This Course Includes:
- OIL – 3 Hour Online SAFE PE – FHA 100 – FHA Overview (2181)
- OIL – 3 Hour Online SAFE PE – FHA 200 – Maximum Loan Amount (2263)
- OIL – 4 Hour Online NV SAFE PE – Nevada State Law (3102)
This course covers the 10 prelicensing education hours Nevada requires above and beyond the 20 hour federal requirement. It includes 4 hours on Nevada State Law as well as two FHA courses that are not part of our standard 20 hour federal law set.
Online Instructor Led (“OIL”). This education is delivered in the Online Instructor Led format as required by the NMLS for online Pre-Licensure (“PE”) education. It is available on our website through any internet connection.
Important NMLS specifications include:
• Defined start and end dates (See Course Calendar at top of page).
• Interaction with the instructor and students through forum activities
• Progression as a cohort. At times you will wait for instructor feedback before continuing.
(Note: This is not an “Self-Study” course and does not allow for study at any pace or without instructor/classmate interaction)
Our Unique Modular Lesson Plan. We offer a unique experience by breaking our course down into modules of 2 and 5 hours, each of which can be started at any of defined start times in the course calendar. A couple of example study plans may be:
• Example A: A person new to the industry decides to progress in the recommended order over a two week period.
• Example B: An industry veteran finishes all 20 hours in three days, taking the federal law courses first.
4 Hour Online SAFE PE – Nevada State Law(3102)
The course is designed to help you understand the specifics of Nevada law and assist you in preparing for the State licensing exam. The course is divided into six sections:
Section 1: State Regulatory Agency – Covers the Regulatory authority, structure, and responsibilities and limitations of the New Mexico Financial Institutions Division.
Section 2: State Law and Regulation Definitions – Summarizes the intent and purpose of each law, and provides a review of the unique definitions found therein.
Section 3: License Law and Regulations – Covers persons required to be licensed, licensee qualifications and the application process, the grounds for denying a license and license maintenance.
Section 4: Compliance – Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements and advertising.
Section 5: Disciplinary action – Discusses notifications, hearings and appeals, then suspension, revocation and rescission of licenses, and finally, penalties/fines and civil and criminal liability.
Section 6: Nevada Unique State Test Area – Discusses unique laws in Nevada regarding Loan Modification.
FHA 100 – FHA Overview
We introduce the Federal Housing Administration’s Insurance Program, generally called “FHA.” FHA was mandated by the National Housing Act in 1934 and the loan programs that have evolved out of that Act and its consequent regulation have been a cornerstone for many Americans pursuing the American Dream. FHA insured housing plays a key role in allowing lower to middle income households to afford their first home.
We will discuss FHA, from its concept to the actual systems involved in starting the process of originating an FHA loan. We will also discuss many of the different loan programs offered through FHA.
Topics covered include:
- What is “FHA”? Introduces the concept of FHA and how the program works
FHA Loan Programs. Gives an overview of 13 loan programs, including who is eligible, special conditions related to the program and any mechanics associated with the implantation of an FHA insured loan under the program
FHA Systems. Lays out, from a practical viewpoint, what tools a loan originator would use when originating an FHA loan, including FHA Connection, CAIVRS and the case number assignment workflow.
FHA 200 – Maximum Loan Amount
This session deals with calculating the Maximum Loan Amount FHA is willing to insure for a mortgage borrower in the purchase and refinance of their homes.
Most of the time, the maximum amount that mortgage lenders are willing to lend is based exactly on the maximum amount FHA is willing to insure. For this reason, the maximum loan amount the borrower can obtain usually ends up being the FHA Maximum Loan Amount.
We cover the following topics:
- LTV Limit. We will talk about factors that affect LTV Limit, which includes Borrower’s Minimum Cash Investment Requirements, Interested Third Party Contribution and Inducement to Purchase.
- Statutory Loan Limit. We will explain how to look up the Statutory Loan Limits for different FHA mortgage types and locations. We will explain how to appeal to HUD to change the Statutory Loan Limit for a specific county. This might be necessary when the housing prices of a certain area increase significantly.
- Effects of Repair and Improvements on Maximum Mortgage Amount. We will look at how certain Repairs and Home Improvements can affect both LTV and Statutory Loan Limit.
- LTV Limits for Specific Situations. We will then look at additional exceptions such as transactions between family members, construction loans and mortgage assumptions that can affect both LTV and Statutory Loan Limit.