Instructor-led Online Course

This course is designed for those interested in becoming loan processors and beginning loan processors. This course introduces the skills necessary to successfully process a conventional loan transaction after receiving the “file” from the loan originator. These skills include: ways to effectively communicate with the applicant, loan originator and third party vendors; determining and ordering necessary items from third party vendors; reviewing for accuracy and red flags the loan application, credit report, sales contract, automated underwriting findings, as well as the URAR and supporting documentation for income and assets; calculating ratios and funds to close; and finally, analyzing the findings prior to submitting the file to underwriting.

What it's about

By the end of this course students will be able to effectively communicate with all parties in the loan transaction; determine the items needed to submit a file to underwriting and receive an underwriting decision quickly; and understand what is involved in managing a pipeline of loans to ensure closing dates are met.

Class Schedule

Thursdays, September 7, 14, 21 and 28, 2017
12:00 p.m. - 1:30 p.m. ET
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Learning Goals and Objectives:

Upon completion of the course, students will be able to:

  • Describe the responsibilities of the loan processor
  • Implement best practices for loan processors
  • Describe the importance of communication
  • Analyze documentation necessary to submit a loan file to underwriting
    • Application
    • Credit report
    • Purchase agreement
    • Appraisal
    • Title commitment
  • Calculate stable monthly income, ratios, and funds to close

Target Audience:

  • New Loan Processors
  • Those interested in becoming a Loan Processor

Benefits

  • Apply and demonstrate your newly acquired knowledge and understanding to your new role as a Loan Processor

Program Details:

Session One - Topics

  • Loan Processor Responsibilities
  • Teamwork and Communication
  • Loan Application Review
  • Items to Order
  • The Credit Report

Session Two - Topics

  • Risk Factors
  • Employment documentation
  • Stable monthly income
  • Calculating qualifying ratios
  • Funds to close
  • Documentation and source of funds

Session Three - Topics

  • Reviewing the Uniform Residential Appraisal Report (URAR)
  • Reviewing the Sales Contract

Session Four - Topics

  • Private Mortgage Insurance
  • Title Commitment
  • Submission to Underwriting
  • Changed Circumstances
  • On to Closing

Tuition & Registration

The course is $600 per person. Tuition includes all course materials. Upon successfully completing the course, students will earn an industry-recognized certificate of completion.