Loan Officers Boot Camp
Instructor: Doug Vairo
Duration: Self-Paced
Certification: Emailed Upon Completion
State: New York
Price: $395
Available Soon
Course Overview
In this business, you either learn fast or you’re toast. This course is designed to give you a BIG head start understanding the concepts as well as the important formulas needed to do your calculations for qualifying your borrowers.
Doug Vairo’s Boot Camp course may take you as little as 10 to 15 hours to complete or as long as a few months. You go at your pace and retrace your steps as you go along whenever you feel the need.
Course Content
Course Content
Introduction
Understanding Rate Sheets
Outline & Objectives
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Overview of Mortgage Lending
Buy The Perfect Mortgage Calculator
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Understanding a Mortgage Payment (PITI)
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Calculating PITI payments for the borrower on your own
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Working The PITI Examples with the Instructor
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Loan to Value Calculations (LTV) Explained
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Loan to Value Calculations (LTV) Using a Calculator on your own
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Loan to Value Calculations (LTV) Using a Calculator with the Instructor
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Debt to Income Calculations (DTI) Explained
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Debt to Income Calculations (DTI) for you to Work on Alone
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Debt to Income Calculations (DTI) Answer Key Worked Out With Instructor
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Income Calculations
Paycheck Calculations-Simple
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Paycheck Income with Overtime and/or Bonus
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Tax Free Income
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Tax Return Income
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Commission Income- Like a Real Estate Agent
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On the Job Only ONE Year Income
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Points (Permanent And Temporary Discount Points)
What is a Point?
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What are Basis Points (BPS) or Commonly Called BIPS
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Permanent & Temporary Discount Points
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Example of a Loan Sold on Secondary Market with UP FRONT & BACK END points
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Mortgage Pricing
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What Determines the Final Interest Rate on a Loan?
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Download the Rate Sheets- What to Look For!
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Conventional Rate Sheets
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Conventional Rate Sheet Scenario-You Work It Out!
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Sub Prime Rate Sheet
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Option Arm or Pick-A-Pay Loan Rate Sheet
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Option Arm or Pick-A-Pay Scenario Worksheet
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The "1003" Loan Application-Uniform Residential Loan App
Why is it called “1003”?
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The “1003” Newest Version
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Reading A Credit Report
If It’s Not a FICO Score, It’s a FAKE-O Score!
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FICO vs. FAKE-O- Trainers Scores Online
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Credit Scores-Middle FICO Used
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30/60/90 Day Lates
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Inquiries Explained-All 4 Types
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Reading the Entire Credit Report
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Brief Explanation of TRID
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Loan Disclosure-Was GFE (Good Faith Estimate)
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Closing Disclosure-Was HUD 1 (Balance Sheet) Used at Closings
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Appraisals
Overview of Appraisals
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Appraisal Radius
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Functional Obsolescence
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How To Read An Appraisal
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ARMs-Adjustable Rate Mortgages
ARMs (Adjustable Rate Mortgages-AKA / Variable Rate Mortgages) Overview
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Basics of how ARM Rates Work- Index+Margin=Fully Indexed Rate
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Annual ARMs (FHA Example)
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Hybrid ARMs (Fixed to Adjustable)
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Title
Title Report Overview
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FHA & Conventional Mortgages
FHA/VA/Conventional Loans Comparison Spreadsheet
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Reverse Mortgages Overview
Reverse Mortgage Overview
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The Mortgage Process from A to Z
The Mortgage Process from A to Z
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Course Instructor
Doug Vairo
Director, NYSORE
Doug Vairo is the Director of New York School of Real Estate. Since 1998 Doug Vairo, has trained thousands of loan officers and real estate agents around the country. Doug has trained for companies such as, Countrywide, Capital One, Wells Fargo, Morgan Stanley, Exit Realty, Brooklyn Real Property, Staten Island Board of Realtors, Bronx Board of Realtors, Brooklyn Board of Realtors and countless other organizations. Fast forward 20 years to the New York School of Real Estate. The training school was opened as a result of the many positive testimonials received over the years. Doug has been called an ‘Entertrainer” by many students. He weaves fun and learning into a great experience. Doug has authored “Credit Smart”, sold on Amazon as well as a full blown “Loan Officer Training Boot Camp”.
