Course #1062 & #1558 - $325 per person and includes credit banking

Yes the rumor is true.  ALL originators must be licensed or registered.  This brief overview will guide you in the right direction to select a course.  The majority of originators will need to take the full 20 hours education as you have no “hours” banked with any regulating body.  Therefore, we offer S.A.F.E. Required 20 to satisfy the National Requirement.   If you are a contract processor, be aware there is no specific category for you, you will get licensed as a loan officer. 

The course name on the website is “S.A.F.E. Required 20 Hours”.  You will take both a mock national and state test (where applicable).  Our students report a high success the first time pass success for the national and Texas test.

Steps for National Test Registration and Texas Test Steps

NMLS National Test Steps $92 per test

1. Go to NMLS Home Page at http://www.stateregulatoryregistry.org/NMLS/AM/Template.cfm?Section=Home3
2. Click on “Loan Originator” radial button
3. Once you have read Steps 1-3 and know you will be the person to set up your “Unique Identifier Number” Step 4 will ask you to “Create An Individual Account”
4. Once you have this number you must provide it to any course provider you take education from and to your State licensing entity if you are currently licensed as a Mortgage Broker or Loan Originator.
5. If you are a licensed originator, email your passing test score to TDSML at licensing@sml.state.tx.us

State of Texas Test Steps $42 per test only through 8/14/10
 

1. Go to PearsonVue.com and click on “Test Taker Services”
1. 1. Select your Category – pick “Real Estate Appraisers, Mortgage and Loan
2. 2. Select your Program – pick “Texas Mortgage Brokers” (this is your section even if you are only obtaining a Loan Officer License.
2. In Bold Red you will see a statement “Register for an Exam”
3. Unless you have already set up a user name and password in PearsonVue you will need to click on “Create a New Test Taker Account” 
4. Set up your information and pick either Loan Officer or Mortgage Broker
5. Take the test and fax your passing score with a cover letter to licensing@sml.state.tx.us

Steps to Obtain Your NMLS Number - Free

CREATE AN INDIVIDUAL ACCOUNT

This information is copied directly from the NMLS website and not intended to imply that Power Training can answer questions about the NMLS website.  This information is intended to be used by a student to help obtain information we need to work with you. 

If you are a Control Person, Qualifying Individual, Branch Manager or Mortgage Loan Originator that needs to obtain an individual account in NMLS you must create your own account through following the simple steps below.

Getting an NMLS account 

1.  Go to the NMLS website at www.stateregulatoryregistry.org/NMLS and click on the “log onto NMLS” button in the upper right corner. 

2.  Click on Create an Individual Account link.

3.  Retype the security letters & numbers shown on the screen in the space provided and click Next.

4.  In the Create an Individual User Account screen complete ALL of the fields with your information and click Next.

5.  Review the Individual Account information that will be established. If correct click Finish. If not correct, click Previous and correct any information. Please note that you cannot edit your date-of-birth and social security number once your record is created.

6.  After completing this process, you will receive two emails from NMLS_Notifications@statemortgageregistry.com. The first contains your User Name and the second contains your temporary password.

7.  Upon receiving your User Name and temporary password, log into NMLS by typing in your user name and cutting and pasting your temporary password from the email into the login page of NMLS.   

8.  Once you have gained access to NMLS the first time you will be prompted to change your password.

Maintain your User Name and password in a safe location. You will use these in the future when you need to access your record in NMLS to attest to your record, give a company access to your record, renew your record, or terminate a relationship with a company.

For further assistance please DO NOT call our office as we cannot help you.  Please contact the NMLS Call Center at 240-386-4444.

Information Updated: 3-10-09 Copyright © State Regulatory Registry LLC

National Test Preparation Course

TDSML #48-2008-02 & Ethics #48-2007-17CR $150 per person

If you have already taken your State test and only need to pass the national test, this course will help you succeed.  There is no credit given, but the knowledge you will gain will enhance your confidence to take and pass the national test.  Remember that if you do not pass the national test the first time you cannot re-take the exam for 30 days.  So don’t skimp on your chances, attend a class that holds a high first time pass ratio for the national test. 

Origination Strategies for a Conforming Market – Origination the Next Step

TDSML #48-2008-01CR (through 8/31/10) $95 per person

This is your ideal opportunity for a SOLID business plan.  Loan products are no longer plentiful.

Course Highlights:

• Explanation of the credit report and score to the borrower;
• Analyzing credit reports to predict future repayment patterns;
• Proper employment determination and classification of income for qualification;
• Asset determination and eligibility for loan approval/closing;
• Liabilities that may cause underwriting issues;
• Anticipation of file challenges and accompanying troubleshoots;
• Working effectively with your various lenders in an ever-evolving market;
• Realtor relationship building.

“Train with the best, and you will remain above the rest.”

FHA For Originators and Processors approved as “FHA - Who Needs Sub Prime?”

TDSML #48-2007-02 (4 Core Hours through 8/31/10) $75 per person
FHA has improved again by announcing that they would do away with their “mini eagle” approvals and relinquish the approval of individual companies to the investors they sell their loans to.  This move has prompted investors to seek acceptable training for their clients in order to improve the quality of loan submissions to underwriting.  Certificates of completion from us will be accepted by most investors.

