Utah DRE Principal Lending Manager (PLM) 40 Hour Course

Learning Objectives

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

• Understand the different categories of mortgages. 
• Learn about the different mortgage products available to borrowers. 
• Identify retail product pricing. 
• Relate the different financial calculations. 
• Comprehend basics of capital markets. 
• Review other general mortgage matters.  
• Describe how mortgage products function, like reverse mortgages 
• Understand real estate purchase contracts. 
• Learn about real estate ownership and restrictions. 
• Go over approaches to valuation. 
• Describe different appraisal terms. 
• Relate basics of property types. 
• Review insurance matters. 
• Demonstrate a basic understanding of RESPA and what falls under it 
• Understand the Truth in Lending Act (Regulation Z) 
• Explain what the APR is 
• Identify the fair lending laws 
• Comprehend the different agencies regulating mortgage lending. 
• Articulate key ways that would enable them to detect fraud. 
• Strategize ways to prevent fraud. 
• Understand the privacy policies, including the different requirements for different sizes of companies 
• Describe the requirements under RESPA Section 8 
• Recall information about the qualifying process. 
• Explain the importance of training their LO’s about taking quality applications. 
• Articulate the assembling, verifying, and evaluating of applicant information. 
• Understand underwriting and program guidelines. 
• Show comprehension of relationships with clients. 
• Go over necessary documents. 
• Comprehend closing issues that may arise and be prepared to resolve them.  
• Recognize the importance of information retained for licensee’s records. 
• Understand the licensee renewal process. 
• Explain the continuing education requirements. 
• Identify the Residential Mortgage Regulatory Commission’s role for an MLO or PLM. 
• Understand any disciplinary action. 
• Articulate marketing and advertising rules.
• Comprehend office management and supervision. 
• Explain the role of Principal Lending Mangers.  
• Identify the basics of employment law. 
• Understand ethics and recordkeeping. 
• Describe the definition of a high-cost home loan.   
• Understand Utah’s law related to high-cost home loans.