Mortgage Advisor Network

Not all tasks are applicable to all transactions. Completing the tasks may involve various levels of involvement. Many tasks can be completed using the links below to our online tools. Use the task checklist to keep track of the tasks you complete for each client.

In order to be eligible for payment of a fee, a Certified Mortgage Counselor is required to assist their client with the following tasks:

A. Take information from the borrower and assist the borrower in completing the online loan application, and
B. Deliver to the borrower the Agent Disclosure Statement and Agreement and other application disclosures; and
C. Assist the processing department in obtaining information from the borrower; and
D. Complete at least ten of the following tasks during the course of each loan transaction:

Get a Rate Quote:
1. Use the Buy Versus Rent Calculator to illustrate the benefits of owning a home.
2. Analyze the borrower’s income and debt, and use the Pre-Qualification Wizard to establish whether the borrower meets general underwriting guidelines including debt ratios, available cash, source of funds, LTV, etc.
3. Use the Rate Quote Wizard to display available rates.
4. Use the closing costs and details link from the rate results page to estimate closing costs and total payment breakdowns.

Educate the Borrower:
5. Explain the typical loan process to the borrower. Provide a copy of Fannie Mae’s Guide To Home Ownership. Explain the key factors in the approval decision (the three C’s: Credit, Collateral and Capacity).
6. Explain the relationship of Rates and Points. Review the About Rates and Points article.
7. Explain a credit report and a credit score. Review the Guide To Understanding Your Credit.
8. Explain mortgage insurance. Review the article How Mortgage Insurance Works.
9. Explain why there are different types of loan programs. Use the Program Chooser Wizard and review the Types of Loan Programs article.
10. Explain the different costs typically involved in obtaining a mortgage. Review the HUD Guide to Settlement Costs and provide a copy to the borrower.
11. Explain the closing process. Review the Understanding The Closing Process article.

Track the Loan:
12. Assist the processing department in setting appraisal inspections.
13. Keep borrower informed of key events, dates and responsibilities.
14. Provide borrower and lender contact information to title company.

Closing:
15. Forward required closing documents to Company headquarters.
16. Communicate closing date and time to the processing department and the borrower.
17. Attend the loan closing.