Kentucky Real Estate Business

Posts Tagged ‘Approved’

TrainingPro, the national leader in mortgage education and preferred online education partner of the Colorado Association of Mortgage Brokers, is now an approved mortgage education provider in Colorado. One of the first online mortgage education providers in the state, TrainingPro offers the required 40 hours of approved curriculum in online and live class format. TrainingPro is approved by the Colorado Division of Private Occupational Schools (DPOS) and PSI, the content approving body.

According to Senate Bill 07-203, all mortgage brokers in Colorado must be licensed with the Division of Real Estate before January 1, 2009. One component of this licensure is the successful completion of a 40-hour mortgage training requirement conducted by a state-approved mortgage education provider. All mortgage brokers who currently maintain a Colorado mortgage broker’s license must complete this licensing education and pass a state exam by January 1, 2009.

According to Part 9, Section 12-61-902 of the Colorado Mortgage Broker Licensing Act, a mortgage broker is defined as: “an individual who negotiates, originates, or offers or attempts to negotiate or originate for a borrower, and for a commission or other thing of value, a residential mortgage loan to be consummated and funded by a mortgage lender.”

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TrainingPro’s 40-hour mortgage education course, “Mortgage Basics: Increasing Knowledge, Creating Opportunities,” is a comprehensive pre-licensing training program that addresses the fundamental laws, concepts and practices involved in the mortgage industry. The course includes 19.5 hours of federal and state mortgage laws, 16 hours of mortgage basics and 4.5 hours of business and trade practices.

“TrainingPro is excited to begin offering its proven mortgage training curriculum to the mortgage professionals in Colorado,” said Christopher Nickerson, CEO of TrainingPro. “We are proud to provide two training options for this new mortgage training requirement – online and live – to cater to different learning styles. We fully support the state’s initiative to enrich and elevate the mortgage industry through education and will be available to help and guide Colorado mortgage brokers through the process.”

TrainingPro is the preferred online education partner for the Colorado Association of Mortgage Brokers (CAMB). Together, TrainingPro and CAMB are working to provide the highest quality solution for mortgage training in the state. CAMB members are invited to receive a discount off of the 40-hour online course by visiting www.TrainingPro.com/camb.

Colorado is the 32nd state to approve TrainingPro as a mortgage education provider. TrainingPro is also approved in Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Minnesota, Mississippi, Montana, Nevada, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Texas, Utah, Washington, West Virginia and Wisconsin.

Mortgage education courses can be purchased through the TrainingPro web site at www.TrainingPro.com or by calling an account representative at 1-877-878-3600.

About TrainingPro

TrainingPro is the national leader in mortgage education. Its mission is to elevate and enrich the mortgage industry through its innovative compliance solutions and comprehensive educational programs. With extensive experience, a proven training platform, and superior client service as its foundation, TrainingPro is the educational partner for small and large mortgage corporations as well as state industry associations and the National Association of Mortgage Brokers. TrainingPro was listed on the 2006 Inc. 500 list, conducted by Inc. Magazine, as one of the fastest growing companies in the nation. For more information about TrainingPro, please visit www.TrainingPro.com.

http://www.articlesbase.com/mortgage-articles/trainingpro-mortgage-education-approved-in-colorado-394434.html

If you are looking to buy an FHA approved condo you can, but there are some specific requirements that FHA approved condo.  Typically in the past, it was not recommended to buy a condo because they were hard to resell.  Families would opt for a house before a condo.

 

There are a few things you’ll need to know when looking for an FHA approved condo. The first thing you should ask your realtor is whether or not any condos they are showing you are FHA approved.  If they are not, then everything is just a waste of time.  The properties when listed in MLS are generally noted as being an FHA approved condo. This is one rule there is no exception to.  When you are looking at a certain grouping of condos in an MLS, they are usually grouped according to whatever is in that town.  That would mean Riverside, Inland Empire, Los Angeles and so forth.

 

The condo must be listed on the approved list.  Last year, the condo has the ability to be spot-checked, but that is no longer the case.  If you are looking at a condo, then it has to be on the approved list no questions asked.  If you can’t live without this condo, you can certainly have it submitted for review, but this process is lengthy and not recommended.

 

The condo must be in a development that has two or more units, and these units must have the proper liability and hazard coverage.  There are respective areas in which they must require flood coverage.  It can have “right of first refusal”, but this must fall under the Fair Housing Act.  Right of First Refusal is a contractual right that gives the holder the option to enter into a transaction with the owner of something before the owner is allowed to enter into a contract with a third party.  FHA just wants to make sure that this is not discriminatory.

 

FHA also does not want to see that the development exceeds 25% of its condos listed as commercial.  This could be a development that is partially business and partially residential.  You typically don’t see this, so it’s rarely a problem.

 

FHA also requires that no more than 10% of its condos can be owned by one investor.  Clearly in many cases, it’s evident that if someone owned several units that they have quite a portfolio. The risk of default in owning more than 10% could be pretty good.  So, in order to keep the peace, this is also part of looking for an FHA approved condo.

There are many more small things to look for when buying an FHA approved condo. For more information please visit www.fhaloansnow.net.  Happy condo shopping!