Effective September 1, 2007, Texas redefined the requirements for licensing which are outlined in the FAQ tab.  This change enabled Power Training to now offer the Loan Officer Candidate a more extensive pre-licensing education along with renewing loan officers a wider variety of courses to satisfy the 8 core hour requirements.

Roadmap Details

Now, divided into Modules 1 – 8, a Loan Officer Candidate can complete their education all at once or taking one module at a time. 

Cost for New Loan Officer Licensees with NO experience

-          Package, all 8 modules attended consecutively, tuition is $775.

-          Individually, tuition is $105 per module.

Cost for New Loan Officer Licensees with 2 years minimum experience
Please note that ONLY retail origination applies.  If you have not worked the last twenty four months as a RETAIL originator then you will have to complete 60 hours.  Employment as an Wholesale Account Executive does not apply.  No work as a processor or underwriter will qualify.

-          Package, Modules I - 4 only ~ attended consecutively, tuition is $399.

-          Individually, tuition is $105 per module, except Module II - cost is $145 per person.

Calculators

-          $50 each - One of the tools you will need in your Loan Officer career is the Qualifier Plus Mortgage Calculator.  It provides special keys that will work the functions specifically related to mortgage lending and help you speed through the qualification process of the borrower.  Power Training has partnered with Calculated Industries to provided at the Qualifier Plus Mortgage Calculator at a wholesale cost of $50 to the student including shipping and handling.  If you choose to purchase the calculator please answer yes on the registration link.  A link to view the calculator is below:
http://www.calculated.com/training/quickstart/index.html

Campus Location

Campus location is changing to Capital of Texas Highway and Spicewood Springs.  More specific details will follow.

Class Times

The classes are held a consecutive Monday – Thursday, take the weekend off, and then the following Monday – Thursday the next week.  Class will start at 9:00am – 5:00pm each, with one hour for lunch and two 15 minute breaks. 

When you should register for the test?

Testing is Austin is every Friday/Saturday either at 8am or 1pm.  If you are taking the full 60 hour course, we suggest that you schedule your test for the 2nd Saturday after class starts. 

If you have the two years experience, class will be the first four days Monday - Thursday.  You should schedule your test for the 1st Saturday after class.

Testing is done at the Promissor testing facility; Promissor testing sights
To register for the test: http://www.pearsonvue.com/

Module I - Introduction to Lending

This module begins with the early types of mortgages and deeds and the first laws to regulate homeownership.

We will review commonly used terms to better acquaint you with the mortgage lending process and put you on the path to using the right terminology.  We also discover the roles of the processor and basic underwriting guidelines, the use of the appraisal and it’s relation to FIRREA and USPAP.  You will be introduced to the closing process through the review of a title policy, HUD 1 Settlement Statement and the RESPA laws regarding the issuance of HUD1’s.  We will cover the endorsements to the title policy, review the survey and its use in the ownership process.

Module II - RESPA & Texas Mortgage Broker Act if taken separately cost is $145 per person aka Loan or Lawsuit Origination

Lenders prior to regulation had no laws to require them to give borrowers any indications of interest rates, costs or products available to them.  Several laws were passed which clearly defined how we take loan applications, prepare good faith estimates, advertise and report information.  We will define what determines a loan application, what are the the key what are they key what are the key origination documents, common RESPA violations on the loan application, good faith and truth in lending.  A review of the final disposition of the loan will be included.  These laws also laid out specific determinations of how the Annual Percentage Rate is calculated, how co-signors and “eligible” borrowers were determined.  We will review the Patriot Act and cover a full review of the conventional disclosures, what they mean and how they are completed.  This section will cover:

1. Fair Housing Act
2. Truth In Lending Act
3. Pre-paid Finance Chart
4. Advertising
5. Equal Credit Opportunity Act
6. Home Mortgage Disclosure Act
7. Section 32 Loans
8. Patriot Act
9. Disclosures Are Necessary When?
10. Texas Mortgage Broker Loan Officer Act
     

Module III - Required Disclosures - Ethics

This course will start with a full review of the required disclosures for Conventional and Government loans.  We cover each disclosure, learn how to complete it for the customer and explain it to them.  This module will also include 4 hours of Ethics.  For those using this module to renew either a Loan Officer or Mortgage license or to gain their Mortgage Broker license, you can use the additional 2 hours of Ethics towards your 8 or 28 core hours requirement.

