Certified Mortgage Specialist For Originators
$995.00Add to cart
Payment Plan Description
The payment plan is a $450.00 initial payment followed by 2 equal monthly payments of $297.5
Your manuals and case studies will arrive by FEDEX in 3 to 5 business days. You will receive
email tracking information from FEDEX
Total Payment Option= $1045.00
$297.50 / month for 2 months with a 30-day free trial and a $450.00 sign-up feeMake Payments
The CMS mortgage training curriculum covers all of the skills required to
give new Originators “Mortgage Competency.”
For best results, students should complete this training prior to or within
2 weeks after reporting for work.
Your Training Support
Need support during or after your training?
Just call 888-254-3431 or send your questions to: firstname.lastname@example.org or email@example.com
Increase your chances of being interviewed and hired
Capstone is now offering you a complete training program which does prepare you to perform your duties as a loan originator. Plus we guarantee you’ll be satisfied with your purchase.
Loan Originator CMS Curriculum: 40 Hrs / 9 lessons Training Cycle
1st: How To Read Credit Reports
2nd: Correctly Calculating The Borrowers Income
3rd: Principles of Mortgage Finance (Conventional Loan Training)
4th: Fees Worksheet & Loan Estimate
5TH TRID Truth in Lending Integrated Disclosures
6th: Understanding FHA Loans
7th: Understanding VA Loans
8th Qualifying The Self-Employed Borrower
9th: Advanced Sales & Marketing
Lesson #1: How To Read Credit Reports
Most credit reports are divided into four sections:
* Whose credit is being represented
* How they pay their bills
* Public records
When reading and interpreting someone’s credit report, it’s important to have the knowledge and skills to do so.
This training is going to give you the knowledge and the skills
Loan Originators & Processors
After taking a correct mortgage loan application (1003), the first thing the loan originator and/or processor need to do is to compare it against the person’s credit report. Checking names, residences, opened accounts, tradelines, credit limits, available credit, closed accounts, collections, charge-offs and other information vital to the outcome of the loan’s approval or denial. Sometimes there are errors in a report.
The challenge is to read it carefully every time and understand how to interpret the information correctly.
Reading a credit report for the first time is very intimidating. Lots of pages with data, tables, codes, contact information, addresses, payoffs …the list goes on.
Your instructor Kathy Lewis is going to take all the mystery and confusion away. After completing this course, you’ll have the knowledge and confidence needed to read any credit report accurately.
Lesson # 2: Correctly Calculating The Borrower’s Income
Kathy Lewis’s presentation is easy to follow and is synchronized
to your online and downloadable manual with case studies.
Believe it or not:
One of the top reasons loans are returned or denied by lenders is the improper calculation of the borrower’s income. Regardless of who’s mortgage software you’re using, your software can’t look at the borrower’s income documentation and apply underwriting rules on what’s acceptable and what’s not.
Only competent originators and processors should review a borrower’s income and decide if it’s acceptable or not.
Overview of what’s covered:
* 20% Declining Income Rules: When you need to use them
* The allowable differences in combining w-2’s -1099’s- and expenses
* When and how to average different incomes over past years and months
* When and how to average commissions
* When and how to deduct business expenses
Lesson # 3: Principles of Mortgage Finance
This is the core training lesson, which covers all aspects of
origination any type of conventional loan.
As a loan originator, you should know how to calculate every
computation on the Loan Estimate and Fees Worksheet without
the assistance of any mortgage software.
Explanation of Mortgage Programs
Federal Regulations and Compliance Overview
Calculating PITI By Hand
Reviewing the Credit Report
Reading Rates Sheets
Reading & Calculating MI
Explanation of Prepaid Finance Charges (PFCs)
Preparing a Fees Worksheet
Preparing Loan Estimate
Prepaid Escrow & Taxes
Taking a Detailed Loan Application
Acceptable Income and Assets
Required DocumentationRefinance Transactions
Lesson #4: Fees Work Sheet & Loan Estimate
Would you like to make an extremely positive impression on your borrowers?
Would you like to catch errors in your documentation before submitting to underwriting?
By completing this training and with practice you’ll be able to explain to any borrower how all their fees are calculated using a hand-held calculator. Relying on your software is a necessity as a new MLO.
But soon you’ll realize that software does make mistakes and if not corrected by you, can and will prevent your loans from closing on time.
At your next sales meeting pass out a dummy fees worksheet and loan estimate and pick a line item from it and then ask your people to explain to you how a particular line item is calculated. Be prepared for some wild explanations!
