Start Your Own Mortgage Loan Processing Business
Start Your Own Mortgage Loan Processing Business, available at $64.99, has an average rating of 4.65, with 60 lectures, 3 quizzes, based on 135 reviews, and has 3754 subscribers.
You will learn about Learn to start and run your own Mortgage Loan Processing business. Understand how to close an entire file with a complete loan processing example. Become a business owner and hire other loan processors. Learn to read and understand a loan approval. Learn who you need to contact when processing a mortgage loan. Understand what documents need to be completed and included in a loan file before submitting to underwriting. Learn how to determine your loan processing fees. Discover how to find lenders and mortgage brokerage companies that will work with you. This course is ideal for individuals who are Anyone who wants to start their own Mortgage Loan Processing company. or Anyone who wants to start a position as a mortgage loan processor and work remotely remotely. or Anyone who currently works in a related field and wants to start something new where you will have complete control of your future. or Anyone who has the drive to start their own business and not wait to get hired by others. or Anyone who wants to become independent and create solid business relationships. It is particularly useful for Anyone who wants to start their own Mortgage Loan Processing company. or Anyone who wants to start a position as a mortgage loan processor and work remotely remotely. or Anyone who currently works in a related field and wants to start something new where you will have complete control of your future. or Anyone who has the drive to start their own business and not wait to get hired by others. or Anyone who wants to become independent and create solid business relationships.
Enroll now: Start Your Own Mortgage Loan Processing Business
Summary
Title: Start Your Own Mortgage Loan Processing Business
Price: $64.99
Average Rating: 4.65
Number of Lectures: 60
Number of Quizzes: 3
Number of Published Lectures: 60
Number of Published Quizzes: 3
Number of Curriculum Items: 68
Number of Published Curriculum Objects: 68
Original Price: $129.99
Quality Status: approved
Status: Live
What You Will Learn
- Learn to start and run your own Mortgage Loan Processing business.
- Understand how to close an entire file with a complete loan processing example.
- Become a business owner and hire other loan processors.
- Learn to read and understand a loan approval.
- Learn who you need to contact when processing a mortgage loan.
- Understand what documents need to be completed and included in a loan file before submitting to underwriting.
- Learn how to determine your loan processing fees.
- Discover how to find lenders and mortgage brokerage companies that will work with you.
Who Should Attend
- Anyone who wants to start their own Mortgage Loan Processing company.
- Anyone who wants to start a position as a mortgage loan processor and work remotely remotely.
- Anyone who currently works in a related field and wants to start something new where you will have complete control of your future.
- Anyone who has the drive to start their own business and not wait to get hired by others.
- Anyone who wants to become independent and create solid business relationships.
Target Audiences
- Anyone who wants to start their own Mortgage Loan Processing company.
- Anyone who wants to start a position as a mortgage loan processor and work remotely remotely.
- Anyone who currently works in a related field and wants to start something new where you will have complete control of your future.
- Anyone who has the drive to start their own business and not wait to get hired by others.
- Anyone who wants to become independent and create solid business relationships.
Are you looking to start a career as a mortgage loan processor? Have you considered hiring yourself instead of working for others? Did you know that all you need to start your own loan processing business is a mortgage loan originator license? Yes, that’s right. Even if you’re not thinking of starting your own business, the secondand third sections of this course will show you how to process loans like a senior loan processor with practical examples which is incredibly valuable if you want to start working as a mortgage loan processor.
Starting your own mortgage loan processing company requires very little time and will allow you to start working with lenders and mortgage companies not as their employee, but as the owner of your own company. You will build relationships with different companies that will send you loans to process for them. By outsourcing the work to you, they save on loan processor salaries and will increase their profits. You can choose to work for them or to work with them as a partner. Some lenders even hire loan processing companies as preferred loan processors which is a huge benefit because you will receive loans to process on a consistent basis and will charge a fee for processing these loans.
WHAT WILL YOU LEARN IN THIS COURSE?
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Understand what you need to do to start your own processing company
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Develop your loan processing skills further so you can process loans even if you’re new to this field
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Learn how to hireand pay loan processors that work for you
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Go over most of the loan processing documents you’ll see in real life so you can become as knowledgeable as possible
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How to think likea senior loan processor
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How to double, triple, or quadruple your income by charging lenders and mortgage companies a flat processing fee
Loan processing companies normally charge between $300 – $900 per loan processed which can result in an annual income of:
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$300 x 20 (loans processed per month) x 12 (months in a year) = $72,000 or more in annual incomeon the low end
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$900 x 20 (loans processed per month) x 12 (months in a year) = $216,000 or more in annual incomeon the high end
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WHAT’S INCLUDED IN THIS COURSE?
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35 downloadable course documents as pdf files
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5 Practical exercises
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2 advertising examples you can use to get your business started
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2 Practice tests to prepare you to start your own loan processing business
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Many examples ofhow to complete the most common loan processing documents
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Access to the instructorin case you have any questions
In the first section of this course, you will learn how to set up and start your mortgage loan processing business, including: how to get MLO licensed to start your processing business, how to create and build lender and mortgage business relationships to bring in loans to process, what you need to do to get paid and pay others, where you can find the right contacts that will send you loans to process, and how much you can expect to get paid as a 1-person company or if you decide to hire other loan processors.
