About This Course:
We tend to think of Commercial Loans as being free of troublesome compliance requirements, but that simply is not accurate.
Several compliance-related laws apply to commercial loans as well as consumer loans. This colorful checklist, patterned after the popular Best-Ever Consumer Checklists, will guide bankers through those compliance traps and ensure compliance.
In addition to addressing compliance issues, this checklist (and the accompanying information) will provide "best practice" suggestions and reminders that commonly apply to commercial loans. We'll include information on business-entity documentation, underwriting documents, guarantors and security interests.
What You'll Learn:Covered Topics:- HMDA requirements
- Customer identification (CIP)
- Environmental risk analysis
- Appraisal/evaluation requirements
- Reg B rules
- Adverse action
- Providing copies of appraisals
- Documenting intent to apply for joint credit
- Flood insurance requirements
Who Should Attend:Lenders, loan processors, compliance officers and loan review personnel.
Top FAQs
Commercial Mortgage Brokers typically earn between $100 and $150,000 annually.
Commercial loans typically have lower terms and lower interest rates than residential loans. Purchasers expect to make money long-term via both rent and capital gains.
Depending on where you live, loan processors can expect to earn $50,000 or more.
The process for earning a "certification" involves taking advanced education, then passing an exam.
Mortgage certification programs offer mortgage professionals a chance to acquire essential skills, enhance their professional standing, and earn more.
Commercial mortgage loans are used to for commercial purposes such as commercial properties, warehouses, strip centers, and multi-family houses (four or more residences).
Mortgage Brokers typically help the purchaser negoiate a loan with lending institutions.
A mortgage processor is responsible for assembling, administering, and processing loan application paperwork before it gets approved.
While Mortgage Loan Officers must be licensed, most states do not require loan processors to be licensed. That said, be sure to check your state's requirements.
A mortgage processor collects and reviews income, expenses, etc. If the information is favorable, the loan application is forwarded for loan underwriting. Essentially, the process determines the lender's ability to repay the loan.
Potential risk of default, especially if not enough renters, economic downturn, etc. More qualification paperwork and requirements.
