Course

Course Summary

Credit Type:

Course

ACE ID:

CFTA-0007

Organization's ID:

A205

Organization:

Center for Financial Training

Location:

Online

Length:

11 weeks (46.5 hours)

Dates Offered:

Credit Recommendation & Competencies

Level	Credits (SH)	Subject
Lower-Division Baccalaureate	3	consumer lending

Description

Objective:

The course objective is for participants to learn the essentials about closed-end loans, indirect loans and related credit products, and open-end credit products. They also trace the consumer lending process from developing and taking loan applications to collection and recovery.

Learning Outcomes:

state four reasons why individuals apply for consumer credit
describe the four basic characteristics of consumer credit products
understand the purpose of fair lending regulations
state four regulations that protect credit consumers
list the categories of information asked for on a loan application
describe the five criteria for determining if a loan is appropriate
describe how you verify income and current employment
list the main sections of a credit report and the information it contains
explain how appraisals are used in the mortgage lending decision
list the industry standards for employment, residence, credit history, and debt/income ratio
explain the purpose of the security agreement and list its contents
list seven common types of documents in a consumer loan file
explain three legal actions lenders can talk to obtain repayment of a debt
describe the five steps to take in investigating an applicant that could help detect fraud