Essentials of Real Estate Finance (Course Only)

Content
363 modules
Rating
Instructor
Maddison Ethington
Price
$379.00 USD

Description

Course Description

This comprehensive, self-paced course provides a deep dive into the financial foundations of real estate, preparing students to understand, analyze, and apply core financing concepts in both residential and commercial transactions. Based on Essentials of Real Estate Finance by Dearborn, the course walks learners through the entire real estate finance process—from basic monetary principles to the complexities of loan origination, underwriting, closing, and foreclosure.

Whether you're pursuing a career in real estate sales, lending, appraisal, or property management, this course delivers the tools and insight needed to navigate today’s dynamic financial landscape with confidence.

Key Topics Covered:

  • Unit 1: The Nature and Cycle of Real Estate Finance
    Explore the structure of credit systems, lending relationships, mortgage activities, and the impact of national and local markets.

  • Unit 2: Money and the Monetary System
    Understand how the flow of money, banking systems, and monetary policy influence real estate lending.

  • Unit 3: Additional Government Influence
    Examine the role of federal legislation, regulations, and agencies in shaping finance practices.

  • Unit 4: The Secondary Mortgage Market
    Learn how loans are bought and sold, and how entities like Fannie Mae and Freddie Mac affect liquidity.

  • Unit 5: Sources of Funds
    Compare institutional and noninstitutional lenders, and explore alternative sources of capital.

  • Unit 6: Instruments of Real Estate Finance
    Study key financing documents, including notes, mortgages, trust deeds, and other instruments.

  • Unit 7: Real Estate Financing Programs
    Review popular financing options, such as conventional loans, adjustable-rate mortgages (ARMs), and alternative loan structures.

  • Unit 8: Government Loans
    Dive into FHA, VA, and USDA loan programs, including eligibility, benefits, and application processes.

  • Unit 9: Processing Real Estate Loans
    Learn how lenders qualify both borrowers and properties through applications, credit scoring, appraisals, and title work.

  • Unit 10: Defaults and Foreclosures
    Understand the causes, processes, and consequences of loan defaults, delinquencies, and foreclosure procedures.

Course Features:

  • Fully online and self-paced

  • Interactive exercises, discussion forums, and unit quizzes

  • End-of-course final exam (remotely proctored)

  • Completion affidavit and evaluation

  • Certificate issued upon successful completion

Objectives

By the end of this course, students will be able to:

  1. Explain the fundamental principles of real estate finance, including the roles of lenders, borrowers, and government agencies in the lending process.

  2. Describe the economic systems and monetary policies that influence the flow of funds and availability of credit in the real estate market.

  3. Identify the key functions and impact of the secondary mortgage market, including the roles of Fannie Mae, Freddie Mac, and Ginnie Mae.

  4. Compare institutional and noninstitutional sources of financing, and evaluate how each contributes to real estate transactions.

  5. Interpret the legal instruments used in financing, such as promissory notes, mortgages, deeds of trust, and security agreements.

  6. Differentiate between major real estate financing programs, including fixed-rate, adjustable-rate, conventional, and alternative loan options.

  7. Evaluate government-backed loan programs, including FHA, VA, and USDA loans, and explain their eligibility requirements and benefits.

  8. Outline the steps involved in loan processing and underwriting, including credit analysis, property appraisal, title verification, and income evaluation.

  9. Analyze the significance of credit scoring in the lending process, and identify common credit mistakes that affect borrower qualification.

  10. Assess collateral through property valuation methods, including the cost approach, sales comparison approach, and income capitalization approach.

  11. Summarize the elements of title qualification, including title insurance, commitment, and potential title faults or encumbrances.

  12. Explain the loan closing process, including required documentation, settlement costs, and the role of federal consumer protection regulations (e.g., CFPB).

  13. Recognize the causes and procedures related to loan default and foreclosure, including borrower remedies and lender actions.

