This is a single-family/residential course.
The Basics of Mortgage Servicingseries provides an overview of loan administration processes and functions within the mortgage banking industry. Designed for anyone interested in learning more about the servicing side of mortgage banking, this series is ideal for loan administration employees seeking a well-rounded understanding of the business. This series is made up of four courses.
The Servicing in the Mortgage Lending Process course examines the role of loan administration in the broader mortgage lending cycle. It describes the various components and players in mortgage lending and explains how servicing interacts with the other mortgage lending functions.
The Loan Administration Concepts course introduces you to the critical concepts of loan administration, describing its goals, functions, and tasks. It also identifies the entities related to loan administration and the various loan programs and financing options available to borrowers. Next, it explains the concepts related to the financial management of loan administration and the trend of treating the loan administration portfolio as a mechanism that produces a cash flow stream. The course concludes with a brief look some of the laws and regulations that govern mortgage servicers.
The Loan File Documents course describes the documents in the loan file that are used to resolve any problems that may arise throughout the life of the loan, such as borrower default. Documents covered in this segment include the security instrument, the deed, the promissory note, various types of insurance policies (hazard, flood, mortgage), and others.
Finally, the Loan Administration Functions course describes the array of functions that make up loan administration. Examples of functions covered in this course include accounting, regulatory compliance, customer relations, escrow administration, and asset management.
Upon completion of this series, learners should be able to:
- Explain the role and importance of servicing within the mortgage lending process.
- Describe the various functions of loan administration and key concepts related to these functions.
- Identify and describe the key documents in the servicer's loan file and how they are used by loan administration staff.
- Define the key tasks and functions within the various loan administration areas.
Course 1: Servicing in the Mortgage Lending Process
- Mortgage Lending Process
- Types of Mortgage Specialists
- Players in the Lending Process
- Role of Servicing in Mortgage Lending
Course 2: Loan Administration Concepts
- Loan Administration Goals
- Loan Administration Functions and Tasks
- Entities Related to Loan Administration
- Loan Programs
- Financing Options
- Financial Management in Loan Administration
- Regulatory Compliance
Course 3: Loan File Documents
- Promissory Note
- Security Instrument
- Essential Mortgage Clauses
- Riders to the Promissory Note and Security Instrument
- Title Insurance Policy
- Hazard or Homeowner Insurance Policy
- Flood Insurance Policy
- Mortgage Insurance Policy or Certificate
- Other Loan File Documents
Course 4: Loan Administration Functions
- Customer Relations
- Escrow Administration
- Asset Management
- Other Important Areas of Loan Administration