Become a Mortgage Loan Processor by Udemy
Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor
Course Highlights
- You will be able to understand how mortgage processing works
- You will be able to start working as a mortgage loan processor
- You will be able to prepare and submit a loan package to underwriting for approval
- You will learn how to review specific documents including a 1003 and disclosures
- You will learn how to become a contract processor as well as a salaried processor
- You will understand how to prepare a loan package for auditing
- You will be able to complete compliance checks and know exactly what needs to be in each file
- You will learn how to view and make changes on Calyx Point
- You will learn how to submit a loan on a lenders website
Skills you will learn!
Curriculum
11 Topics
What does a loan processor do?
Why should you become a loan processor?
Who should consider becoming a loan processor?
Benefits of becoming a loan processor?
Loan processor duties
Instructor Background
The loan processors job
10 reasons why loan processors are essential to closing a home loan
Employer expectations
How are loan processors paid?
How much do loan processors get paid?
6 Topics
What is required to become a loan processor
Do I need to become certified?
Who offers licensing courses?
Working from home or in an office environment
The best kept secret in the mortgage industry: mentors
Become an approved contract processor with different lenders
31 Topics
The general loan process
1. Loan origination
2. Income and assets
3. Credit and liability information
3.1. Credit and liability example
4. Submitting the loan to underwriting
4.1. Factors that affect approvals
5. Loan approval
6. Obtaining loan conditions
7. Ordering the appraisal
7.1 Appraisal waivers
8. Ordering the homeowners insurance and title documents
8.1. Ordering title documents
9. Ordering a verification of employment or a verification of deposit
9.1. Outsourcing the verification of employment
9.2. Outsourcing the verification of deposit
10. Obtaining a mortgage payoff
10.1. Mortgage payoff request requirements
11. Sending loan conditions to underwriting
11.1. Verifying large deposits and solutions to this problem
11.2. Going over all the documents being sent to underwriting
12. Locking the interest rate
12.1. Can the borrower afford the payment with this interest rate?
12.2. Solutions to obtaining lower mortgage payments
12.3. Lock time periods available that can be used to the borrowers favor
12.4. How interest rates are determined
13. Once you obtain a clear to close
14. Requesting the closing documents and a closing date
15. Saving a complete file in digital format
16. Running quality control checks on all files
17. Compliance with all Federal and State laws
17 Topics
What documents are needed on each and every file
What disclosures are necessary for a compliant file
A quick interruption
1003 Uniform residential loan application
Loan Estimate
Truth-in-lending disclosure statement
Affiliated business disclosure
Borrower signature authorization
Borrowers certification and authorization
Optional Credit life/credit disability
Flood hazard notice
Disclosure notices
Mortgage loan origination agreement
Equal credit opportunity act (ECOA)
Notice to home applicant
Esign disclosures
Always save a Fannie Mae 3.2 file
7 Topics
How to complete a verification of employment (VOE)
How to complete a verification of deposit (VOD)
Homeowners insurance (HOI) request process
Title documents request process
Homeowners insurance invoice
Insurance binder example
Payoff request using a mortgage statement
9 Topics
Uploading a Fannie Mae 3.2 file
How to request DU or LP and how to reissue credit
Date tracking for the entire loan process
Generating initial loan documents for borrower signature
Using a lenders document-less process
How to submit a file to underwriting
Viewing all loan documents saved and archived
Save a complete file for auditing purposes
Saving a Fannie Mae 3.2 file from the lenders portal
9 Topics
Common minimum credit score requirements
Debt to income ratios processors need to know
Calculating the loan to value for specific loan programs
Processors specific PITI calculation
Partnering with credit repair companies to help borrowers qualify
Using a loan origination software (LOS) that easy and fast to use for processors
Loan processing made easy with these lenders
General overview of Calyx Point for processing purposes
Loan processor review
3 Topics
Transaction journal example
CRM reports
Compliance checklist for each loan closed
3 Topics
Enjoy the process of helping others
Thank you
Bonus: What I recommend
Become a Mortgage Loan Processor
Related Mortgage Courses
_ Part II.webp)
_ Part I.webp)
Thank You!
Your review has been submitted successfully.