Neighborhood Housing Services of NYC NHS Continuing Education Training Lending Training Workshop The Lending Basics Thursday, March 6th , 2008 Introduction Course Description: The workshop will be a comprehensive review of key elements of the mortgage finance industry including:
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Neighborhood Housing Services of NYCNHS Continuing Education TrainingLending Training Workshop
The Lending BasicsThursday, March 6th , 2008
Fees paid by the borrower
Steps involved in obtaining a Mortgage Loan
Refer to charts- 36
18 & 19
Conforming Conventional Loans
Affordable Loan Programs
Source: Fannie Mae – Subject to change
State of New York Mortgage Finance Agency (SONYMA) Limits
according to county. See website for targeted and non-targeted areas
Source: US Department of Housing and Urban Development – Subject to change
24 & 25
The most popular mortgage loan is the traditional fixed rate mortgage
22, Chart 23
This example assumes a 1 Year ARM; $150,000 loan amount, 3% down payment, $500 in lender fees, and two discount points. A 4% initial rate was offered at loan origination with a 4.274% APR.
Let’s review the handout with a sample of a negative amortization mortgage.
Refer to negative amortization handout
Typical Add-on Fees
For your attention during the class and for sharing your experience and prior knowledge.
Hope that what you learned here today will help you to continue improving the quality of life of the families you serve.