In the second section of the course you will learn what steps are necessary when processing a loan file including: what documents need to be reviewed and supplemental documents such as letters of explanation (LOX’s) and gift letters, what third party verifications should be completed and sent out such as VOE’s, VOM’s, VOD’s, VOI’s, request for title, request for insurance,etc. , who will take care of different steps in the process, who you need to be in contact during the loan process to get the loan to closing, what lenders and mortgage companies need to provide you so that you can perform your job (ID’s, passwords, credit vendor information, etc.), how to obtain a denial letter when necessary, what the underwriter will take of, what the mortgage loan originator is responsible for, and much more. Also, I will go over some of the most important loan documentsyou will need to read and understand as a loan processor including: the loan estimate, a conditional loan approval, and mortgage payoffs and how to fill them out.
The third section will go over important things you need to consider when starting a loan processing businesssuch as working remotely and hiring loan processors remotely. You will additionally learn what loan processors should be doing and what loan processors should not be doing which is very important either as the owner of a loan processing business or as a loan processor that works for a lender or mortgage company.
This course, in combination with my course on “Loan Processor & MLO Mortgage Math: Problems & Solutions”,will give you the tools necessary to become knowledgeable enough to become independent as a loan processor.
Once you complete this course, you will have advanced loan processing knowledge and a course diploma to show employers. A course diploma will be available to you when all sections have been completed at 100% which you can save or print. For instructions on downloading your course diploma you can go to: https://support.udemy.com/hc/en-us/articles/229603868-Certificate-of-Completion
Your instructor
Joseph Correais the founder and CEO of Finibi Mortgage, a licensed mortgage brokerage business based out of Orlando, Florida. Having closed hundreds of mortgage loans and processed many of them, he has the necessary processing knowledge to help you become a success.
Course Curriculum
Chapter 1: Introduction to starting your own loan processing business
Lecture 1: Introduction to starting your own loan processing business
Lecture 2: IMPORTANT: Download these PDF documents to use during the course.
Lecture 3: Tired of applying for loan processing jobs?
Lecture 4: Why start a loan processing business?
Lecture 5: What role does a loan processor play in a mortgage?
Lecture 6: How much can you really make as a loan processing company?
Lecture 7: Steps necessary to start a loan processing company
Lecture 8: Should you pay your employees as W2 employees or 1099 independent contractors?
Lecture 9: What's your business model?
Lecture 10: How to pay your employees payroll
Lecture 11: The best pay structures for mortgage companies and loan processing companies
Lecture 12: How to find and build relationships with MBBs and Lenders
Lecture 13: NMLS Consumer Access
Lecture 14: How you'll need to proceed on a loan file
Lecture 15: What lenders need to provide you to do your job?
Lecture 16: Steps necessary to process a live loan
Lecture 17: Reviewing a loan and submitting to underwriting
Lecture 18: What will the underwriter be reviewing on a loan?
Lecture 19: How long does it take to get a conditional loan approval?
Lecture 20: Planning for success in the mortgage industry
Chapter 2: Process loans like a senior loan processor by understanding how everything works
Lecture 1: Digital signature service providers
Lecture 2: Using DocuSign to obtain eSignatures
Lecture 3: Borrower signature authorization
Lecture 4: Reviewing the initial 1003 on Calyx Point
Lecture 5: Loan application and disclosure checklist
Lecture 6: DocuSign example to get a borrower's signature authorization eSigned
Lecture 7: How to estimate the property taxes on a loan
Lecture 8: Example of a property tax estimator website
Lecture 9: Reviewing a loan estimate as a loan processor
Lecture 10: Completing a verification of employment on theworknumber.com
Lecture 11: Verification of Employment (VOE) on Calyx Point
Lecture 12: Requesting a verification of employment through truework.com
Lecture 13: What are verbal verifications of employment?
Lecture 14: Appraisal request through an AMC
Lecture 15: Requesting an appraisal on Calyx Point
Lecture 16: DU or LP findings approve/eligible status
Lecture 17: Conditional loan approval reviewed by a loan processor example #1
Lecture 18: Conditional loan approval reviewed by a loan processor example #2
Lecture 19: Submitting loan conditions for a clear to close
Lecture 20: Closing disclosure reviewed by the loan processor
Lecture 21: Payoff example
Lecture 22: How to complete a gift letter
Lecture 23: Request for Payoff on Calyx Point
Lecture 24: Requesting tax transcripts on IRS.gov
Lecture 25: What is a verification of mortgage or VOM?
Lecture 26: Requesting a Verification of Mortgage (VOM) on Calyx Point
Lecture 27: Requesting a Verification of Deposit (VOD) on Calyx Point
Lecture 28: Ordering tax transcripts using form 4506T
Lecture 29: Request for Tax Return (4506T) on Calyx Point
Lecture 30: What documents need to be obtain from the title company?
Lecture 31: Request for Insurance on Calyx Point
Lecture 32: What does ISAOA ATIMA mean?
Lecture 33: Completing the Patriot Act: Borrower Information on Calyx Point
Lecture 34: Who sends the denial letter to the borrower?
Lecture 35: Reviewing a denial letter
Chapter 3: Important things to consider when starting a mortgage loan processing business
Lecture 1: Things to consider before disclosing a loan processing fee
Lecture 2: What should a loan processor be doing?
Lecture 3: What should a loan processor not be doing?
Lecture 4: Choosing to work remotely and hire remotely
Lecture 5: Your main purpose as a business owner
Instructors
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Joe Correa
Entrepreneur and Technology Innovator
Rating Distribution
- 1 stars: 3 votes
- 2 stars: 1 votes
- 3 stars: 9 votes
- 4 stars: 33 votes
- 5 stars: 89 votes
Frequently Asked Questions
How long do I have access to the course materials?
You can view and review the lecture materials indefinitely, like an on-demand channel.
Can I take my courses with me wherever I go?
Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don’t have an internet connection, some instructors also let their students download course lectures. That’s up to the instructor though, so make sure you get on their good side!
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