1.
Introduction
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2.
Course Navigation
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3.
Preface
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4.
Unit 1 Contents
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Unit 1 Overview
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Credit System Economy
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Financing Relationships
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Mortgage Lending Activities
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Scope of Mortgage Lending
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Interest Rates
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Financial Crisis
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Plans for Stimulus to the Ailing U.S. Economy
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Local Markets
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National Markets
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Real Estate Cycles
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Supply and Demand
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Population Characteristics
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Who Is Buying What
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An Aging Population
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Social Attitudes
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Tax Issues
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Property Value Fluctuations
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Impact of the Financial Crisis
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Summary
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Internet Resources
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Unit 1 Review Quiz
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Unit 2 Contents
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Unit 2 Overview
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The Federal Reserve System (The FED)
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The Supply and Costs of Money
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Purpose of the Federal Reserve System (the Fed)
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Organization of the Federal Reserve System (the Fed)
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Member Banks in the Federal Reserve System (the Fed)
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Instruments of Credit Policy
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Reserve Requirements
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In Practice
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Discount Rates
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Federal Funds Rate
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Open-Market Operations
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Truth in Lending Act (TILA, Regulation Z)
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Advertising
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Right of Rescission
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Violations
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The U.S. Department of the treasury
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The Nation’s Fiscal Manager
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The Treasury’s Role
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Office of the Comptroller of the Currency (OCC)
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The Bureau of Engraving and Printing
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The U.S. Mint
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The Federal Deposit Insurance Corporation (FDIC)
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The Federal Home Loan Bank System (FHLB)
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Organization
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Activities
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Summary
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Unit 2 Review Quiz
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Unit 3 Contents
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Unit 3 Overview
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U.S. Department of Housing and Urban Development
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Strategic Goals of HUD
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Fair Housing
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Community Development Block Grants (CDBG)
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Neighborhood Stabilization Program (NSP)
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Interstate Land Sales
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Urban Renewal
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Public Housing
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Housing Choice Voucher Program
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Native American Housing
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Other Programs
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Significant Federal Legislation
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Dodd-Frank Wall Street Reform and Consumer Protection Act
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Consumer Financial Protection Bureau (CFPB)
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TILA-RESPA Integrated Disclosures (TRID)
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Mortgage Servicer Rules
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The Real Estate Settlement Procedures Act (RESPA)
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Disclosures Under RESPA
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Disclosure at the Time of a Loan Application
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Disclosures Before Settlement/Closing
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Disclosures at Settlement
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Disclosures After Settlement
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Truth in Lending Act (TILA)
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The Federal Equal Credit Opportunity Act (ECOA)
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The Home Mortgage Disclosure Act (HMDA)
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The Community Reinvestment Act (CRA)
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Local, State, and Agricultural Lending Programs
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Industrial Development Agencies
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Mortgage Insurance Programs
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Community Redevelopment Agencies
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Tax Increment Financing
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Agricultural Lending
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The Farm Credit System (FCS)
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Federal Agriculture Mortgage Corporation (Farmer Mac)
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The U.S.Department of Agriculture Rural Development Program (USDA RD)
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Summary
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Unit 3 Review Quiz
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Unit 4 Contents
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Unit 4 Overview
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Overview of the Secondary Market Participants
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Major Participants in the Secondary Mortgage Market
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Collateralized Mortgage Obligation (CMO)
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...and the Walls Came Crashing Down!
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The Government-Sponsored Enterprises
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The Federal Housing Finance Agency (FHFA)
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FHFA Actions
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Fannie Mae
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Empowerment to Sell Mortgages
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Reorganization Under HUD
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Administered Price System
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Fannie Mae Mortgage-Backed Securities (MBSs)
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Fannie Mae Underwriting Standards
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Conforming and Nonconforming Loans
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Credit Scoring
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Establishing Nontraditional Credit
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Fannie Mae Mortgage Loan Products
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HomeReady® Mortgage
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Freddie Mac
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Organization
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Underwriting Standards
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Electronic Underwriting System
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Freddie Mac Loan Products
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Qualified Residential Mortgage (QRM)
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Other Secondary Market Participants
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Ginnie Mae Mortgage-Backed Securities