Lesson #5 Understanding FHA Loans
There’s no such thing in the real world as FHA 101 or beginner FHA or basic or advanced FHA. You either know the FHA rules, guidelines, policies and procedures or you don’t.
Capstone Institute and Kathy Lewis have been instructing FHA loan originators and processors since 1986. We don’t teach theory or divide FHA loans into modules like FHA Part 1 and FHA Part 2 to charge higher tuitions.
Nor do we cut our training time and content into separate training for originators and another for processors because we believe everyone needs to understand the complete process from origination to closing.
No shortcuts with our training. Your online video program is synchronized to your FHA manual, handouts, case studies and covers everything you or your department needs to master to properly counsel your borrowers and to close your FHA loans on time.
View some of our honored clients:
US Department of HUD:
Philadelphia Homeownership Center
Atlanta Homeownership Center
Denver Homeownership Center
Santa Anna Home Ownership Center
National & Regional Lenders
Bank of America
Fifth Third Bancorp
Space Coast Credit Union
Lesson #6: Understanding VA Loans
Our Veterans have served our nation in the highest traditions and they deserve the best information available to them regarding their home purchasing rights and benefits under the GI Bill. The VA acts as the guarantor on the loan, protecting the lender in case of a default just like FHA does for civilians.
Kathy Lewis your instructor makes learning the rules and complexity of VA documentation and guidelines easy and we strongly advise both originators and processors to participate in this training.
Again there are shortcuts with our VA training.
VA Programs & Guidelines
Determining the Veteran’s Eligibility
VA Allowable & Non-Allowable Fees – How to Complete the Fees Worksheet
Qualifying the Borrower & Determining Residual Income
Preparing All VA Forms
VA Streamlines Guidelines
Lesson #7: Qualifying The Self Employed Borrower
Duration 2.5 hours
Case Study : 54 pages legal size tax returns covering the basic so you can properly have an inteligent conversation
with your borrower.
An important part of originating and processing loans is understanding how to properly qualify self-employed borrowers.
The trick is to understand and analyze tax returns without becoming an accountant and you don’t need to take an accounting course to be confident about qualifying the self-employed borrower.
Capstone’s training is always there for you. Your instructor Kathy Lewis gets right to the point of what you need to know and how to calculate your borrower’s real qualifying income.
This course provides hands-on training covering reviewing the various business entities through review of all IRS schedules, including:
Sole Proprietor Income Tax Return
“C” Corporation Income Tax Return
“S” Corporation Income Tax Return
“LLC” Tax Return
Schedule “E” Real Estate Owned plus All Other Tax Return Schedules
Reviewing Partnerships K-1s
Reviewing the 1040 Individual Tax Return
Lesson # 8: Sales & Marketing Strategies For Loan Originator
Includes: Printed Manual With Marketing Materials (No Testing)
Duration: 8 hours /4 lessons, 2 hours each
The lessons are divided into 4 parts:
- How To Get For Sale By Owner Business
- How To Get Business From The General Public
- How To Get Builder Business
- How To Get Realtor Business
All good Loan Originators need to understand how to start their own lead generation pipeline and not to rely on expensive and sometimes fraudulent lead providers. If the leads were so good why aren’t they originating and making the commissions?
Well, look no further because Kathy Lewis has a 4 part lecture series to help motivate and start your career off on the right path.
Pick a marketing series to listen to every week because every time you listen, you’ll come away with new ideas on how to generate more loan applications than your competitors.
Important Cost $ Comparison For Loan Originators To Consider
Typically most originators have to invest about $635.00 just NMLS fee and training before they can qualify to be hired. Add prelicensing training fees, and your NMLS testing fee, NMLS processing fees, NMLS background and NMLS credit check. It adds up!
The NMLS prelicensing training was never meant to train you to perform your job as an originator. It was only meant
to make you knowledgeable about the mortgage basics so a lender or broker could legally hire you. It’s up to you or your employer to continue your mortgage carrer education. Some do it very well and others offers not so well!
Some companies have great internal training programs. Some companies and brokerages combine our CMS program with their own. Others companies only want to hire experienced people with 2 or more years of experience because the managers don’t have the training time to invest in a rookie recruit.
Invest In Your Future By Completing Our CMS Program
Help mortgage recuiting officers to select you for their initial phone interviews over others who have only completed their 20 Hour pre-licensing training. Practically every hiring broker and lender will offer to reimburse you back your CMS tuition after 90 days of employment. Some manager have even offered to repay after your first closed loan.