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More About This Textbook
Overview
Completely updated, this edition incorporates the SAFE Act and its impact on mortgage brokers along with other significant changes seen in the mortgage loan industry since the real estate meltdown that started in 2008. New state and federal regulations are addressed and financial information reflects current market data. The overall loan process is covered along with discussions of the mortgage loan business giving a broad overview of career opportunities in this competitive industry. Ideal for real estate licensees, individuals seeking to enter the mortgage loan business, and those already actively working in the industry, this text covers key topics including appraisal, credit agencies, title and escrow, and computer programs used in the mortgage loan industry. Important legal concepts are covered to meet state course requirements in addition to up-to-date coverage of new industry requirements like the FNMA 1003 loan application form and new appraisal requirements to comply with URAR-FNMA 1005 form. This text remains the authority on current standards of professional practices that meet the goal of consumer protection for the public.
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Meet the Author
Professor Grogan began practicing real estate in 1974 as a sales associate before eventually owning 2 Century 21 franchise offices. After closing 100 escrows and completion of the Graduate, Realtors Institute (GRI) designation criteria in 1977, Grogan received the Certified Residential Specialist (CRS) designation in 1979. In 1985 the coveted Certified Property Manager (CPM) designation was conferred on Grogan. Having received 2 bachelors' degrees, one is business administration/management and one in real estate/finance, Dr. Grogan earned a master's degree from California Polytechnic University, Pomona for completion a thesis on Property Management Training and Education in 1985 before being bestowed with the doctoral degree from Pepperdine University for the dissertation on A Needs Assessment for the Real Estate Assistant. Dr. Grogan is the full-time real estate professor at El Camino College in Torrance, California and has authored many publications including many of the California Community Colleges Student or Instructor Study Guides, continuing education course materials, and curriculum.
M.C. "Buzz" Chambers, Jr. has been a senior loan consultant for many years, specializing in residential loans for 1-4 unit properties, FHA and VA loans, in addition to numerous conventional loans. He has owned a mortgage company, sold real estate and worked as a title insurance representative, in addition to managing a real estate office sales force. Mr. Chambers has been associated with the real estate industry for more than 30 years. Mr. Chambers is an approved instructor for the California Association of
Table of Contents
PART I: SCOPE OF THE BUSINESS. 1. Scope of Mortgage Loan Brokerage. 2. Sources of Business. PART II: LOANS. 3. Loans: Conventional. 4. Loans: Government. 5. Loans: Financial Disclosure and Other Real Estate Disclosures. PART III: PROCESSING. 6. Processing: Pre-Qualification and Loan Application. 7. Processing: Credit & Disclosures. 8. Processing: Verifications & Stacking Order. 9. Processing: Appraisal, Title and Settlement. 10. Processing: Underwriting & Quality Control. 11. Processing: Documents, Funding & Closing. PART IV: THE SECONDARY MONEY MARKET. 12. Shipping & Servicing. PART V: REGULATIONS & OPERATIONS. 13. The Business Operations, Lending Practices and Department Of Corporations. 14. California Department of Real Estate (DRE) License Activity for Loan Agents. 15. Math and Trust Funds for the Loan Agent. Appendix A: Loan Application FNMA Form 1003 - (English and Spanish). Appendix B: Credit Report. Appendix C: Verifications. Appendix D: Sale Escrow Instructions. Appendix E: Appraisal Report. Appendix F: Preliminary Title Report. Appendix G: Loan Documents. Appendix H: Employment Forms. Appendix I: Wholesale Brokerage Agreements. Appendix J: Internet Web Sites. Appendix K : Glossary of Terms. Index.