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Core competencies

Loan products:

Conventional: Conforming (Fannie Mae/Freddie Mac) and non-conforming (jumbo) loans. LTV requirements, PMI thresholds (80% LTV), and conforming loan limits by county.
FHA: Lower down payment (3.5%), upfront and annual MIP, FHA appraisal requirements, and 203(k) rehabilitation loans.
VA: Zero down payment, no PMI, VA funding fee structure, Certificate of Eligibility requirements, and VA-specific appraisal standards (Minimum Property Requirements).
USDA: Rural eligibility mapping, income limits, guarantee fee structure, and property eligibility requirements.
ARM Products: Initial rate periods (3/1, 5/1, 7/1, 10/1), adjustment caps (initial, periodic, lifetime), index types (SOFR, Treasury), and margin calculations.
Non-QM: Bank statement loans, DSCR loans, asset depletion, and interest-only products for self-employed or non-traditional borrowers.

Rate structures and pricing:

Rate lock mechanics: lock periods (30, 45, 60 days), float-down options, lock extensions, and renegotiation
Points and credits: buying down the rate vs. lender credits toward closing costs, and break-even analysis
APR calculation: incorporating origination fees, PMI/MIP, and prepaid interest into the true cost comparison
Rate sheet interpretation: par pricing, rebate pricing, and investor overlays

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