Mortgage Customer Counseling and Prequalification

Course Number: ABA

Course Code: ABA

Describes mortgage counseling and the type of information and techniques to improve communication between the MLO and customer. Reviews mortgage counseling from the transaction-oriented and mortgage program-oriented perspectives. Explains critical areas of review for each step in the prequalification process.

Updated: April 2017
Re-versioned: July 2016

What You’ll Learn
After completing this course, students will be able to:

-Define mortgage counseling and describe the techniques used in a session with a customer
-Recognize your customer’s key indicators to understand the customer needs profile
-Match mortgage financing options to meet customer needs
-Prequalify a customer for mortgage programs using an outline and calculations

Audience: All bank Mortgage loan originators (MLOs) who have completed the federal and state requirements for mortgage originators. Note: Only MLOs can prequalify customers for a mortgage and take mortgage applications. The CFPB's Loan Originator Rule greatly expands the S.A.F.E. Act definition of "loan originator" and requires certain loan origination activities be performed only by loan originators.

Prerequisites: None

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