNMENTS: Assignment 1. Loan Case Scenario (20 points: For this assignment you need to write 2 case scenarios for a conventional loan, FHA loan, VA loan, or HELOC. Or, you can pre-qualified a borrower for 2 different types of loans. Describe the individual or family situation and calculate full PITI. Make estimates for taxes and hazard insurance. Utah property taxes are calculated at.56% of appraised value. For FHA mortgage insurance, use Mortgagee Letter For PMI premiums, use Figure 7.2 (textbook). (10 points each case). This should be a 2-3 pages paper. Please submit it via Canvas. Assignment 2. Housing finance portfolio (45 points): You are required to create 8 fact sheets (one page each, 5 points each). You can create facts sheets for different loan programs and/or themes we covered. The handout should be written as if you were planning to give it to a potential homebuyer. Samples of housing finance sheets for your portfolio will be available for you to see before you begin working on this assignment. Be creative in the presentation of information. Creativity will count for 5 points of your grade. Each fact sheet should indicate the sources or references at the bottom of the page. Avoid taking information for your portfolio from the Family Life Center s Home Owners Education Workshop from USU. STOP: DO NOT SUBMIT THIS ASSIGNMENT VIA CANVAS. Assignment 3. Report on a peer-to-peer housing counseling session. (20 points) You will do a mini-housing counseling session. Describe the topic of the counseling session (3 points). Describe the process working hypothesis that guided the counseling session 4 points). Describe the outcome of the counseling session (3 points). Describe your self-reflective thoughts as a counselor. (4 points)what areas need improvement of you as a counselor? (3) What will you do to improve? How will you do it and by when? (3 points). This should be a 2-3 single lined pages. Please submit via Canvas. 3

4 4 GRADING: Possible Points Exam 1 and Exam 2 and Assignment 1 20 Assignment 2 20 Housing Finance portfolio Practice/in-class assignments (without advance notice) 6 Quizzes (10 points each) TOTAL 455 Your Score Grades will be distributed, as follows: 93%-100% A 74%-76.9% C 90%-92.9% A- 70%-73.9% C- 87%-89.9% B+ 67%-69.9% D+ 84%-86.9% B 64%-66.9% D 80%-83.9% B- 60%-63.9% D- 77%-79.9% C+

5 5 Tentative Course Schedule Dates Topics Homework Syllabus review. Intro to basic math concepts. Bring your financial calculator. Fractions, decimals, percentages, ratios. Basic concepts in Real Estate math. Interest rates and points, discount points, Week 1, Jan 13 & 15 Week 2, Jan 20 & 22 How much house can you afford? Practice Exercises. Bring your financial calculator. Chapter 3. Role of Residential Mortgage Lending in the Economy, pages Chapter 5. Secondary Mortgage Market, pages ; ; Mini-lecture on leases (Galaty) Week 3, Jan 27 & Chapter 6. Conventional Lending, pages to 179. Chapter 7. Private Mortgage Insurance, pages Week 4, Feb 3 & 5 Practice on Conventional loans HELOCs, HEML Chapter Buy book and calculator We will be using your financial calculator in class today. Read chapter 3 and 5 for next class period Chapter 3 Quiz 1 due. Chapter 5, Quiz 2 due Chapter 6, Quiz 3 due Week 5, Feb 10 & 12 Week 6, Feb 19 February 17 no class Week 7. Feb 24 & 26 Week 8, Mar 3 & 5 Test 1 Review Session Test 1. Bring your financial calculator Chapter 8. Government Lending, pages 205 to 226. FHA loans. Amortization Guest speaker: FHA loans Practice on FHA Amortization exercises and counseling Chapter 8. Government Lending, VA loans pages 227 to 246 Guest Speaker VA loans Chapter 8, quiz 4 Assignment 1 due today (Feb 27).

6 Week 9, Mar Spring Break Week 10, March 17 Practice on VA loans & 19 Chapter 11. Compliance, pages ; ; Chapter 11, quiz 5 Week 11, March 24 & 26 Week 12, March 31 & April 2 Review for test. Test 2: second hour. Bring your calculator Chapter 12. Residential Mortgage Loan Origination and Processing, pages 359 to 399 Mock counseling 6 Chapter 12 quiz, quiz 6 Week 13, April 7 & 9 Week 14, April 14& 16 Week 15, April 21 & 23 Refinances/ Practice on Refinances/Appraisals Mock counseling sessions Review for test Test 3. Bring your calculator Guest Speaker: Reverse Mortgages. Attendance is required Reverse Mortgages (review chapter 10, ) Loss Mitigation Chapter 1 Page Assignment 2 due today HARD COPIES Assignment 3 due today. April 28/11:30 a.m. Test 4.