Mortgage Banking Seminar is part of the continuing series of training presentations for the Financial Services Industry. Check out our other presentations in this series and contact Saunders Learning Group if you have training needs. We can help, we have been doing training in the financial services industry for 30 years.

1. Financial Services Industry Training
Mortgage Banking and Mortgage
Backed Securities Investing
Seminar
Materials covers chapter 11 of “Figuring
Out Wall Street”
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2. Training from Saunders Learning Group
Saunders Learning Group provides a variety
of training programs, workshops and
seminars targeted to the financial services
industry.
Programs are available in a wide range of
topics, and we are specialists in developing
custom programs that are targeted to your
needs.
Contact the founder, Floyd Saunders at
316-680-6482 or at
floyd@floydsaunders.com for more
information.
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1

3. All About Figuring Out Wall Street ...
Everything has changed in the
financial services industry and it
effects your financial well-being.
From bank failures, to record
unemployment, home foreclosures
and panic around the world, Figuring
Out Wall Street, is the concise guide
to help everyone from first time
investors to veterans of banking
understand what to do to persevere
and restore our faith in our financial
systems.
This presentation is from Chapter Nine of Figuring Out Wall Street
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4. MORTGAGE BASICS
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5. What is Mortgage
 An amortized loan whereby a fixed
payment pays both principal and interest
each month
 A mortgage is a loan to finance the
purchase of real estate, usually with:
 specified payment periods
 and interest rates which is paid to the bank
 secured by the property to loan is used to
purchase .
 The borrower (mortgagor) gives the lender
(mortgagee) a lien on the property
as collateral for the loan.
 Mortgages involve two main parties: the borrower and the lender.
 the borrower requires money in order to purchase the property
 the lender loans them the money at a certain price.
 the loan is to be paid in instalments in a definite amount of time.
 If borrower fails to pay back the loan amount, the lender can recover the money by selling his
asset. Thus the property becomes the lender's security on the loan
 The actual loan amount is referred to as the principal, and the mortgagor
is expected to repay that principal, along with interest, over the
repayment period of the mortgage.
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6. What is Mortgage
 A mortgage can be used for financing many different things, including:
 Purchasing or constructing a new house.
 Purchasing an existing house.
 Refinancing to consolidate debts.
 Financing a renovation.
 Financing the purchase of other investments.
 Financing the purchase of investment property.
 Since a mortgage is a fully secured form of financing, the interest you pay is
usually less than with most other types of financing.
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7. A Brief History
 Mortgages were used in the 1880s, but massive defaults in the agricultural recession of
1890 made long-term mortgages difficult to attain.
 Until post-WWII, most mortgage loans were short-term balloon loans with maturities of
five years or less.
 Balloon loans, however, caused problems during the depression. Typically, the lender
renews the loan. But, with so many Americans out of work, lenders could not continue to
extend credit.
 As a part of the depression recovery program, the federal government assisted in creating
the standard 30-year mortgage we know today.
 The U.S. government established the Federal National Mortgage Association (FNMA or
Fannie Mae) in the 1930s to buy mortgages from thrifts so they could make more
mortgage loans, this created a “secondary market” for mortgages.
 FHA and VA insured loans make securitization easier
 Government National Mortgage Association (GNMA or “Ginnie Mae”) and Federal Home
Loan Mortgage Corp. (FHLMC or “Freddie Mac”) created in the 1960s
 encouraged continued expansion of the housing market
 provided direct and indirect guarantees that allow for the creation of
mortgage-backed securities
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8. What is Mortgage Company
 A mortgage company is a company
engaged in the business of originating
and/or funding mortgages for residential or
commercial property.
 This is a type of regulated lender that
specifically lends money for people to
purchase "Real Property" (homes).
 A Mortgage bank specializes in originating and/or servicing mortgage loans.
 A mortgage broker acts as an intermediary whose brokers mortgage loans
on behalf of individuals or businesses.
 A mortgage bank is a state-licensed banking entity that makes mortgage
loans directly to consumers.
