Become a Mortgage Loan Processor

Course Curriculum

Chapter 1: BECOME A MORTGAGE LOAN PROCESSOR

Lecture 1: What does a loan processor do?

Lecture 2: Why should you become a loan processor?

Lecture 3: Who should consider becoming a loan processor?

Lecture 4: Benefits of becoming a loan processor?

Lecture 5: Loan processor duties

Lecture 6: Instructor Background

Lecture 7: The loan processors job

Lecture 8: 10 reasons why loan processors are essential to closing a home loan

Lecture 9: Employer expectations

Lecture 10: How are loan processors paid?

Lecture 11: How much do loan processors get paid?

Chapter 2: GET STARTED AS A LOAN PROCESSOR

Lecture 1: What is required to become a loan processor

Lecture 2: Do I need to become certified?

Lecture 3: Who offers licensing courses?

Lecture 4: Working from home or in an office environment

Lecture 5: The best kept secret in the mortgage industry: mentors

Lecture 6: Become an approved contract processor with different lenders

Chapter 3: BREAKING IT DOWN

Lecture 1: The general loan process

Lecture 2: 1. Loan origination

Lecture 3: 2. Income and assets

Lecture 4: 3. Credit and liability information

Lecture 5: 3.1. Credit and liability example

Lecture 6: 4. Submitting the loan to underwriting

Lecture 7: 4.1. Factors that affect approvals

Lecture 8: 5. Loan approval

Lecture 9: 6. Obtaining loan conditions

Lecture 10: 7. Ordering the appraisal

Lecture 11: 7.1 Appraisal waivers

Lecture 12: 8. Ordering the homeowners insurance and title documents

Lecture 13: 8.1. Ordering title documents

Lecture 14: 9. Ordering a verification of employment or a verification of deposit

Lecture 15: 9.1. Outsourcing the verification of employment

Lecture 16: 9.2. Outsourcing the verification of deposit

Lecture 17: 10. Obtaining a mortgage payoff

Lecture 18: 10.1. Mortgage payoff request requirements

Lecture 19: 11. Sending loan conditions to underwriting

Lecture 20: 11.1. Verifying large deposits and solutions to this problem

Lecture 21: 11.2. Going over all the documents being sent to underwriting

Lecture 22: 12. Locking the interest rate

Lecture 23: 12.1. Can the borrower afford the payment with this interest rate?

Lecture 24: 12.2. Solutions to obtaining lower mortgage payments

Lecture 25: 12.3. Lock time periods available that can be used to the borrowers favor

Lecture 26: 12.4. How interest rates are determined

Lecture 27: 13. Once you obtain a clear to close

Lecture 28: 14. Requesting the closing documents and a closing date

Lecture 29: 15. Saving a complete file in digital format

Lecture 30: 16. Running quality control checks on all files

Lecture 31: 17. Compliance with all Federal and State laws

Chapter 4: PREPARING A COMPLETE FILE

Lecture 1: What documents are needed on each and every file

Lecture 2: What disclosures are necessary for a compliant file

Lecture 3: A quick interruption

Lecture 4: 1003 Uniform residential loan application

Lecture 5: Loan Estimate

Lecture 6: Truth-in-lending disclosure statement

Lecture 7: Affiliated business disclosure

Lecture 8: Borrower signature authorization

Lecture 9: Borrowers certification and authorization

Lecture 10: Optional Credit life/credit disability

Lecture 11: Flood hazard notice

Lecture 12: Disclosure notices

Lecture 13: Mortgage loan origination agreement

Lecture 14: Equal credit opportunity act (ECOA)

Lecture 15: Notice to home applicant

Lecture 16: Esign disclosures

Lecture 17: Always save a Fannie Mae 3.2 file

Lecture 18: Updated Uniform Residential Loan Application

Chapter 5: COMMON DOCUMENTS PROCESSORS NEED TO BECOME FAMILIAR WITH

Lecture 1: How to complete a verification of employment (VOE)

Lecture 2: How to complete a verification of deposit (VOD)

Lecture 3: Homeowners insurance (HOI) request process

Lecture 4: Title documents request process

Lecture 5: Homeowners insurance invoice

Lecture 6: Insurance binder example

Lecture 7: Payoff request using a mortgage statement

Chapter 6: LENDERS WEBSITE NAVIGATION

Lecture 1: Uploading a Fannie Mae 3.2 file

Lecture 2: How to request DU or LP and how to reissue credit

Lecture 3: Date tracking for the entire loan process

Lecture 4: Generating initial loan documents for borrower signature

Lecture 5: Using a lenders document-less process

Lecture 6: How to submit a file to underwriting

Lecture 7: Viewing all loan documents saved and archived

Lecture 8: Save a complete file for auditing purposes

Lecture 9: Saving a Fannie Mae 3.2 file from the lenders portal

Chapter 7: KEY FACTORS WHEN PROCESSING MORTGAGE LOANS

Lecture 1: Common minimum credit score requirements

Lecture 2: Debt to income ratios processors need to know

Lecture 3: Calculating the loan to value for specific loan programs

Lecture 4: Processors specific PITI calculation

Lecture 5: Partnering with credit repair companies to help borrowers qualify

Lecture 6: Using a loan origination software (LOS) that easy and fast to use for processors

Lecture 7: Loan processing made easy with these lenders

Lecture 8: General overview of Calyx Point for processing purposes

Chapter 8: Compliance and quality control checks

Lecture 1: Transaction journal example