Orientation:
This introductory session provides information on the Residential Financing Council, the Residential Finance Specialist Designation and introduces the student to the material available on the Council’s members-only website.
Developing "Team Spirit":
Defining and Identifying Paradigms; Benefits of Working as a Team; Identifying, Developing Leadership Skills, Qualities; Five Steps to Building an Effective Team.
Behind the Scenes with Service Teams/Working with Lenders:
Types of Lenders; Mortgage Markets; The Quote Sheet, Discount Points and Origination Fees; APR Calculations; Interviewing Tips; Loan Application Check List.
Working with Appraisers, Title Companies and Closers:
Types of Appraisers; How to Avoid Low Appraisals; Tips for Working with Appraisers; FHA/VA Appraiser Checklist; Benefits of Adding a Title Company to your Team; Understanding the Title Process (including a behind-the-scenes tour of a title company); Tips for Working with Title Companies; Benefits of Adding a Closing Company to your Team; Understanding the Closing Process; A live Interview with a Closing Agent; Tips for working with Closing Agents; Real Estate Settlement Procedures Act (RESPA)
Tracking Your Sale:
5 Steps from Loan App to Closing; Touring the Mortgage Company; Tracking your Loans; Interviewing and Selecting Team Members.
Conventional Loans:
FNMA vs. FHLMC; Conforming vs. Nonconforming; PMI; Elements of an ARM and ARM adjustments; FNMA ARM Advantages and Disadvantages; Good Faith Estimate of Charges; Administration Fees vs. Junk Fees; Strategy for Building Buyer Loyalty for Realtor and Lender; Applying Conventional Guidelines.
Government Loans/FHA:
FHA Insured Loans; Advantages and Disadvantages of FHA Loans; Mortgage Insurance Premium; Minimum Investment Requirement; FHA Veteran Loan Program; Applying FHA Guidelines.
VA Guaranteed Loans:
VA Home Buyer’s Guide; Advantages and Disadvantages of VA Loans; VA Funding Fee; Eligibility vs. Entitlement; Restoring Entitlement; Partial Entitlement; VA Underwriting Guidelines; Rations vs. Residual Income; Applying VA Guidelines.
The Power of Pre-Qualifying:
Determining Risk in Making a Loan; Benefits for Pre-qualifying Buyers; 4C’s: Credit, Capacity, Capital, Collateral; 5th C: Buyer’s Comfort Zone; Calculating Income & Expense Ratios for FNMA Conventional, FHA and VA Loans.
The Mortgage Worksheet:
Step-by-Step Guide to the Mortgage Worksheet; Finance Formulas; Worksheet Tips; Options for Borrowers Who Do Not Meet Standard Guidelines.
Building Your Financial Muscle:
Premium Pricing/ Above Par Pricing; How to Put Money Back into Your Customer’s Pocket; Finance Incentives vs. Listing at Lowest Possible Price; Permanent Buydowns vs. Temporary Buydowns; Buydown Calculations.
Marketing with Finance:
Marketing Tools; Tools from your Team; Marketing your RFS Designation; Prospecting with Finance for Sellers and Buyers; Using Finance with FSBOs, Expired Listings, Open Houses, Ad Calls and Target Marketing
RFS Exam Practice Session
Real Estate Calculator Course