Module 1: Mortgage Basics — Foundations for Beginners

• What is a Mortgage? Basic Concepts and Parties Involved
• Monthly Payment Components (PITI)
• Escrow Accounts
• Types of Loans (Introductory Level)
• Pre-Qualification vs Pre-Approval
• APR vs Interest Rate
• Points and Pre-Payment Penalties
• Standard Mortgage Forms (Introductory Overview)
• Government-Sponsored Enterprises (GSEs)
• Loan Processing — From Application to Closing
• Where Consumer Protection Regulation Intersects This Module
• Realistic Scenarios and Practical Application

Module 2: The US Mortgage Industry — Structure & Players

• A Brief History — How the Modern Industry Structure Came to Be
• The Primary Mortgage Market
• The Secondary Mortgage Market
• Key Players — A Deeper Look
• Regulatory Bodies Governing US Mortgage Lending
• The 2026 Regulatory Environment — What Has Changed
• Where India Fits In — The US Mortgage BPO/KPO Ecosystem

Module 3: Mortgage Loan Products & Programs

• Conventional Conforming vs Non-Conforming (Jumbo)
• Government-Backed Programs — FHA, VA, and USDA
• Fixed-Rate vs Adjustable-Rate Mortgage Structures
• Non-QM and Portfolio Lending
• First-Time Homebuyer and Down Payment Assistance Programs
• Loan Types Overview — Purchase, Rate/Term Refinance, and Cash-Out Refinance
• Applying Program Selection — Realistic Scenarios

Module 4: The Loan Origination & Processing Lifecycle

• Application Intake
• Form 1003 — The Uniform Residential Loan Application (URLA)
• Loan Estimate and Disclosures
• Processing Workflow and Document Collection
• Loan Origination Systems (LOS) — Practical Tool Exposure
• Handoff to Underwriting
• Capstone Case Study — One File, Start to Submission

Module 5: Underwriting Fundamentals

• The Role and Responsibilities of the Underwriter
• Underwriter Accountability — Certification, Representations, and Repurchase Risk
• The 4 C’s of Underwriting
• Manual vs Automated Underwriting
• Automated Underwriting Systems — DU and LP Findings Interpretation
• Forms 1003 & 1008
• Underwriting Conditions and Stipulations
• Loan Stacking and File Organization
• Capstone Case Study — A Full Underwriting Decision

Module 6: Credit Analysis — 2026

• Credit Report Structure and Review
• Classic FICO vs the 2026 Credit-Scoring Transition
• The GSE Bi-Merge Proposal — What’s Actually Happening
• Program-Specific Scoring Status in 2026
• Credit Disputes, Thin-File, and Non-Traditional Credit Borrowers
• Derogatory Credit Event Seasoning

Module 7: Income & Employment Analysis

• Wage-Earner Income Calculation
• Automated Income and Asset Verification via AUS
• Bonus, Commission, Overtime, and Variable Income
• Other Income Types Beyond Wage Employment
• Employment Gaps and Job History Evaluation
• Asset Assessment and Large-Deposit Sourcing
• Capstone Case Study — A Complete Income and Asset File

Module 8: Self-Employed Borrower & Tax Return Analysis

• Self-Employment Business Structures
• Cash Flow Analysis Methodology
• Sole Proprietorship (Schedule C)
• Partnerships and Partnership K-1 Analysis
• S-Corporations (Form 1120S and K-1)
• C-Corporations
• LLC Analysis
• Royalty and Farm Income
• Financial Statement Review
• Capstone Case Study — A Multi-Entity Self-Employed Borrower

Module 9: LTV, DTI & Ratio Calculations

• Loan-to-Value (LTV), CLTV, and HCLTV
• Debt-to-Income Ratio Computation and Qualifying Ratios
• Reserve Requirements
• Compensating Factors Framework
• Capstone Case Study — Integrating LTV, DTI, Reserves, and Compensating Factors

Module 10: Property & Appraisal Underwriting

• Appraiser vs Lender Responsibilities
• Appraisal Forms and Reporting
• UAD (Uniform Appraisal Dataset) and UCDP (Uniform Collateral Data Portal)
• Collateral Underwriter (CU) Risk Scoring
• Condo and PUD Project Eligibility Review
• FHA- and VA-Specific Property Considerations
• Capstone Case Study — A Complete Collateral Review

Module 11: Government-Backed Loan Underwriting (FHA / VA / USDA)

• The FHA Program
• The VA Program
• The USDA Rural Development Guarantee Program
• Program Comparison and Overlay Differences
• Capstone Case Study — Comparing Three Programs for One Borrower

Module 12: Non-QM, Jumbo & Portfolio Underwriting

• The Ability-to-Repay Rule and the Qualified Mortgage
• Non-QM Underwriting — Program Mechanics
• Jumbo Loan Overlays
• Investor-Specific Guideline Application
• Capstone Case Study — A Complete Non-QM, Multi-Investor File

Module 13: Regulatory Compliance & Fair Lending

• TILA-RESPA Integrated Disclosure (TRID) — Timing and Tolerance Rules
• Equal Credit Opportunity Act (ECOA) / Regulation B and Adverse Action Notices
• Fair Housing Act and Disparate-Impact Basics
• HMDA Reporting Awareness
• State-Level Licensing Basics — SAFE Act and NMLS
• Integrating the Compliance Framework

Module 14: Due Diligence, Fraud & Red Flags

• Manual vs Automated Due Diligence
• Common Mortgage Fraud Typologies
• Why Fraud Happens — The Fraud Triangle
• Red-Flag Identification Checklist
• Quality Control (QC) and Post-Closing Audit Basics
• Escalating a Suspected Fraud Finding

Module 15: Closing & Secondary Market Delivery

• Clear-to-Close Conditions
• Closing Disclosure Review
• Investor Delivery and Loan Sale Basics
• Servicing Handoff Overview
• Capstone — The Complete Loan Lifecycle

Module 16: Career Readiness & Practical Application

• Full File Walkthrough — Intake to Closing (Case Study)
• Common Interview Questions
• Resume and Positioning Guidance
• Overview of Common LOS/AUS Tools
• Certifications and Continuing Education Pathways

Apply for Certification

https://www.vskills.in/certification/us-residential-mortgage-underwriting