How to Become a FHA Approved Title Closer
Title closers, or title agents, represent a title company and are responsible for gathering documents and information on property being purchased. They make sure the property is free and clear of liens for the buyer and protect the lender by ensuring it is the only one providing funding for the mortgage. The Federal Housing Administration provides mortgage insurance to protect lenders from homeowner default. According to the FHA website, loans must meet certain requirements to qualify for this insurance. FHA-approved title closers have received additional training to better understand how these requirements affect property purchases.
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Instructions
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Look for FHA training classes that meet your time and cost requirements. Most FHA training classes are offered online, allowing students maximum flexibility. They are offered as live Web seminars, held at specific times or as classes to watch at leisure. Private, mortgage training centers including Mortgage University, Loan Officer School and FHA Online University offer online programs for professionals. The FHA offers training but not specifically for title closers.
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Determine if the cost of the classes if advantageous for you. Most programs offer certification training from $500 to $1,000, as of 2011. According to the FHA website, "Unlike conventional loans that adhere to strict underwriting guidelines, FHA-insured loans require very little cash investment to close a loan." Gaining FHA approval allows you to close these transactions, increasing your production level and salary.
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Choose a program that meets your needs. According to MindOnYourMoney.com, "Undoubtedly, mortgage professionals who arm themselves with a wide range of expertise will be most marketable and ready for any opportunity, especially as the mortgage meltdown comes into effect and the sub-prime market sees its last days."
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