LEN01: WHAT IS CONSUMER CREDIT?
Borrowing money is a significant event in a person's life, so understanding the elements of the lending process will be very important to our members. This program reviews different types of loans and loan issues: good loans versus bad loans, security or collateral, a detailed overview of the consumer loan document, along with a variety of general lending terms and conditions.
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This program focuses on loans for different purposes and products that are associated with loans. It presents varying types of consumer loans including personal loans, RRSP loans, demand loans, lines of credit and credit cards, and overviews a very important product related to loans - creditor insurance.
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LEN03: APPLICATION AND ASSESSMENT PROCESS
This program looks at the loan application and assessment process. It starts with the loan interview and shows how the process might feel to a member. The program looks at ways to deal with the member's uncertainties, and opportunities to expand the business the member does with the credit union.
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This program deals with all the investigation that must be completed before a loan can be approved. It also covers the ratios that are used to determine if a member can afford the loan payment, and the checks that are performed for the member's previous credit history.
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Whether or not a loan can be approved often depends on the security the member provides for the loan. This program, "The Approval Process", looks at what is involved in getting the loan approved, with particular attention to valuing and verifying the security that will be attached to the loan.
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This program explains the history of mortgages and numerous important mortgage terms and concepts. It covers the subject of mortgage interest and how it is calculated; the interest adjustment date, amortization, the term of a mortgage, and types of payment structures.
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Mortgages differ depending on a number of factors: what the funds will be used for, the type of property, and whether the home exists or is being built. The program also reviews many different mortgage features such as the flexibility of mortgage payments and payouts, assumability and portability.
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This program focuses on all the different people involved in the mortgaging process including mortgagors, guarantors and mortgagees, second mortgagees, brokers, underwriters and appraisers, lawyers, notaries, insurers, and the credit bureau.
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This program concentrates on the types of properties that can be mortgaged. It's important that we underwrite properties that maintain their value. This requires adherence to property standards, both urban and rural. The program also discusses placing a mortgage on raw land.
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The mortgaging process usually begins with a general enquiry and progresses to a mortgage interview in which the member will be asked questions about the property and the applicant's ability to repay the mortgage. The program also explains how an appraisal confirms the value of the property, and how to move toward having the mortgage approved. It also explains the completion date, possession, and maturity of a mortgage.
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This program is designed to help the people who administer loans feel comfortable with the lending process and the daily procedures required to maintain a smooth and efficient lending function. It explores where to get information, how to administer the process and how to deal with questions from borrowers.
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This program focuses on specific procedures including dealing with disability claims, accounting for appraisal and inspection fees, completing lien searches, and conducting audits of loan and mortgage files.
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Loan disbursements involve large sums of money, and this program will prepare you to disburse funds appropriately in different types of situations. When you have completed this program you will know how to prepare for disbursing loan and mortgage funds, and the documentation required for each.
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This program acquaints the employee with post-lending situations and requests, such as preparing commitment letters, completing bank confirmations, dealing with requests for interest statements and preparing for payouts.
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