Explaining Loan Modifications
Course Number: ELM1
Course Code: ABA 329
The role of loan modifications and how they apply to various borrower circumstances is discussed. Learn to identify eligibility requirements and procedures for obtaining a loan modification and identify how to avoid falling victim to loan modification scams along with resources available for reporting.
After completing this course, students will be able to:
– Identify the role of loan modifications within the mortgage lending industry
– Share insight on how loan modifications apply to various borrower circumstances
– Identify key components mortgage components such as DTI, LTV, and various mortgage terms
– Define Loan Modification
– Identify loan modification options
– Apply loan modification options to homeowners
– Identify fraudulent loan modification scams
Audience: Loan Originators, Underwriters, Processors.