Module IV - Calculating Payments, Secondary Market, Rate Sheets and Qualifying the Borrower

This module will start with mortgage math basics including LTV and CLTV calculations, learning to calculate the payments including principle, interest, taxes and insurance.  You will learn how to qualify the borrower and help them   In addition we will cover the secondary market. learn how loans are priced and how to ask customers the right questions which enable us to help them select the right product.  We spend a full 1/2 day on learning programs, products and pricing. 

Module V - Basic Knowledge of Underwriting / FHA and VA Loans

FHA — For Originators & Processors

• Sell the FHA Loan
• Identify the differences in Employment and Income
• Identify the differences in Assets and Credit
• Complete the FHA required disclosure and submission documents including the MCAW, appraisal request, case number assignment, and HUD Addendum
• Surf the government website for the information you need

• Learn how to complete the VA Loan Analysis
• Learn how to calculate Veteran's Eligibility
• Learn how to order the VA Appraisal
• Know the required disclosures
• Review of the loan program available through the Texas Veterans Land Board
• How to calculate Interest Rate Reduction Refinances
• Know the allowable fees and how to complete your good faith estimate

Module VI - Learning to take the Loan Application and Complete the Good Faith Estimate

The loan applications and good faith estimates are the beginning of the loans success.  You will learn how to take the loan application and ask the sometimes difficult questions that you need to turn your application into a closing.  Your good faith is also the measurement by which your honesty and integrity will be measured.  What you charge for your services will have to be explained to the borrower and most likely their Realtor so being able to do so quickly and efficiently will be very important.  This class will walk you through each fee, why it is charged and whether or not it impacts the Annual Percentage Rate.  You will learn what fees it takes to close a mortgage loan, what the reasons the fees exist and how they affect APR.  Definition of PFC and how to identify them.

Module VII - FACTA, Mortgage Insurance and Commercial Loans

This module will cover FACTA, The Fair and Accurate Credit Transaction Act where we you will learn how to read the credit report and explain it to the customer.  We will also cover the details of the Texas Home Equity Law and how to be sure you don't end up buying back a loan.  With the market changing, being diversified will help tremendously so we will also cover Commercial loans and how you can make money.

Mortgage Insurance
The tax deductibility and the credit challenges most borrowers will face in 2008 will increase the need for Mortgage Insurance.  As a result you will need to know what loans can be covered and what types cannot be covered.  We will review of mortgage insurance, its impact on the loan approval, define mortgage risk, exposure and coverage.

Module VIII - Detecting Fraud, Texas Home Equity and Re-Cap

Mortgage Broker

Loan Officer

• 36 months of loan origination experience

AND

90 hours of Core classroom training, including 6 hours of Ethics, offered by an SML-approved provider taken within the last two years if NOT previously licensed as a mortgage broker or loan officer under the MBLAct

OR

30 hours of Core classroom training, including 2 hours of Ethics, offered by an SML-approved provider taken within the last two years if NOT previously licensed as a mortgage broker under the MBLAct but was previously licensed as a loan officer under the MBLAct

OR

• 18 months of loan origination experience and, at minimum, a bachelor’s degree in either finance, banking, or business administration

AND

90 hours of Core classroom training, including 6 hours of Ethics, offered by an SML-approved provider taken within the last two years if NOT previously licensed as a mortgage broker or loan officer under the MBLAct,

OR

30 hours of Core classroom training, including 2 hours of Ethics, offered by an SML-approved provider taken within the last two years if NOT previously licensed as a mortgage broker under the MBLAct but was previously licensed as a loan officer under the MBLAct

OR

• Holds active Texas license as: Real Estate Broker or Attorney or General Lines Agent (Life, Accident, Health, & HMO; or Property & Casualty); Limited Lines Agent (Multiple Lines); or Managing General Agent

AND

90 hours of Core classroom training, including 6 hours of Ethics, offered by an SML-approved provider taken within the last two years if NOT previously licensed as a mortgage broker or loan officer under the MBLAct

OR

30 hours of Core classroom training, including 2 hours of Ethics, offered by an SML-approved provider taken within the last two years if NOT previously licensed as a mortgage broker under the MBLAct but was previously licensed as a loan officer under the MBLAct.

• 60 hours of Core classroom training, including hours of Ethics, offered by an SML-approved provider, taken within the last two years

OR

• 18 or more months of loan origination experience

AND

30 hours of Core classroom training, including hours of Ethics, offered by an SML-approved provider taken within the last two years;

OR

• Holds active Texas license as: Real Estate Broker or  Attorney or General Lines Agent (Life, Accident, Health, & HMO; or Property & Casualty); Limited Lines Agent (Multiple Lines); or Managing General Agent

AND

30 hours of Core classroom training, including hours of Ethics, offered by an SML-approved provider taken within the last two years;