Course Content
Katalyst Kampus, Your Online Mortgage School, includes 12 chapters that educate the learner on specific parts of being a successful mortgage broker. The information is presented in a thorough, manageable, motivating format that is easily accessible and 100% online. Each chapter covers dozens of important details about a main part of the mortgage industry. Some include interviews with other professionals, video demonstrations and links to outside resources. Downloadable documents accompany most chapters along with Kathy’s best tips for systems, fine-tuning your database, effective marketing techniques, system efficiencies, dozens of tools for problem solving, and business tips.
Each chapter includes a quiz or two and a comprehensive test covering everything learned in that chapter. The course also has a final exam. Students who pass with 80% or higher will receive a Certificate of Completion from Katalyst Kampus.
1. Bones of the Loan
Students will be able to understand and reconstruct a general overview of the loan process and distinguish between the components that go into a loan, while memorizing essential vocabulary and acronyms.
2. The Application
Students will learn how to compose a full loan application and review the 30-plus disclosures that are a part of any loan, while distinguishing between disclosures for different loan types (VA, FHA, Arms, etc.), and evaluating needed client documents
3. Credit/Debt
Students will learn to comprehend credit reports, differentiate between which loans require specific credit scores to get approved, while exploring the use of a credit analyzer to assist in guiding clients through improving their credit scores.
4. Real Estate Contracts
Students will be able to judge which parts of real estate contracts and addendums are important and what information is essential to extract from the sales contract while critically thinking about verbiage in the sales contract that could cause a problem in the loan process.
5. Asset
Students will learn which asset documents they will need for the transaction, how to source specific types of funds coming into client bank accounts, and how income and assets can affect and impact one another.
6. Appraisals
Students will evaluate an appraisal report while locating the most important details for the loan. They will also hear from a professional appraiser who will teach the parameters of what goes into an appraisal report.
7. Closing Costs, Prepaids & the Escrow Account
Students will understand and recall all of the fees associated with the loan process and the escrow account.
8. Title/Escrow or Lawyer/Law Firm Services & the associated Documentation
Students will learn to extract the most important information and apply that information to problem solving in the loan process. Students will also hear from professionals in the title/escrow industry about additional services they can provide.
9. Interest Rates
Students will understand and recall the components that go into an interest rate for different types of loans, and how a chosen interest rate can directly affect the lender fees or lender credit. In addition, students will learn and recall the two types of mortgage insurance structures.
10. Loan Types
Students will get a general overview of the different loan types (FHA, Conventional, VA, Rural Housing/USDA, Jumbo, construction, and reverse), while also exploring the difference between lender paid mortgage insurance, regular mortgage insurance, and funding fees. Finally, students will learn how HELOCs and/or second mortgages will affect the structure of your loan.
11. Income
Students will explore calculating the most common types of income and the documents you will need verify said income, breakdown and evaluate client’s income information from tax documents.
12. Wrapping it up
Students will get a general overview and refresher on the main ideas of the course and test their knowledge with a final exam.
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