 The difference between a mortgage banker and a mortgage broker is that the
mortgage banker funds loans with its own capital.
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9. Mortgage Company
 Provides consumers with a wide range of mortgage products and services designed
Function to meet the needs of a varied customer base.
 Invest in residential, commercial and multifamily loans.
 Provide services to lenders with regard to assets and credit risk
 May be involved in the management of real estate transactions.
 Some mortgage holding companies also offer mortgage servicing products as well as mortgage
management.
Example  Main functions of Mortgage companies/banks are:
Activities  Solicitation of new loans
 Origination of new loans (applications and verification of income, credit, property value,
employment status etc.
 Loan Servicing
 Asset Management
 Regulatory Consulting
 Loss Mitigation
 Citibank, Bank of America, JPMorganChase, Wells Fargo, US Bank
Example Also a variety of regional and local banks.
 Credit Unions perform similar functions, provide most of the same products and
Companies services.
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10. Mortgage Banking Functions
Mortgage Banking
Loan Origination Loan Servicing
Provides consumers with a wide range of Processes payments, adjustments, collects funds
mortgage loan products, to pay property taxes and insurance, arranges for
payoff or transfer of loans
Application Payment Processing
Processing (or Underwriting) Escrow Accounts
Loan Closing Loan payoffs
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11. Mortgage Loan Origination
 Provides consumers with a wide range of mortgage products and services
Function designed to meet the needs of a varied customer base.
 Most mortgage originations occur in-house or with a mortgage broker.
 Mortgage brokers, on the other hand, will help customers find a variety of
mortgage loan choices and take applications to start the underwriting
process.
 Mortgage banks will take an application for a potential customer, review his
Example qualifications--credit, income, assets--and determine the best product
Activities offered by that bank only.
 Next an in-house underwriter (another bank employee) will corroborate the
information on the application with the help of supporting documents (pay
stubs, W2s).
 Arrange for property appraisals, inspections and title searches to
 Pre-approval and approval meetings are often held with both the
underwriter and the loan officer as well as the customer.
 Mortgage brokers will almost always sell a mortgage in the secondary market
after underwriting and origination processing is complete.
 Citibank, Bank of America, JPMorganChase, Wells Fargo, US Bank
Example Also a variety of regional and local banks.
Companies  Credit Unions perform similar functions, provide most of the same products and
services.
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12. Steps in Loan Origination
Stage 6
Closing
Loan
documents
signed
and
recorded
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13. Typical Loan Decision Process
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14. Current U.S. Mortgage Requirements
 Credit Scores — A credit score of 600 or higher for FHA loans, and 620 or higher for conventional
mortgages.
 Down Payments — A veteran or VA loan does not require a down payment. With an FHA the down
payment could be as low as 3.5%. Conventional mortgages generally require a down payment of at least
5%, and often 20%.
 Debt Ratios — Lenders are concerned with your combined debt ratio (a comparison between monthly
earnings and debt expenditures). Generally not more of 45% of your income to cover your debts
(including the new mortgage payment).
 Funds for Closing — Your lender will check your bank account to make sure you have enough money to
cover your closing costs. There are the various fees and charges you’ll accrue during the home-buying
process. You may need to have these funds on deposit for at least 60 days in advance of loan closing.
 Employment — Many lenders want to see at least two years of steady employment, documented with
W-2s and paystubs.
 Documents — As of 2012, documentation requirements became more stringent These include federal
tax returns for the last two years, bank statements, pay stubs, employment letters and a list of any other
assets you have. Most lenders today want the tax records to be sent directly from the IRS
 Cash Reserves —Some leaders require extra money in the bank at closing, theoretically earmarked for
your first few mortgage payments. Other lenders only care that you have enough to cover your down
payment and closing costs.
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15. Loan Qualification
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16. Mortgage Interest Rates
Lenders typically match
the interest rate on a
mortgage to an index like
10 year treasury bonds.
More recently, the Federal
Reserve has started a
program of buying up
mortgages and treasuries
to pump more money into
the markets and keep
interest rates low.
