Written By: Stacey Sprain, Op-Ed Writer
Anyone who is familiar with my article writing over the past several years probably knows I am a huge advocate for training and education in our industry whether it be for those coming in to the lending environment fresh with no prior experience or for the most seasoned veteran such as myself who have been working in the lending environment for well over 20 years or more.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
The point is we can never know enough or too much. Not only can training and education offer fresh perspectives on new or familiar topics but it can help with building confidence and skill levels no matter how many years of experience we have behind us. What we think we know doesn’t mean much if our knowledge and skills don’t evolve with the changing times around us.
Fannie Mae recently issued Recommended Learning Plans for Loan Officers/Originating, Processors, Appraisers, Underwriters and Quality Control staff which lays out recommended training topics for each position https://www.efanniemae.com/lc/pdf/oulearningplan.pdf. Recorded tutorials are offered on a variety of topics by Fannie Mae to help with the introductory and ongoing education of persons who work in these unique positions. I have found these tutorials to be of very high quality as I have listened to them on numerous occasions myself. These sessions are free and are available for access 24/7 so they can be listened to at the convenience of the participant.
Below I indicate suggested tutorial sessions recommended by Fannie Mae dependent upon employment position within your organization along with some extras that I recommend be included as well.
Loan Officer/Mortgage Broker Learning Plan
Suggested Fannie Mae Tutorials:
• Eligible Mortgage Insurance Premium Options (17 minutes)
• Fannie Mae's Project Review Guidelines for Condos, Co-ops and PUDs (30 minutes)
• HomeStyle Renovation® (24 minutes)
• MyCommunityMortgage® Introduction (27 minutes)
• Refi Plus™ (15 minutes)
• Interpreting DU Findings (30 minutes)
• DU Multi-Product Tool (4 minutes)
• DU Preliminary Findings Tool (2 minutes)
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
Loan Processor/Underwriter/Quality Control Learning Plan
I consider loan processors as “pre-underwriters” so I am lumping suggested tutorials together for both processor and underwriter positions. In addition, for persons in Quality control-related positions, they need to have a working knowledge of the functions required of processors and underwriters in order to function best in their respective positions so I have also lumped them in under this suggested training list.
Suggested Fannie Mae Tutorials:
• All of the sessions listed above for Loan Officer/Originator Training Plan plus the following additional tutorials:
• How to Underwrite Loans to Non-U.S. Citizens (31 minutes)
• UAD Interactive Reference Manual (4 minutes)
• Understanding Form 1084 for Self-Employed Borrowers (53 minutes)
• Analyzing Residential Appraisals (90 minutes)
• Appraising Rural Properties (22 minutes)
• Market Conditions Addendum Form (27 minutes)
• Quality Control Requirements (42 minutes)
• Underwriting Manufactured Home Loans (40 minutes)
• Condo Project Manager (40 minutes)
Appraiser Learning Plan
Though Fannie Mae recommends fewer sessions, I have included a couple of additional sessions because I think it’s helpful to appraisers to have a basic understanding of what underwriter responsibilities are when they are reviewing appraisal reports. This can sometimes help appraisers understand the need for certain commentary and information that is helpful and necessary in certain underwriting situations.
Suggested Fannie Mae Tutorials:
• Analyzing Residential Appraisals (90 minutes)
• Appraising Rural Properties (22 minutes)
• Market Conditions Addendum Form (27 minutes)
• UAD Interactive Reference Manual (4 minutes)
• Using the Uniform Appraisal Dataset (23 minutes)
• Underwriting Manufactured Home Loans (40 minutes)
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
In addition to Fannie Mae’s free recorded tutorials, let me take a moment to suggest and recommend additional training opportunities offered here by NAMU in partnership with Mortgage Underwriter University, FHA Online University, and Loan Processor University. These sessions offer specialized training for many important topics such as Basic Loan Processing, Basic Underwriting, Loan Auditing, FHA/VA Sales, Closer and Post Closer Basics, FHA Reverse Mortgage, Tax Return Analysis, FHA Underwriting, Compliance, Appraisal Review, Basic Commercial Processing and Underwriting, and more! Go to http://www.mortgage-underwriters.org/mortgage-underwriter-training-class... for a full roster of available sessions, dates, times and get yourself registered now!
About The Author
Stacey Sprain - As an op-ed writer, Ms. Stacey Sprain is currently a NAMP® Certified Ambassador Loan Processor (NAMP®-CALP). With over 15+ years of mortgage banking experience, Stacey is also a Quality Control Manager for a major mortgage lending institution.