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Ginnie Mae Real Estate Mortgage Investment Conduits (REMICs)
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Federal Home Loan Bank (FHLB)
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FHLB Affordable Housing Program (AHP)
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Farmer Mac
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Real Estate Mortgage Investment Conduits (REMICS)
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Summary
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Internet Resources
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Unit 4 Review Quiz
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Unit 5 Contents
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Unit 5 Overview
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133.
Institutional and Noninstitutional Lenders
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Mortgage Loan Activities
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Other Bank Activities—Equity Loans
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Other Bank Activities—Trust Departments
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Other Bank Activities—Originating and Servicing Loans
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Mutual Savings Banks
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Savings Associations/Thrifts
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Life Insurance Companies
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Pension and Retirement Programs
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Credit Unions
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Mortgage Brokers and Bankers
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Mortgage Brokers
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Mortgage Bankers
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Operation
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The SAFE Act
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Real Estate Trusts and Bonds
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Equity REIT
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Mortgage REIT
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Hybrid Trusts
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Real Estate Bonds
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The Nature of Bonds
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Corporate Bonds
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Municipal and Private Bonds
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Industrial Development Bonds
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Mortgage Revenue Bonds
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158.
Zero-Coupon Bonds
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159.
Mortgage Loan Bonds
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Private and Foreign Investors in Real Estate
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Individuals
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Sellers as Lenders
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Family Members as Lenders
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Private Loan Companies
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Foreign Lenders and Investors
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Summary
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Internet Resources
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Unit 5 Review Quiz
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Unit 6 Contents
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Unit 6 Overview
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171.
Encumbrances and Liens on a Property
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Basic Real Estate Finance Instruments
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Title, Lien, and Intermediate Theories
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General Requirements for a Finance Instrument
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The Note and Deed of Trust (Trust Deed)
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Note Used With a Deed of Trust
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Deed of Trust
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Note and Mortgage
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The Note
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The Mortgage Provisions
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Contract for Deed (Land Contract)
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Components of a Contract for Deed
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Foreclosure Power
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Forming a Contract for Deed
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Junior Finance Instruments
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Second Mortgage or Deed of Trust
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Clauses
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Pledging Equity
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Junior Loan Interest Rates
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Special Provisions in Mortgage Lending Instruments
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Late Payment Penalty
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Prepayment Privilege
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Prepayment Penalties
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Lock-in Clause
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Due-on-Sale Clause
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Assumption Versus Subject To
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Novation
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Subordination Clause
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Release Clause
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Exculpatory Clause
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Nonrecourse Clause
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Extensions and Modifications
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Summary
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Internet Resources
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Unit 6 Review Quiz
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Unit 7 Contents
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Interest
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Simple Interest
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Points
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Permanent/Temporary Buydown Plan
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Amortization
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Distribution of Principal and Interest
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Home Mortgage Loans
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Fixed-Rate Loans
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Graduated-Payment Mortgage (GPM)
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Reverse Annuity Mortgage (RAM)
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Adjustable-Rate Mortgages
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Components of an ARM
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Impound or Escrow Funds
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Property Taxes
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Hazard/Homeowners Insurance
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Conventional and Conforming Loans
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Fannie Mae/Freddie Mac Maximum Loan Limits
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Jumbo Loans
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Private Mortgage Insurance
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Termination of PMI Payments
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Split or Piggy-Back Loan
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Refinancing Existing Conventional Loans
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Flex Modification Program
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Subprime and Predatory Lending
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Predatory Lending
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Mortgage Fraud Red Flags and Best Practices for Prevention
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Foreclosure Rescue Scheme
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State Legislation and Predatory Lending
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Federal Legislation and Predatory Lending
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Unique Variations in Mortgages
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Blanket Mortgage
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Package Mortgage
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Participation Agreements
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Tax Impacts in Mortgage Lending
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Summary
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Unit 7 Review Quiz
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Unit 8 Contents
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Unit 8 Overview
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Introduction
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FHA Insured Loan Program
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Organization and Requirements
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FHA Single Family Housing Policy Handbook 4000.1 (SF Handbook)
