The Loan Officer's Practical Guide to Residential Finance

Published since 1992, and updated annually, this 198 page textbook was written as an answer to the "sink-or-swim" training methods of many mortgage firms. The format is designed to give the newly initiated loan officer/agent, lender, processor, or other initiate the practical information they need to do the loan officer's job.

The reader learns how to understand rate and point quotes, how to use a financial calculator, how to make basic computations customers require, how to understand loan programs and compare product features. The student progresses through understanding loan specifications - Conventional Conforming, Jumbo, FHA/VA and Sub-Prime program guidelines - to a practical understanding of ratios, income, assets and closing costs, debts and credit history. This is then placed in the context of the loan application - how to collect all the required documents and disclosures and supervise a loan from application to closing. Beyond the basics, students learn how to finance various property types; condos, PUDs, new construction and investment property. A detailed chapter on refinancing addresses the issues which most often confront the loan officer in a period of heavy refinancing - 10 reasons to refinance.

Finally, understanding how loans are made in the secondary market and the basics of interest rate quoting and behavior are covered.

This product is submitted for approval for use in continuing education in all states which have, or are adopting, a requirement. Many companies use this product as a handout to prospective new loan officers. Many loan officers give this product to their referral sources to help educate them to the requirements of the industry.

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All Customer Reviews
Average Customer Review:
0 of 0 people found the following review helpful:

Mortgage Book, 2008-05-25
I recently ordered several mortgage books as learning and reference tools as I embark on my new career as a loan officer. I have not read any of the books from cover to cover, but they are serving me well for the purpose intended. The book arrived in a timely manner and in the condition described.


0 of 0 people found the following review helpful:

Quilted Patchwork, 2008-05-01
The subtitle indicates that this book is a "comprehensive guide on how to make loans on a practical basis". I'm not sure I agree with that assessment and therefore I have mixed feelings about this book.

The book provides a plethora of reference material pertaining to the residential mortgage industry. It's nice to have so many reference tables in one place! The author educates readers on a variety of different topics - even seasoned professionals can benefit from reading this book, as I did cover to cover. The material seems to be current, an important consideration in a very dynamic industry. And I really liked the author's conversational approach throughout the book.

However, there are some things about the book that can be improved. The book contains some sloppy errors which seasoned professionals will find annoying and new hires will find confusing. The book has a "crowded" and "rushed" feel to it with occasional grammatical, formula and reference errors. I guess it needs better proofreading - page 63 has a paragraph repeated word for word. Some chapter titles scream at you. Some conceptual and procedural explanations seem to come up short.

The book seems to be more informational rather than a practical "how-to" guide. Some readers may be disappointed at this and are able to get more in-depth information from other sources such as Fannie Mae, FHA, VA, AllRegs, etc. In addition, if the book is to benefit more readers, I suggest that the author add HP 12C and TI BAII Plus keystrokes as these calculators are widely used by mortgage professionals.




0 of 0 people found the following review helpful:

Great book, but . . . ., 2007-05-26
This is a great book and needs to be in your library if you are, or are considering a career in the mortgage industry. But, Mr. Morgan needs to do a better job of describing what is in the tables used as examples. It becomes confusing when looking at a box with numbers in it and little or no quantification of the rows or columns. If this book is truly a "guide to residential finance" then more examples are needed and perhaps some excises with answers, kind of like a text book. Even though this book has been around for several years, a few modifications could make it a well rounded text and an industry standard.


1 of 1 people found the following review helpful:

One of the best!, 2007-01-23
If you're new to the mortgage business, then I highly recommend buying this book. It's very detailed and contains all of the practical info that you need to get a start in the mortgage industry.

Other than that, at times it becomes confusing due to a few editing errors.


4 of 4 people found the following review helpful:

The Loan Officer's Practical Guide to Residential Finance, 2007-01-05
This is a text book for all loan officers. It is a must read for everyone interested in mortgages. The book is easy to understand and gives all the information in one place. This book will teach you everything you need to know about mortgages. Maximize your knowledge.

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