HECM Tool Training

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18 Lessons

72% In progress

HECM Tool Training

Overview of the HECM Tool

8 Lessons

This lesson provides a broad overview of how the HECM Tool works. It covers topics such as signing in, navigating the tool, adding and editing customers, creating reports for different scenarios (purchase and refinance), comparing different loan options, and generating and sending reports to clients.

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Learn how to easily sign in and out of the HECM Tool and reset your lost password. Learn the report generation restriction by license.

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How to add, edit and remove customers.

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In this lesson you will learn how to start and create a HECM Tool Report or HTR. This is a basic overview of how to create the HTR.

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Learn how to create a Purchase HECM Tool Report. Discover how to run purchase reports if purchase price is known or if the borrower has a specific amount available for closing to determine the home price.

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We cover how to create refinance reports with single option or two option comparison scenarios.

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Understand how to save, update, and edit reports. Learn how to keep rates updated and not share outdated reports.

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Learn how to find and edit existing reports for borrowers.

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Mastering the Refinance Module

5 Lessons

A step-by-step explanation of how to navigate the module calculations. It includes information about inputting data such as home value, mortgage balance, and current mortgage payment, as well as comparing different loan options and analyzing the results using charts and graphs.

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Learn how to navigate a refinance scenario when a borrower does not have enough equity to pay off their mortgage balance using a home equity conversion mortgage. They would need to bring in cash to close the loan. In this lesson we walk through the process using different loan options.

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In this refinance scenario we review a borrower that owns their home free and clear. We walk through the steps of running a refinance scenario, choosing different options for comparison, and analyzing the results. It includes information on expected rates, HECM loan amounts, home equity, closing costs, optional fixed monthly payments, and the line of credit and loan balance over time.

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In this refinance scenario the borrower pays off their current mortgage and has extra cash in the form of a line of credit. It explains the process and compares different options available to the borrower.

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In this refinance scenario the borrower has enough funds to pay off their existing mortgage with the HECM and a little bit extra, but they do not qualify for a second year line of credit. The lesson explains how this scenario would work and compares the advantages and disadvantages of different rate options.

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This lesson reviews how the purchase module works in the HECM Tool. We explain the options if either purchase price or cash available for closing is known and demonstrates how to run different purchase scenarios using the tool.

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In this lesson we demonstrate how to run a HECM purchase report using a certain amount of cash as the buyer's budget instead of a specific purchase price. We walk through the process and explain the comparison between buying with all cash and using the HECM program. We further review the loan amount, cash to close, funds available, equity position over time.

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Learn how to prepare and run a purchase HECM Tool report or HTR. It shows the process comparing a HECM to a conventional loan. Additional details such as the purchase price, loan options, savings, available funds, closing costs, equity position, and a report summary are included.

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In this lesson you will learn how to create a HECM Tool Report - HTR for a HECM comparing to all-cash purchase. We review generating a report to send to the borrower and creating a screen capture video explaining the loan details to recap your initial conversations. Additional explanation for the cash to close, HECM loan amount, closing costs, MIP, available funds, equity position over time, and expected interest rate.

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how to record a recap video to send to borrowers after an initial meeting. It explains the purpose of the recap video, the content to include, and the tool to use for recording the video

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About the teacher

Tane Cabe

Enjoy the training.

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