A conventional loan, also known as a conforming loan, is a mortgage that is not guaranteed or insured by a government agency such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA).
Conventional mortgages are "plain vanilla" home loans. They are typically fixed in their terms and rate, and follow fairly conservative guidelines for:
Borrower credit scores
Minimum down payments
Professionals In The Loan Process
Loan Officers generally are responsible for generating loan business and taking the initial loan application.
Loan Processors typically do the hard work of double checking the paperwork, correcting any errors, and corresponding with the underwriter to make sure the loan is approved.
Mortgage Underwriters are primarily responsible for reviewing the loan application to access risk to determine whether to approve or deny the loan.
Find Training For Conventional Loans
Where Loan Processors and Mortgage Underwriters simply require proper training to handle their responsibilities, Loan Officers require licensing. Click the applicable links below to find training or licensing for your preferred jobs.