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Condominium Approval Rule
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Existing FHA Programs
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Title I
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Manufactured Home Financing
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Most Frequently Used FHA Loans
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Streamline Refinance
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Special HUD/FHA Programs
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Energy Efficient Mortgage (EEM)
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Home Equity Conversion Mortgage (HECM)
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258.
Good Neighbor Next Door
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Title II Manufactured Home Financing
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Disaster Relief
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261.
Qualifying for an FHA-Insured Loan
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Down Payment Requirements
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Borrowers’ Income Qualifications
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Borrowers’ Income Qualifications
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Calculating a Payment for an FHA-Insured Loan
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In Practice
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Allowable Closing Costs
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Second Mortgages/Buydowns
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Assumptions
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Direct Endorsement
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FHA Contributions to Real Estate Finance
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272.
VA Loan Guarantee Program
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273.
Certificate of Reasonable Value (CRV)
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Interest
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Closing Costs
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Funding Fee
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277.
Second Mortgages
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Buydowns
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279.
VA Loan Processes for Assumption and Release of Liability
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280.
Release of Liability/Novation
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281.
Additional VA Loan Programs
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282.
Refinancing
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283.
Special Programs
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284.
Summary
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285.
Unit 8 Review Quiz
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286.
Unit 9 Contents
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287.
Unit 9 Overview
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288.
Qualifying the Borrower
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289.
Loan Application
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290.
Data Verification
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291.
Deposits
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292.
Employment
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293.
Income Evaluation
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294.
Loan Qualifying Income Ratios
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295.
Example
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296.
Impact of Credit Scoring
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297.
Credit Scoring
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298.
Credit Report
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299.
How Reliable Is the Credit Scoring System?
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300.
Does Everyone Have a Credit Score?
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301.
What Factors Influence Credit Scores?
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302.
Obtaining Your Credit Report
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303.
Common Credit Mistakes
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304.
Mistake #1: Paying off old collection accounts believing it will improve one’s score
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305.
Mistake #2: Filing bankruptcy or using credit counseling as a means to improve credit
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306.
Mistake #3: Applying for new credit to consolidate debt
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307.
Mistake #4: Canceling old credit cards to increase credit score
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308.
Mistake #5: Taking out mortgage loans to pay off debts
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309.
Mistake #6: Shopping for credit to get the best interest rates
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310.
Mistake #7: Not using credit cards at all in order to raise one’s credit score
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311.
Mistake #8: Using a small amount of credit and then paying it off before receiving a bill or paying it off in full at the end of the month to increase a credit score
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312.
Mistake #9: Believing paying accounts on time will automatically fix a credit score
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313.
Mistake #10: Applying for new credit cards to increase a credit score
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314.
Thinking Like a Lender
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315.
Qualifying the Collateral
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316.
Appraiser Independence Requirements
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317.
The Appraisal Process
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318.
Direct Sales Comparison Approach
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319.
Cost Approach
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320.
Income Capitalization Approach
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321.
Gross Rent Multiplier (GRM)
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322.
Reconciliation of Data and Opinion of Value
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323.
Qualifying the Title
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324.
Abstract and Opinion of Title
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325.
Title Insurance
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326.
Title Commitment
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327.
Torrens System
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328.
Title Faults
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329.
Surveys
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330.
Closing the Loan
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331.
Additional Charges and Requirements
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332.
Servicing the Loan
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333.
Rules from the Consumer Financial Protection Bureau (CFPB)
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334.
Required Lender Notices
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335.
Summary
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336.
Unit 9 Review Quiz
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337.
Unit 10 Contents
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338.
Unit 10 Overview
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339.
Equity Building
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340.
Foreclosure
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341.
Defaults
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342.
Delinquencies
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343.
Principal and Interest
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344.
Property Taxes
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345.
Other Liens
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346.
Homeowners Insurance
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347.
Poor Property Management
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348.
Adjustments and Modifications to Avoid Foreclosure
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349.
Short Sales
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350.
Moratoriums and Recasting
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351.
Voluntary Conveyance of Deed
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352.
FHA and VA Foreclosures
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353.
Auctions
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354.
The Foreclosure Process
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355.
Judicial Foreclosure and Sale
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356.
FHA-Insured Mortgages
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357.
Alternatives to the Judicial Foreclosure Process
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358.
Strict Foreclosure
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359.
Other Foreclosure Processes
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360.
Deficiency Judgment
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361.
Tax Impacts on Foreclosure
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362.
Summary
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363.
Unit 10 Review Quiz
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