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MTG7406

Course
MTG7406
Course Title
Loss Mitigation Analyst: Understanding the Options

Description

Enter the world of loss mitigation by expanding your current industry knowledge to include loss mitigation and loan modification. Understand the difference between loan forbearance, modifications, refinance, short sale, deed in lieu of foreclosure and foreclosure. Upon completion of this course, you will be able to assess a home-buyer's delinquency situation and determine the most viable options, while keeping the lenders' losses to a minimum.

Objectives

  • Explain the role of loss mitigation in today's financial industry.
  • Recognize the alternatives to foreclosure.
  • Apply loan modification and loss mitigation strategies to case studies.

Content

  • Loss Mitigation
    • Understanding Loss Mitigation
    • Describe what is happening in Loss Mitigation today
    • Identify the roll of Loss Mitigation in the foreclosure process
    • Recognize the alternatives to foreclosure
    • Determining temporary or permanent hardship
  • Home Retention Options
  • Home Surrender Options
  • Forbearance
    • Determining the terms
    • Repayment Options
    • Repayment Calculations
    • Full or partial
    • Qualification
    • Forbearance Checklist
  • Loan Modification
    • The benefits of Loan Modifications
    • Blended Modification
    • Qualification
    • Modification Checklist
  • Refinance
    • Traditional Refinance
      • Eligibility
    • Short Refinance
      • Eligibility
    • Role of the Mortgage Loan Originator
  • Short Sale
    • Appropriateness of Short Sale
    • Qualification
    • Short Sale Checklist
  • Deed in Lieu of Foreclosure
    • Qualification
    • Deed in Lieu of Foreclosure Checklist
  • Initial Assessment
    • Cause
    • Hardship Assessment
    • Income
    • Debt to Income Ratios
    • Credit History
    • Occupancy
  • Property
    • Value
    • Appraisal
  • Special Considerations
    • HUD
    • Bankruptcy

Prerequisites

It is recommended that students have mortgage experience or have taken MTG 7318 prior to taking this class.

Method of Instruction

Lecture, Class Discussion, Case Studies

Evaluation

Attendance and Participation.