Jake Costin Syllabi for

LOAN CLOSING  BNKG 1373
SPRING SEMESTER 2009 16-WEEK SEMESTER

 

1.  Instructor Information:

Professor:        Jake Costin
Office:             Rio Grande Campus
Phone:             512.497.9730
E-mail:             jake@mortgagefinancer.com
Office Hrs:      Tuesday from 9:40 to 10:40 (after class or by appointment)

2. Course Description:

 

BNKG 1373, Loan Closing (3-3-0).  This course provides the student with comprehensive training in mortgage loan closing with an in-depth study of title commitments/policies, engineer’s survey, deed restrictions, and various documents (legal and other) used for residential mortgage loans.  Skills R Skills: R (FNM 1133) Course Type: W.

3. Required Textbooks/Materials:

 

“The Complete Guide to Your Real Estate Closing.”  We will cover the entire book in one semester.  You may purchase the book at any of the college bookstores.  The author’s website is www.escrowhelp.com

4. Instructional Methodology:

 

Instruction will be based on the required reading from both the required text and other outside supplements (to be provided).  Attendance is important since I will be providing information that is not in the text.  All tests will be given in the classroom during class times.

5. Course Rationale:

 

The Purpose of this course is to provide the student with an understanding in the dynamics of real estate closings.  This course can be one of several to prepare the individual to become more aware of all the aspects of the mortgage banking industry.

This course will help students to develop the understanding and skills necessary to become more effective reviewers of real estate loans.  By integrating all aspects of understanding the federal regulations, documents required and the processing of real estate loans.  It incorporates the understanding, importance and purpose of each and every document involved in real estate transactions.  Various techniques and tools will be reviewed, as will understanding the importance of properly completing the legal documents.

“Loan Closing” is not just about textbook learning.  It challenges the student to use their critical and creative skills to insure that all real estate transactions are completed with accuracy.   Properly executed documentation that will satisfy the mortgage banking industry, is a must.  The students will also learn how to apply the knowledge and skills learned in this course to real world situations.

6. Course Objectives:  Understand the following:
1. Opening Escrow
2. The title search
3. Ways to hold title
4. Inspections and their impact on closing
5. Loans and financing
6. Title insurance
7. Reconciliations of closing and pro-rations
8. Tax deferred exchanges
9. Signing the Documents
10. Post Closing Problems

 

7. Grading System:
1. Exams:  There will be 3 exams for this course.  They will be given in the classroom during normal class hours.  The exams are comprised of multiple choice and short answers with questions coming from the text, lecture and other supplemental materials.
2. Projects:  There will be one project.
3. Grading:

1. Exams are worth 250 points each
2. Project is worth 150 points
3. Attendance is worth 100 points.
4. The total value of the course is 1000 points

4. Grading Scale

Points	Grade
1000 to 900	A
899 to 800	B
799 to 700	C
699 to 600	D
599 to 0	F

 

 

 

 

8. Course Outline:

 

Date	Activity
Jan 20	Orientation and Introduction
Jan 27	Chapter 1
Feb 3	Chapter 2
Feb 10	Chapter 3
Feb 17	Chapter 4 and review
Feb 24	Exam 1
Mar 3	Chapter 5
Mar 10	Chapter 6
Mar 17	Spring Break
Mar 24	Chapter 7 and Review
Mar 31	Exam 2
Apr 7	Chapter 8
Apr 14	Chapter 9
Apr 21	Chapter 10
Apr 28	Chapter 11
May 5	Chapter 12 and Review
May 12	Exam 3

**Dates are subject to change based on the needs of the class.  At least one week advance notice will be given prior to changing the due date of papers and projects or scheduled exams.

 

9. Testing Center Policy:

 

Tests will be taken in the classroom during regular class hours.  If a student cannot take the test during the announced test date, they must contact me within 24 hours of the test date and make arrangements to take the test within 48 hours.

10. Project:

 

Accurately prepare the following documents after selecting a single family residence of your choosing from www.austinhomesearch.com.

1. Purchase Contract
2. Preliminary Title Report
3. Settlement Statement (according to the contract)

 

Useful resources:

1. www.hud.gov
2. www.traviscad.org
3. www.trec.state.tx.us
4. Local escrow agents, real estate agents, mortgage brokers, loan officers, surveyors, appraisers, banks and credit unions.

 

11. Attendance:

 

All students are required to attend 90% of the classes and be on time.  If a student must leave before I terminate the class session they should inform me prior to the beginning of class.  Absences totaling more than 3 will result in reduced points as follows:

0-3 absences 100 points;         4 absences 90 points;              5 absences 80 points;             

6 absences 70 points;              7 absences 60 points;              8 absences 50 points;

9 or more absences 0 points

12. Extra Credit:

 

Every student can earn up to 50 points of extra credit by reading additional articles from any of the following periodicals that pertain to real estate closing and provide a summary of the article that is to be 2 to 3 double spaced typed material:  Extra credit should be labeled as such and turned in any time until December 6, 2005.

13. Incomplete Policy:

 

An incomplete will be granted to a student in rare circumstances.  Generally, to receive a grade of incomplete, a student must have completed all examinations and assignments to date, be passing, and have personal circumstances that prevent course completion that occur after the deadline to withdraw with a grade of W.

14. Withdrawal Policy:

 

It is the student’s responsibility to withdraw from a course.  Instructors are allowed to withdraw students but students must not rely on their instructor to withdraw them if they with to withdraw.

 

 

***Austin Community College policies for Academic Freedom, Scholastic Dishonesty, Student Discipline, and Students with Disabilities are as follows:***

Academic Freedom Statement:  Each student is strongly encouraged to participate in class.  In any classroom situation that includes discussion and critical thinking, there are bound to be many differing viewpoints.  These differences enhance the learning experience and create an atmosphere where students and instructors alike will be encouraged to think and learn.  On sensitive and volatile topics, students may sometimes disagree not only with each other but also with the instructor.  It is expected that faculty and students will respect the views of others when expressed in classroom discussions.

Scholastic Dishonesty Statement:  Acts prohibited by the College for which discipline may be administered include scholastic dishonesty, including but not limited to cheating on an exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing outside work.  Academic work submitted by students shall be the result of their thought research or self-expression.  Academic work is defined as, but not limited to tests, quizzes, whether taken electronically or on paper; projects, either individual or group; classroom presentations, and homework (Student Handbook, 2002-2003, p. 32).  Penalties for scholastic dishonesty will depend upon the nature of the violation and may range from lowering a grade on one assignment to an F in the course and/or expulsion from this institution.

Student Discipline Statement:  Classroom behavior should support and enhance learning.  Behavior that disrupts the learning process will be dealt with appropriately, which may include having the student leave class for the rest of that day.  In serious cases, disruptive behavior may lead to a student being withdrawn from the class.  ACC’s policy on student discipline can be found in the Student Handbook, 2002-2003, p. 32.

Students with Disabilities Statement:  Each ACC campus offers support services for students with documented physical of psychological disabilities.  Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes.  Students are encouraged to do this three weeks before the start of the semester (Student Handbook, 2002-2003, p. 14).