This course is designed for the entry-level mortgage professional in pursuit of basic appraisal review principles for the purpose of underwriting a residential loan. The materials introduce the student to appraisal underwriting principles supported by Fannie Mae and Freddie Mac, with attention to automated underwriting guidelines. Applying these principles is vital in determining whether the collateral supports the mortgage loan transaction.
The course begins with an analysis of the appraisal components and related underwriting principles in order to evaluate whether the property value supports the loan transaction in accordance with agency standard collateral guidelines. This is followed by an explanation of streamlined property valuation and reporting processes utilizing Desktop Underwriter® and Loan Prospector®, the agencies' automated underwriting systems. The course also provides practical underwriting tips based upon agency appraisal standards that can be utilized when evaluating the appraisal, and is further demonstrated with applicable case study.
The course concludes with a presentation of the ten most commonly reported appraisal issues and red flags. Tips and other resources for resolving appraisal concerns are provided to assist the underwriter in mitigating potential misrepresentation in mortgage loan appraisals.
 CampusMBA is
offering the CRU designation through a partnership with Genworth Financial.
Genworth's underwriting courses and content have been implemented into the program
curriculum to enhance CampusMBA's current offerings to the real estate finance industry.
Course Outline:
Lesson 1 - Analyzing the Appraisal
- Determining Value
- Analyzing the Components
- Comparing Other Properties
- Reconciling Market Value
- Case Studies
Lesson 2 - Property Valuation and Reporting Using Desktop Underwriter®
- Appraisal Reports
- AUS Data Requirements for Streamlined Appraisals
- AUS Valuation Messages for Streamlined Appraisals
- Required Exhibits for Streamlined Appraisals
- Project Types and Requirements
- Case Studies
Lesson 3 - Property Valuation and Reporting Using Loan Prospector®
- Minimum Assessment Feedback
- Data Requirements for Minimum Assessment Feedback
- Property Valuation Messages
- Required Exhibits for Minimum Assessment Feedback
- Project Review Requirements
- Case Study
Lesson 4 - Resolving Underwriting Issues
- Top Ten Appraisal Issues
- Red Flags and Precautionary Steps
- Resources for Appraisal Underwriting
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or
Certified Mortgage Technologist (CMT) designations. This course also earns five points towards
MBA's Residential Underwriter Achievement Certificate (CRU Level I). |