Instructor-led Online Course

This course provides clear instruction for those looking to add the VA program to their existing product mix. The course explains guidelines and provides strong advice from industry experts who have worked with the programs personally. The target audience would include processors, underwriters, quality control staff, and anyone who wants to better understand the underwriting process of VA loans.

During this course participants will be introduced to VA loan programs, VA eligibility and entitlement, applicant and property requirements.

What it's about

By the end of the course students will be able to distinguish between Conventional and VA loan requirements. Determine VA loan guaranty based on eligibility and entitlement; calculate VA loan maximum mortgage and, perform a credit analysis of borrower documentation consisting of income, asset, and liability; as well as determining allowable seller contributions and closing costs.

Class Schedule

Tuesday December 4,6,11,13 2018 Register
Wednesday January 9,16,23,30 2019 Register
Wednesday February 6,13,20,27 2019 Register
Monday March 4,6,11,13 2019 Register
Tuesday May 7,14,21,28 2019 Register
Tuesday July 16,18,23,30 2019 Register
Wednesday September 4,11,18,25 2019 Register
Wednesday October 2,9,16,23 2019 Register
View Education Calendar

Classes consist of four 90-minute live sessions with instructors delivered through the WebEx conferencing platform.

Participants will be introduced to VA loan programs, VA eligibility and entitlement, applicant and property requirements. By the end of the course, students will be able to distinguish between conventional and VA loan requirements, determine VA loan guaranty based on eligibility and entitlement, calculate VA loan maximum mortgage, and perform a credit analysis of borrower documentation consisting of income, asset, and liability; as well as determining allowable seller contributions and closing costs.

Learning Goals and Objectives:

By the end of this course, participants will be able to:

  • List a variety of VA loan programs
  • Recognize the VA home loan eligibility criteria for veterans and active duty service member
  • Calculate the VA maximum mortgage amount for applicants under various circumstances
  • Distinguish eligible and ineligible property types for VA financing
  • Be familiar with requirements to order appraisals, review appraisals and deliver Notices of Value to the veteran borrower
  • Use automated underwriting systems to help determine VA loan documentation and make credit decisions
  • Explain the key difference between conventional and VA guidelines with regard to credit history, income/employment and financial assets
  • Comprehend the residual income analysis method of qualification and VA’s qualification ratio requirement differs from conventional mortgages

TARGET AUDIENCE:

  • Processors
  • Underwriters
  • Quality Control Staff

Benefits

By the end of the course students will be able to distinguish between Conventional and VA loan requirements. Determine VA loan guaranty based on eligibility and entitlement; calculate VA loan maximum mortgage and, perform a credit analysis of borrower documentation consisting of income, asset, and liability; as well as determining allowable seller contributions and closing costs.

Program Details:

Session One - Topics

  • Benefits of VA Financing
  • VA Eligibility
  • VA Entitlement
  • VA Loan Limits/Max Mortgage
  • VA Funding Fee
  • VA Required Disclosures
  • VA Loan Programs

Objectives

  • Identify the benefits of VA loans
  • Recognize VA home loan eligibility criteria and entitlement requirements
  • Calculate the VA maximum mortgage amount
  • Recognize the disclosures required with a VA loan
  • List a variety of VA Programs

Session Two - Topics

  • Borrower Qualifications
    • Credit history and obligations
    • Employment and Income
    • Funds to close
    • Ratios
    • Residual Income
    • Compensating Factors

Objectives

  • Conduct an analysis using the VA Loan Analysis Worksheet, including
  • Employment and income
  • Funds to close
  • Credit history and obligations
  • Ratios
  • Residual Income
  • Compensating Factors

Session Three - Topics

  • Seller Concessions
    • Closing costs
    • Fees
    • Premium Pricing
  • Property Eligibility
    • Property types
    • Airport restrictions
    • Constructions - New, existing and proposed
    • Manufactured homes
    • Modular homes
    • Farms
  • Appraisal Processing Procedures
    • Ordering
    • Forms
    • Appraiser requirements
    • NOV
    • Review the VA case study and determine how the lender can save the deal

Objectives

  • Determine allowable seller concessions
  • Recognize eligible property types
  • Recognize the requirements and processes for ordering and reviewing appraisals

    Session Four - Topics
  • Processing and Underwriting Procedures
    • Agents and Sponsoring Lenders
    • Prior Approval versus Automatic
    • LAPP
    • VA QC Findings
  • VA Refinance Options
    • IRRRLs
    • Cash-out Refinance
    • Construction-to-Permanent

Objectives

  • Differentiate the delegated VA underwriter and delegated appraisal reviewer requirements for Supervised Lenders, Non-Supervised Lenders and Agents
  • Review the requirements for a VA Interest Rate Reduction Refinance Loan and VA Cash-out transaction

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.