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17. Mortgage-Lending Institutions
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18. Mortgage Loan Servicing
 Provides mortgage bankers with the ability to service mortgage loans,
Function handle escrow accounts, property tax payments and insurance coverage.
Activities
Example  Citibank, Bank of America, JPMorganChase, Wells Fargo, US Bank
Companies Also a variety of regional and local banks.
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19. Loan Servicing
 Most mortgages are immediately sold to another investor by the originator.
 This frees cash to originate another loan and generate additional fee income.
 Still, someone has to collect the monthly payments and keep records. This is
knows as loan servicing, and servicers usually keep a portion of the payments
received to cover their costs.
There are three elements in the life of a mortgage loan:
 The originator packages the loan for
an investor
 The investor holds the loan
 The servicing agent handles the paperwork
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20. Asset Management
The asset management department within a mortgage holding company measures
credit risk on residential loans by assessing a variety of factors. This division screens
potential borrowers and keeps an eye on acquisitions to limit asset risk.
It also make investments in mortgage loans and securities backed by mortgages.
Employees in the asset management area of a mortgage holding company gather
information about a loan, as well as the property, in order to make a complete
evaluation of the asset.
They compile borrower information to develop strategies for exit plans for unsuccessful
loans.
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21. Regulatory Consulting
Mortgage holding companies provide financial institutions with regulatory consulting
services to support company growth and profitability.
This consulting may include creating management services and solutions.
The client company's needs are assessed to provide workable solutions, and the
mortgage holding company may provide services such as technology analysis, contract
liability and forensic review.
Financial institutions that benefit from these services include banks and hedge funds.
Consulting is sometimes provided through the mortgage holding company's affiliates
and subsidiaries.
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22. Loss Mitigation
Mortgage holding companies provide loss mitigation through the use of plans designed
to limit a lender's loss.
One function of a loss mitigation division is to analyze a borrower's ability to retain
property by creating a portfolio containing borrower information, which helps the bank
decide whether the homeowner can continue to pay his mortgage.
If the mortgage holding company's loss mitigation division concludes that the
homeowner can continue to make payments, loss mitigation services may also include
refinancing, loan modification approval and preparation of appropriate documents.
In the event that the division determines that the borrower is unable to keep the home,
loss mitigation can provide short sale approval, streamlined short sales and "cash for
keys" services to speed up or avoid the foreclosure process.
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23. TYPES OF MORTGAGE LOANS
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24. Primary Mortgage Market
 Four basic types of mortgages are issued by financial
institutions
 home mortgages are used to purchase one- to four-family
dwellings
 multifamily dwellings mortgages are used to
purchase apartment complexes, townhouses, and condominiums
 commercial mortgages are used to finance the purchase
of real estate for business purposes
 farm mortgages are used to finance the purchase of farms
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25. Conventional Mortgage Loans
 A type of mortgage in which the
underlying terms and conditions meet
the funding criteria of Fannie Mae and
Freddie Mac.
 About 35-50% of mortgages in the
United States, depending on market
conditions and consumer trends, are
conventional mortgages.
 In other words, Fannie Mae and Freddie Mac guarantee or purchase 35-50%
of all mortgages.
 Conventional mortgages may be fixed-rate or adjustable-rate mortgages.
 Conventional Mortgage Loans are eligible to be resold by the loan originator
in the secondary mortgage markets.
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26. Non-Conforming Loans
Non-conforming loans are offered to borrowers who do not qualify for conforming loans. Though they are the only
borrowing option for some home buyers, they typically have higher interest rates, and may carry additional
upfront fees and insurance requirements. Loans can be non-conforming for several different reasons. The best-
known type of non-conforming loan is the jumbo loan.
 Jumbo Loans
 Jumbo loans are too large to meet the guidelines of a conforming loan. For
example, if you are buying a home and the conforming loan limit is $417,000, but
need a single mortgage for $500,000, it would be jumbo loan. As jumbo loans do
not meet the standards of a conforming loan, they are more difficult to sell on in
the secondary market.
 Reasons for Non-Conforming Loan:
 Loan-to-Value Ratio (LTV).
 Credit Score and History.
