Online Mortgage Underwriting Courses

Mortgage underwriters determine if a person is qualified to purchase or refinance a residential or commercial property by analyzing the borrower's financial situation. Online classes are available to help you begin a career as a mortgage underwriter. Continue reading to learn how to get started with training. Schools offering Finance degrees can also be found in these popular choices.

What Kind of Courses Will I Take?

A course in mortgage underwriting gives you a thorough understanding of the underwriting guidelines that are dictated by the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae). You will learn about the different standards that are required for credit and collateral, as well as examining financial records to determine if the borrower has the ability to repay the loan. You may take some or all of the following courses:

Fundamentals of Mortgage Processing

This course will introduce you to the mortgage industry as a whole. The goal of the course is to teach you all the necessary steps in the mortgage underwriting process, the roles of the various people involved in the loan process, the mortgage cycle, and the basics of mortgage insurance.

Credit Report Guidelines

Understanding the basics of credit reporting is an essential part of mortgage underwriting. You will learn to pull consumer credit reports, evaluate the content and compare it to the score, and use what is on there to predict the likelihood of future repayment by the borrower.

Processing Income and Assets

The objective of this course is to provide training in properly and effectively evaluating the borrower's income and assets. Proper training in this subject is crucial for an effective underwriter since the borrower's finances dictate whether or not they have the capacity to repay a loan. You will learn to identify the employment documentation requirements, learn about various income sources, and how to properly calculate these finances into the complete loan package.

Reviewing Appraisals

This course is designed to help the mortgage underwriter effectively build their skills in the appraisal review process. You will learn market guidelines, the reports you can use, and what red-flags and warning signs to be aware of.

Mortgage Fraud

In this course, you will learn the basics of what constitutes mortgage fraud. You will also be able to recognize the different types of mortgage schemes and fraudulent activity, and be made aware of the requirements of lender best practices.

What Technology Will I Need to Take Online Courses?

You must have a reliable computer that you can access on a regular basis. Schools usually prefer you to have a DSL or cable Internet connection for quick download speed. You will need a primary e-mail address that you check regularly. Schools list required textbooks, supplemental print materials and hardware requirements on their websites. Also, check the school for word processing and other software requirements. Specific Web browser software - typically the latest versions of Internet Explorer and Firefox - may be suggested. Additional media requirements, such as a DVD player and media player software for streaming video, may also be enforced.

What Level of Courses Are Available?

You can typically find one of these courses through a college's continuing education program. Some community colleges also offer these courses through a certificate or associate degree program in banking.

Existing underwriters can take refresher courses to learn about the latest changes in industry regulations. Industry organizations like the American Bankers Association (ABA) offer several online courses for lending professionals that cover the underwriting process and the industry rules and regulations that govern the underwriting process.

To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:

  • 1. Degree Options:
The schools in the listing below are not free and may include sponsored content but are popular choices among our users. Tuition and costs will vary across programs and locations. Be sure to always request tuition information before starting a program.

Popular Schools

  1. 1
  2. 2
  3. 3
  4. 4
  5. Next »