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Instructor-led Online Course

This course is designed for the underwriter who has a very solid understanding of all of the principles of underwriting FHA loans. He/she should be able to:

  • Describe TOTAL Scorecard and its requirements
  • Recognize when a manual downgrade is required
  • Analyze various credit scenarios and determine acceptability for TOTAL Scorecard or manual underwrite
  • Analyze income for stability and effectiveness for inclusion in qualifying income
  • Complete an in-depth analysis of assets
  • Describe appraisal requirements and the unique elements of an FHA appraisal
  • Evaluate condo documentation for compliance with FHA re-certification of project requirements

What it's about

These skills may have been acquired through attending the Fundamentals of FHA Underwriting and/or Intermediate FHA Underwriting courses through AllRegs or through other training or experience.

During the course students will utilize and apply their knowledge of manual underwriting, and scenarios which should be addressed by the underwriter during the credit write-up. This course will consist of hands-on manual underwriting, various special underwriting circumstances and programs, a variety of refinance scenarios and guidance, as well as digging deeper into the complexity of condominium approval, appraisal reviews on condominiums and 2-4 unit properties.

Class Schedule

Tuesday February 5,12,19,26 2019 Register
Tuesday September 3,10,17,24 2019 Register
Tuesday December 3,5,10,12 2019 Register
View Education Calendar

Learning Goals and Objectives:

Upon completion of the course, students will be able to:

  • Perform and describe a manual underwrite and credit write-up
  • Identify and execute special underwriting techniques
  • Evaluate complex properties

Participants will be provided a student manual for each of the four sessions.

Participants will be required to complete an assessment at the end of each of the four sessions to assess mastery of the content.

To receive the certificate of completion participants must receive a course grade of 70% or greater.


  • Processors
  • Underwriters
  • Quality Control Staff

Tuition & Registration

The course is $600 per person. Tuition includes all course materials. Upon successfully completing the course, students will earn an industry-recognized certificate of completion.


By the end of this course students will be able to manually underwrite and take appropriate actions based on their credit analysis, Understand and execute special underwriting circumstances, fluently underwrite any type of FHA refinance, and understand condominium approvals and complex property appraisals.

Program Details:

Session One


  • Introduction
  • Credit Risk
  • Layering Risk
  • Risk Assessment


  • Evaluate Credit Risk
    • Describe specific credit factors that impact the layers of risk
    • List and evaluate the factors that fall under the two categories of risk assessment

Session Two


  • Other Programs
    • ARMs
  • Specialty Programs
    • New Construction
    • EEM
    • HUD REOs
    • GNND
  • Streamline Refinance


  • Analyze FHA Programs
    • Describe the components of an ARM
    • Calculate payment adjustments, rate adjustments, maximum mortgage amounts and LTV’s when applicable
    • List the “Specialty Programs” and describe their unique characteristics
    • Explain the FHA Streamline Program

Session Three


  • General Requirements for Appraisals
  • Appraisal Review
    • Single Family
    • Condominium
    • Multi-Unit Properties
    • Property with Repairs/HUD REO


  • Identify missing, incorrect or inconsistent information
  • Identify if an appraisal meets HUDs Minimum Property Standards
  • Differentiate requirements for a property needing repairs and a HUD REO property needing repairs
  • Describe the Condo Project Approval Process for HRAP and DELRAP
  • Describe the difference between a single family appraisal report and a condo appraisal report
  • Describe the risks of a multi-unit property
  • Calculate income for qualifying purposes on a multi-unit property
  • List additional requirements of a multi-unit appraisal

Session Four


  • Manually Underwrite a Purchase Transaction
    • Credit
    • Income
    • Assets
    • Appraisal
  • Manually Underwrite a Streamline Refinance
  • Recommend an Approval or Denial


  • Demonstrate your ability manually underwrite a FHA loan file
  • Take appropriate actions based on credit analysis
  • Fluently underwrite both purchase and refinance transactions