 Documentation Problems.
 Total Debt.
 Recent Bankruptcy.
 Debt-to-Income Ratio (DTI)
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27. Federal Home Administration
 The Federal Housing Administration, or "FHA",
provides mortgage insurance on loans made by
FHA-approved lenders throughout the United
States and its territories.
 FHA insures mortgages on single family and
multifamily homes including manufactured
homes and hospitals. It is the largest insurer of
mortgages in the world, insuring over 34 million
properties since its inception in 1934.
 An FHA refinance mortgage or FHA loan allows
for the refinance or purchase of a home with a
low down payment. These loans are great for
the first-time homebuyer.
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28. Types of Mortgages
 The two basic types of Mortgages are :
 Fixed Rate Mortgage
 The Adjustable Rate Mortgage (ARM)
 While the marketplace offers numerous varieties within these two
categories, the first step when shopping for a mortgage is
determining which of the two main loan types - the fixed-rate
mortgage or the adjustable-rate mortgage - best suits your needs.
 Other types of Mortgages are :
 Interest Only Mortgage
 Biweekly Mortgage
 Two step Mortgage
 Federal Housing Authority (FHA) Mortgage
 Veterans Affairs Loan
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29. Fixed Rate Mortgage
 This is the most common type of residential home
loan.
 It is repaid through fixed monthly payments of
principal and
interest over a set term.
 The borrowing rate stays the same over the life of
the residential
mortgage loan.
 Merits
 Repayments stay the same regardless of interest rate increases.
 Easier to budget because repayments do not change.
 Demerits
 Repayments do not decrease when interest rates decrease.
 You can’t pay off lump sums or increase your monthly repayments.
 If you switch mortgage to a different rate, to a different provider or repay it early you may owe a
fixed rate penalty
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30. Fixed Rate Mortgage
Advantages Disadvantages
 Stability: With your mortgage rates fixed, the loan  Affordability: If mortgage interest rates are
period set, you know what your mortgage high, you might have difficulty making the high
payment will exactly be for the whole life of the mortgage payments. The home loan in this
residential loan. situation might not be approved.
 Using a 30 year fixed mortgage of $150,000 as an  High payments in a high mortgage rate
example, if the borrowing rate is 6.50%, the environment: Nobody wants to be saddled
monthly payment would be $948.10.
with high home mortgage payments over the
 If the mortgage interest rate is 8.50%, the
long term.
mortgage monthly payment would amount to
$1,153.37.
 The difference in monthly payments is $205.27.
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Slide 15

31. Adjustable Rate Mortgage
 The adjustable rate mortgage or ARM is a combination of a fixed rate mortgage and
a floating rate mortgage.
 At the beginning of the mortgage term, the mortgage rate is fixed for certain
periods.
 These periods could be for 3, 5, 7 or 10 years. After this period expires, the
mortgage interest rate becomes adjustable.
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32. The Adjustable Rate Mortgage (ARM)
There are several components that go into calculating the ARM mortgage.
• The market derived interest rate which is used as a base to set future rates of the
ARM mortgage loan. Depending on the index chosen, the rate could be adjusted
Index:
monthly, quarterly, semi-annually or annually. The index could be pegged to the
following: Treasury Bill Rates, The Prime Rate, Libor and 6 month CD.
• This is the spread added to the index to determine the actual rate charged to the
Margin: mortgage borrower. Example: Index is based on One Year Treasury Bills 3%. The margin
is 2%. The mortgage rate the borrower pays is 5%. Rate = Index Rate + Margin.
• This is the duration for which the mortgage interest rate is fixed. If the adjustment
Adjustment
period is one year, then the interest rate will remain fixed for one year, after which
Period:
time it will adjust.
• This is the maximum the interest rate can adjust either up or down for each
Adjustment Cap: adjustment period. Example: The adjustment cap is 1 point. The index based interest
rates since the last adjustment period went up 1.5 points.
• The maximum mortgage interest rate charged over the duration of the arm mortgage
loan. The cap can be as high as 6%. The cap is based on the interest rate from the first
Lifetime Cap: year adjustment period. The rate is 5%. The highest the mortgage interest rate can go is
11% (Base Rate + Lifetime Cap).
