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2 Hour SAFE Nontraditional _ Making Nontraditional Mortgage Loans in the New Era of a CFPB Regulation_Online Self Paced_Course Number 4306

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Overview / Abstract:

The S.A.F.E. Act defines a “nontraditional mortgage product” as any mortgage product other than a 30-year fixed-rate mortgage. This very broad definition reflects the reaction of Congress to the imprudent lending practices that preceded the 2007 collapse of the mortgage lending market. In the wake of catastrophic market losses, any home loans other than the most conservative were suddenly regarded as risky. The following course material will cover a range of topics that begins with a history of nontraditional lending and ends with a description of regulations that are intended to help consumers refinance risky nontraditional loans with new nontraditional mortgages that have safer product features. The course will also address the impact of new rules associated with nontraditional mortgage lending. The number of nontraditional mortgage products that was available during the housing and lending boom is a reality that no longer exists. However, in the wake of the worst financial crisis since the Great Depression, there are more consumers than ever who must shop in the nontraditional and non-prime mortgage market for home loans. Although the products in this market may be fewer in number, loan options are available to borrowers who meet new and more rigorous ability-to-repay standards.

Expiration

Sep 17, 2020

Discipline(s)

Mortgage Broker

Format

Online

Credits / Hours

2 Hours

Accreditation

NMLS

Keywords / Search Terms

TrainingPro

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