Austin Community College -

AUSTIN COMMUNITY COLLEGE
MORTGAGE UNDERWRITING
SPRING 2009

Instructor:       Jake Costin
Phone #:          512.394.0111
E-mail:             jake@mortgagefinancer.com
Office Hrs:      Monday 8:40 to 9:40 or by appointment

Class time: Monday 6:00 to 8:40

Course description: This course is a comprehensive study in the evaluation of risk in mortgage lending and the prudent approach to decision making. It is designed to provide the student with an in-depth training of mortgage loan underwriting for all facets of conventional loans.

COURSE OBJECTIVES

Upon successful completion of the course, the student should be able to:

Describe the key components of the underwriting philosophy
Identify credit risk factors in loan files
Identify compensating factors in loan files
Evaluate combinations of these factors to determine true risk
Describe how to approach decision making on marginal or unusual loans
Identify the types of properties that require special underwriting or appraisal consideration.
Describe the fundamentals of Automated Underwriting

COURSE POLICIES

Incomplete Policy: An incomplete (I) will be granted to a student in rare circumstances. Generally, to receive a grade of I, 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.

Attendance Policy: All students are expected to attend classes. Non-attendance will have an impact on the student’s grade.

Withdraw 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 wish 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. If 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 works submitted by students shall be the result of their thought, research or self-expression. Academic works 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 for 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 the 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 or 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.

GRADING

There will be a mid-term and final non-cumulative exam. Additionally, there will be a graded project. Students should also be prepared for several unannounced quizzes over the course of the semester. Finally, class participation and attendance will also be factored into the student’s final grade. Grades will be allocated based on the formula below:

Mid-Term Exam                      30%
Quizzes                                   10%
Participation/attendance         10%
Project                                     20%
Final Exam                              30%

TOTAL 100%

Grades will be computed based on the following scale:

A = 90 to 100
B = 80 to 89
C = 70 to 79
D = 60 to 69
F = Below 60

COURSE OUTLINE

1/26 Syllabus review, course expectations, lecture

2/2 Lecture

2/9 Lecture

2/16 Lecture

2/23 Lecture

3/2 Lecture and Mid Term Review

3/9 Mid Term Exam

3/16 Spring Break

3/23 Lecture

3/30 Lecture

4/6 Lecture

4/13 Lecture

4/20 Lecture

4/27 Lecture and Projects Due

5/4 Lecture and Final Exam Review

5/11 Final Exam