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33. The Adjustable Rate Mortgage (ARM)
As interest rates remain at record low rates, more people select a fixed-rate loan, as they will be more affordable.
An ARM is more attractive when interest rates are rising, you can still qualify for a mortgage, and plan for a rate
increase if it happens.
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34. The Adjustable Rate Mortgage (ARM)
 Merits
 Repayments may fall when interest
rates fall.
 You can increase your repayments.
 You can pay off lump sums.
 You can apply for a payment break/
holiday.
 The margin is less on a tracker rate
or LTV rate when your LTV is lower.
 Demerits
 Repayments may increase when interest rates increase.
 More difficult to budget for repayments because of uncertainty with
rates.
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35. Adjustable Rate Mortgage
Advantages Disadvantages
 Teaser Rate: This is the starting interest rate of the arm  Complicated to understand: Unlike a fixed rate
adjustable rate mortgage. It is usually referred to as the mortgage that is simple to understand,
teaser rate, since it is lower than the fully indexed rate.
 Interest rates have bottomed out: By going with an
 Affordability: If current mortgage rates this may be the adjustable rate mortgage arm at the bottom of the
only option available to you. interest rate cycle, successive borrowing rates will likely
go higher as interest rates go down.
 Interest rates have peaked: By going with an adjustable
rate mortgage arm at the peak of the interest rate  Uncertainty: If you plan to be at your property for more
cycle, the successive rates will be lower as interest than 7 years, you will be dealing with the uncertainty
rates go down. associated with an ARM mortgage.
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36. Interest Only Mortgage
 An interest only home mortgage features no
payments of principal made at the beginning of
the home loan.
 The monthly payments consist only of
mortgage interest only. Due to the lower
monthly mortgage payments, you qualify for
a bigger residential loan.
 After the interest only payment is over, you will begin making payments on
your mortgage principal.
 Your monthly mortgage payment will go up considerably.
 For example, you took out a 15/30 year interest only mortgage.
 After the 15th year, the principal balance will be amortized over 15 years.
 With a $175,000 home loan with a mortgage borrowing rate of 6.50%, the
interest only monthly payment is $947.92.
 When the principal payments kick in after the 15th year, the mortgage monthly
payment jumps to $1,524.44.
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37. Interest Only Mortgage
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38. Interest Only Mortgage
Advantages Disadvantages
 Lower mortgage payments  Income Risks: There are no assurances that
The lower monthly mortgage payments let you your income will rise fast enough to cover the
purchase a home where a fixed mortgage loan higher monthly mortgage payments.
would not.  Property Risks: Instead of the property rising
 You get to jump on the housing bandwagon fast enough to pay off your interest only home
 Free up cash to invest the money elsewhere mortgage, it could stay at current levels or even
Instead of using the cash to pay down your drop.
mortgage principal, you can invest in other As a result, you might require another loan just
vehicles such as stocks and mutual funds to settle the interest only mortgage loans.
generate a superior return.  No guarantee of getting superior returns in
other investments: If you used the money to
generate returns in investments such as
equities and mutual funds, there is no
guarantee you’ll make money.
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Slide 24

39. Biweekly Mortgage
 In Biweekly Mortgage, mortgage
payments are made every two
weeks. The amount paid is half of
what your monthly mortgage
payment would be.
 On an annualized basis, there are two extra payments in a year. You will
be making 26 biweekly mortgage payments instead of 24 payments.
 A biweekly mortgage program has you paying down your principal
mortgage earlier.
 As a result, you’ll save significant amounts in mortgage interest and pay
off your home mortgage years earlier.
 Example: 30 year fixed mortgage $175,000 Interest Rate: 6.75%
 By opting for a biweekly mortgage payment plan for this mortgage, you
will be saving $54,257.52 in mortgage interest.
 Your mortgage will be paid off 5 years 9 months earlier.
