Residential Mortgages

Residential Mortgages


Welcome to Lawshelf’s video-course on residential mortgages. This course covers the concepts, documents and regulations that are important to transactions wherein land is used to secure a purchase loan. It discusses disclosures, document execution, closing procedure, consumer protection laws, default and foreclosure. This is an intermediate-level course and it is recommended that the viewer take LawShelf’s course entitled “Real Estate Transactions” before this one.

The course begins with the mortgage application process, including steps buyers should take to prepare themselves for the mortgage application process. We’ll also look at common mortgage features, including those of various types of mortgages, such as fixed-rate, adjustable-rate and balloon-payment mortgages. We’ll also look at second mortgages and home equity loans.

Our next module looks at closings and mortgage execution. We’ll introduce you to the forms common to mortgage closings and their purposes. We will also discuss the importance of recording mortgage deeds and the consequences of failing to do so in a timely manner.

Module 3 discusses consumer protection laws, especially the Truth in Lending Act and the Real Estate Settlement Procedures Act. We will look at these and other laws and discuss their impacts on the mortgage process. We will also focus on credit reporting, anti-discrimination and collections laws and their impacts on mortgages.

Module 4 discusses subprime mortgages and the subprime mortgage crisis that (at least in part) led to the Great Recession of 2009. We will look at the causes of this crisis and legislative attempts to prevent its repetition.

Our final module discusses what happens when borrowers default on their mortgages. We will discuss collection efforts short of foreclosure and the foreclosure process, including a discussion of defenses against mortgage foreclosure, some of which are established or aided by federal legislation such as the Truth in Lending Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act.

After having completed this course, you will have a better understanding of the mortgage process, from the planning and application stage all the way through foreclosure.

Best of luck and we welcome your feedback.

What is a video-course?

A LawShelf video-course is an in-depth series of presentations on a discreet legal topic. LawShelf video-courses focus on practical legal information and applications and are each designed to familiarize the viewer with a legal topic quickly and efficiently.

Who should take a video-course?

Our video courses are designed for professionals such as attorneys, paralegals, corporate officers and financial professionals, as well as laypeople looking to deepen their knowledge of particular areas of law. The courses allow you to acquire the specific knowledge and skills that you need without the expense and time commitment of going “back to school” for a degree. 

How do I learn?

Video courses are divided into 5 or 6 modules.  Each module contains a video lesson (usually about 15 minutes long) and a series of self-test questions that you can use to practice and make sure that you understand the material.

How do I complete a video-course?

To complete a video-course, you must pass a 10-question multiple-choice examination by scoring 70% or higher.  The questions on the exam are randomly selected from the self-test question sets for the various modules. You can retake an exam as many times as you need to, though you will not get the same questions each time since the questions are drawn from an exam bank.

How long will it take me to complete a video-course?

Between watching the modules, doing the self-test practice questions, reviewing the material and taking the final exam, we estimate that completing a video-course requires a time investment of 4-5 hours.  The courses are designed to get straight to the point. We’re cognizant that your time is valuable, and we condense the information you need to know to comprehensively cover a subject into as little time as practical.

Is there limit to how many video-courses I can take or complete?

No. A LawShelf subscription enables you to access any and all LawShelf content, including all video-courses. You can take courses as quickly or slowly as your time allows.

Do I receive any recognition for completing a video-course?

Once you complete the course by passing the final exam, you will be awarded a digital badge to display as evidence of your training and accomplishment.

How will a digital badge help me? 

Modern educational trends are moving away from traditional classroom-based course completion models and towards skills-based education. Employers today care more about skills than ever before. LawShelf digital badges conform to the Open Badge standard and are verifiable records of your skills that can easily be shared online.

How long do I retain access to the course materials?

You retain access the modules and take the final exam as long as you are a subscriber to LawShelf.

Common Real Estate Finance Methods-Module 1 of 5

Mortgage Execution: Recording Requirements, Documentation, and Closing Procedures-Module 2 of 5

Consumer Protection and Equal Opportunity in Real Estate Lending-Module 3 of 5

The Subprime Mortgage Crisis: Causes and Lessons Learned-Module 4 of 5

Mortgage Default and Foreclosure-Module 5 of 5

Final Exam only needs to be taken by those seeking to earn the Digital Badge credentials for this course.