California Mortgage Loan Origination & Lending provides a comprehensive overview of the loan process and discusses the mortgage loan business, exploring career opportunities in this competitive and dynamic industry. The authors lead readers through the challenging field of mortgage brokering, detailing the factors that affect credit scores, what to look for in appraisal reports, and six traits necessary for success in the profession. This 5th edition is updated to reflect the latest financial information and regulations, including the new NMLS license laws and practice test questions.
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: Finance Disclosure and Other Real Estate Disclosures. Part III. Processing: 6. Processing: Prequalification and Loan Application. 7. Processing: Credit and Disclosures. 8. Processing: Verifications and Stacking Order. 9. Processing: Escrow Settlement, Title, and Appraisal. 10. Processing: Underwriting and Quality Control. 11. Processing: Documents, Funding, and Closing. Part IV. The Secondary Money Market: 12 Shipping and Servicing. Part V. Regulations and Operations: 13. The Business Operational Practices and Department of Business Oversight (DBO) Licensing. 14. California Bureau of Real Estate (CalBRE) 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. Web Sites. Appendix K. Abbreviations and Acronyms.