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40. Biweekly Mortgage
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41. Two Step Mortgage
 A two step mortgage is essentially a
30 year mortgage with special features:
Convertible or non-convertible.
 These mortgage loans are also known as
5/25s and 7/23s.
 The 5/25s has a fixed interest rate for the
first five years and then switches to either a 25 year fixed mortgage rate or a 1
year adjustable mortgage rate.
 The 7/23 has a fixed interest rate for the first seven years and then converts to
a 23 year fixed or a 1 year adjustable.
 The starting home loan rate is lower than a 30-year fixed. However, it is
higher than a 1-year ARM mortgage.
 This type of residential mortgage is less risky than a mortgage ARM
initially since the adjustment interval is longer.
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42. Other Types of Mortgages
 Automatic rate-reduction mortgages
 Graduated-payment mortgages (GPMs)
 Growing-equity mortgages (GEMs)
 Second mortgages and home equity loans
 Shared-appreciation mortgages (SAMs)
 Equity-participation mortgages (EPMs)
 Reverse-annuity mortgages (RAMs)
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43. MORTGAGE TERMS TO KNOW
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44. Common Mortgage Terms
 Annual percentage rate (APR)-The actual cost of borrowing money, expressed in the
form of an annual rate to make it easier to compare the cost of borrowing money
among several lenders or sellers on credit. The APR includes all the financing costs
of a mortgage, including points, origination fees and other finance charges and the
mortgage interest.
 Point-A fee or charge equal to one percent (1%) of the principal amount of the loan
which is collected by the lender at the time the loan is made. It is collected only once.
Generally the lower the interest rate, the more points you'll pay.
 PITI – Principal, interest, taxes, insurance. The total monthly payment if fully
amortized. PITI also used to calculate reserve requirements for asset
documentation .
 LTV – Loan to Value – Percentage of a homes value owed on a mortgage.
 CLTV – Combined Loan to Value – This is the total percentage of a home’s value
owed on all mortgages combined
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45. Common Mortgage Terms
 DTI – Debt to Income Ratio – Represented as a percentage, this is the ratio between
debts and income.
 Amortize-Paying off a debt by making regular instalment payments over a set period
of time, at the end of which the loan balance is zero.
 Deed-A legal document under which ownership of a property is conveyed.
 3-Day Right of Rescission – A period of 3 full business after the signing of a mortgage
that the borrower has to rescind, or change his mind, and cancel the loan without any
negative consequences.
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46. Questions
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47. Post Workshop Action Plan
 Complete the Post Workshop Action Plan
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46

48. Summary of Book
Figuring Out Wall Street Consumer’s Guide
To Financial Markets
By Floyd Saunders
Publisher: Saunders Learning Group
ISBN: 978-0-9824019-0-3
available from Amazon, B&N, and
http://www.figuringout wallstreet.com
or www.floydsaunders.com
Author Contact
email: floyd@floydsaunders.com
Blog: www/money/floydsaunders.com
Twitter @floydsaunders
Facebook: Figuring Out Wall Street
Sideshare: http://www.slideshare.net/FloydSaunders
Book summary: From bank failures to home foreclosures and panic around the
world, Figuring Out Wall Street, is the concise guide to help everyone understand
how this latest crisis happened, who was responsible and what to do now to
restore our financial systems. Written in an easy to understand manner, even the
most complex financial concepts are easy to digest. This book provides help to
monitor investments with a review of investment products, financial regulators
and economic indicators. Learn how the stock market exchanges work and the
world of investment banking, hedge funds, venture capital and private equity.
Every chapter includes action plans for investing.
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49. About the Presenter/Author
 Floyd Saunders has worked on Wall
Street with both Bank of America and
JPMorgan, where is was a vice
president in global financial systems.
He has worked across the industry in
retail, commercial, and investment
banking.
 He has taught courses in Money and
Banking and extensively for the
American Institute of Banking and
various colleges.
 As a consultant, he developed and
taught a wide range of banking and
investing courses.
 He authored three programs for the
American Bankers Association: Banking
on Mutual Funds and Annuities,
Introduction to Securities Markets and
Investing in Securities.
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