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

-          Package, all 8 modules attended consecutively, tuition is $825 without the calculator $875 with.

-          Individually, tuition is $105 per module without the calculator

Cost for Broker/Loan Officer to renew

-          15 hour renewal classes  $205

Calculators

-          $50 each

Location

The classes will be held a consecutive Monday – Friday, take the weekend off, and then the following Monday – Wednesday.  Class will start at 9:00am – 5:30pm each, with one hour for lunch and two 15 minute breaks.  Class location is the DeVry Campus, 11044 Research Blvd., Bldg. B, Room 103, Austin, Texas 78759.

Module I

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 and review the survey and its use in the ownership process.

Module II

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.  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. Convention Disclosures
    

Module III

This course will pick up with a full review of the Government Disclosures for FHA and VA Loans.  We will define what determines a loan application, 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.  This course will cover FACTA, credit scores and how to read the Fraud alerts on credit reports.

Module IV

This module will cover the Mortgage Broker Act, affiliation agreements and controlled business arrangements.  The afternoon will start with math basics including LTV/CLTV calculations, learning to calculate the payments including principle, interest, taxes and insurance, review of mortgage insurance, its impact on the loan approval, define mortgage risk, exposure and coverage.

Module V

Take this from the FHA/VA Course Descriptions

Module VI

Take from the Learning to Price the Loan course description

Module VII

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.  You will learn how to calculate housing and debt to income ratios and how liabilities are factored into the loan.  Lastly, this module will cover the Home Equity Law.

Module VIII

This piece will cover Ethics and Fraud.  I’ll send more later, thought this would be enough to get going.  Let me know what you think…

Frequently Asked Questions Made Simple

What should I bring with me to Promissor for my test?

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;