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The Sub-Prime/Equity Lender's Guide to Residential Finance
This guide focuses more on the needs of the non-purchase money loan officer. Published with the same emphasis on progression of knowledge as the Loan Officer's Practical Guide to Residential Finance, the Sub-Prime Lenders Guide focuses on the refinance transaction, as well as taking a telephone sales approach to customer interaction.
The reader learns how to understand rate and point quotes, how to use a financial calculator, how to make basic computations customers require, how to understand Sub-Prime loan programs and compare product features. A major emphasis is placed on the understanding of credit history, components, possible solutions and features of products that allow the lender to make the loan. This is then placed in the context of the loan application - how to collect all the required documents and disclosures and supervise a loan from application to closing. A detailed chapter on refinancing addresses the issues which most often confront the loan officer in a period of heavy refinancing - 10 reasons to refinance. In addition, regulatory issues - specifically RESPA and Regulation Z - are addressed. |
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