Course Highlights include New Guidance for:

• Loan Limits
• Seller Contributions
• MIP Factors
• Condominiums
• Streamline Refinance Changes including tangible benefit requirement
• Short Sale Borrower Requirements
• Appraisal Updates / Validity Periods

Additional Topics

• Calculation of loan amount and monthly premiums
• Basic required disclosures

• Cash-Out (only in those states that allow it);
• Energy Efficient Mortgages
• Income/Employment/Projected Income allowances
• Credit/Liability differences
• Cash to close requirements

Processing Basics:  A Crash Course for Survival

TDSML #48-2002-03-CR (through 8/31/10) - $150 per person
If you are seeking entry into the mortgage industry in a processing or operational role, Processing 101: Crash Course for Survival is for you!  Power Training starts with the basics and quickly builds to the complexities of loan process flow and analysis.  We provide you with the most valuable tools, guides, and resources that will empower you to work on loans immediately.  This course is designed for Processors (all levels), cross-functional employees, Senior Processors who need a “refresher”, and Originators who desire more involvement in the loan process.

Course Highlights:

• The PERFECT file (preparation and submission to Underwriting);
• Documentation University (appraisal, credit, title, verifications of employment/assets/credit, etc.);
• Calculating income and associated Underwriting qualification;
• The BEST checklists in the industry!

Processing in Today’s Market

$145 per person
Processing in Today’s Market is designed for processors who have knowledge of “the basics” and strive to take their processing to the next level.  This course covers detailed analysis of each loan segment.  In addition, each participant will receive a resourceful, extensive, and user-friendly checklist.  Choose Power Training to maximize your education.

Curriculum will cover:

• Calculating different types of income including base pay, overtime, bonus, commission, rental income and “other types”;

• Documenting and sources funds to close including down payment, closing costs, discount points and establishment of impound accounts.  Will also cover use of gift funds and required documentation for Conventional and Government loans.

• Explaining to borrowers how to write credit and explanation letters.

• Complete overview of tax returns including sole proprietorships, partnerships, S-Corporations and Corporate income.

• Learning how to read tax returns, figure out what schedules you need and how to calculate income from them for commissioned and schedule C borrowers.

• Learning how to calculate income from interest, dividends, rental income and promissory notes.

• Learn how to complete both the Fannie Mae Schedule Analysis Method or Adjusted Gross Method.

Processing and Submitting the FHA Loan

TDSML #48-2007-07 (8 Core Hours) $145 per person

This course is designed for Processors or Originators who need to better prepare their file for processing.  Includes hands-on training in completing the new 92900 LT, HUD Addendum (92900a) and Conditional Commitment (92800.5b), surfing the government website to order case numbers, look LDP’s & GSA’s and putting your file in order for underwriting.  With turn times what they are, getting through the first time with minimal conditions is a bonus!

Course Highlights:

• Learn how to use the FHA Connection including:
• Ordering case numbers
• Looking up LDP/GSA
• Looking up Condo ID numbers
• Looking up maximum mortgage limits by county
• Learn how to complete FHA required documents including:
• 92900a Addendum to the Loan Application
• Conditional Commitment
• Loan Transmittal and Underwriting Summary
• Document the differences in employment;
• Calculate Income;
• Document the differences in assets and credit including FHA specific requirements;
• Supplement the file with FHA required disclosures;
• Stack all documents efficiently (including FHA specific items for underwriting).

The difference between this course and “FHA for Originators and Processors” is this course is inclusive of all processor “working items”.

VA:  Loans for Our Veterans

TDSML #48-2007-07 (4 Core Hours) $75 per person

The VA loans pose unique challenges and requirements that distinguish it from any other loan.  Although the VA loan is processed basically as any other loan, there are intricacies we’ll cover that set is apart.

Course Highlights

• Available program options for the Veteran;
• VA Loan Analysis;
• Veteran eligibility calculation;
• VA appraisals;
• Required disclosures;
• Interest Rate Reduction Refinances;
• “Allowable” fees and the Good Faith Estimate.

Refinance Calculation Challenge

No Credit Hours Given – 4 hour class - $75 per person
The industry is being flooded with all types of refinances.  Hone your skills of new loan amount calculation and stop re-drawing documents.  Make your underwriter happy with your submission quality by knowing what they need for each type of refinance and making sure you don’t bog them down with un-necessary documentation. 

Course Highlights

• Learning to quickly read and check the title commitment for basic problems;
• Learning the items you need to get started and making sure you have them;
• Requirements and calculations for FHA to FHA Streamline Refinances;
• Requirements and calculations for Non-FHA to FHA Refinances;
• VA Interest Rate Reduction Refinance Loans;
• Conventional refinances.

Self Employed Simplified

TDSML #48-2005-13 (3 CE Credits through 8/31/10) $75 per person
Power Training will eliminate your headaches associated with analyzing self employed borrowers. In addition to learning how to calculate income from each schedule, you will learn precisely which forms to incorporate (depending on how the borrower reports income).

Course Highlights:

• Learn all Schedules and associated components;
• Assess the 1^st page of the return to determine required Schedules;
• Calculate interest and dividend income;
• Calculate capital gains/losses; 
• Calculate Schedule C income and Schedule E;
• Recognize potential problems on a partnership return and learn to comprehend the K-1;
• Calculate income from the partnership for qualification.

Top Ten Appraisal Deal Killers / Appraisal Fraud

TDSML #48-2008-03CR (through 8/31/10) $75 per person
Are your appraisals no longer flowing through underwriting?  Are you challenged with new or revised appraisal parameters?

As more loans become subject to the foreclosure process, appraisals will undergo intense scrutiny to ensure values are intact.  This course will cover your responsibilities and accountability if your loan does go into foreclosure and the value is investigated.  Attendees will receive underwriting checklists used to analyze value and comparables.  This course will cover a wealth of critical information.