II. General Mortgage Knowledge A. Qualified and Non-Qualified Mortgage programs 4. Conventional/nonconforming (e.g. Jumbo, Alt-A)

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a. Facts on "jumbo loans"
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b. Definition of "non-conforming" loan
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c. Examples of non-traditional loans
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d. Requirements for an escrow account associated with a "high priced loan"
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e. Requirements for an escrow account associated with a "high cost loan"
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f. Statement on Subprime Lending i. Definition of "payment shock"
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f. Statement on Subprime Lending ii. Definition of "subprime"
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f. Statement on Subprime Lending iii. Characteristics of ARM loans
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f. Statement on Subprime Lending iv. Definition of debt-to-income ratio assessment
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f. Statement on Subprime Lending v. Examples of credit risk characteristics
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f. Statement on Subprime Lending vi. Scenarios to determine when a balloon loan may be appropriate for a borrower
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f. Statement on Subprime Lending vii. Characteristics of subprime borrowers
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f. Statement on Subprime Lending viii. Characteristics of a subprime mortgage a. State income loans
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f. Statement on Subprime Lending viii. Characteristics of a subprime mortgage b. Non-income verifying loans
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g. Guidance on Nontraditional Mortgage Product Risk i. Characteristics of a non-traditional mortgage loan
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g. Guidance on Nontraditional Mortgage Product Risk ii. Risk of non-traditional mortgage products
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g. Guidance on Nontraditional Mortgage Product Risk iii. Re-payment capacity of a borrower
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g. Guidance on Nontraditional Mortgage Product Risk iv. Identifying the right non-traditional mortgage product for borrowers
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g. Guidance on Nontraditional Mortgage Product Risk v. Communications with consumers regarding non-traditional mortgage products
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h. Non-qualified mortgage (Non-QM) i. Features of a non-qualified mortgage
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h. Non-qualified mortgage (Non-QM) ii. Types of non-qualified mortages
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