Loan Processor Training
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How To Become A Loan Processor With Our Loan Processor Training Courses
What Is A Loan Processor? What Does A Loan Processor Do?While Loan Officers 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.
Essentially, once a loan is originated by the mortgage broker or loan officer, the corresponding paperwork is sent along to a loan processor. The loan processor is then responsible for prepping and organizing the file and getting it over to the bank or mortgage lender for approval.
This work includes:
- Organizing the loan application's documentation and makes sure it is in order
- Reviewing the loan package as given by the lender for completeness and accuracy
- Verifying the borrower's credit history in terms of debts and payments
- Checking appraisal and property issues requiring further justifications
- Determining if the application and ensuring requirements and paperwork comply with the lender's standards
- Contacting the borrower if information is missing or if additional information or documentation is required
Find Loan Processor Training Courses
Our training for how to become a mortgage loan processor is designed by people who have been loan processors for years, so you get the benefit of their experience on how to become a mortgage loan processor. Here are a few of the things you will learn from taking our Loan Processor training courses:
- Mortgage Terminology
- Loan Ratio Calculations
- Loan Documentation
- Disclosures
- DTI Ratios
- ARMs
- LTVs
- Escrows
- Credit Reports
- Purchase Agreements
- Processor Duties
To find Loan Processor training courses, either select one of the recommended courses or "Loan Processor" from the "Professional Development" section of the search box below.
Earn A Loan Processor Certification!You can earn a Loan Processor certification by completing the
Certified Loan Processor Certification course and passing the affiliated exam.
Our Certified Mortgage Processor program is ideal for loan processors looking to advance their mortgage processing career. Click the link above for more details or to order.
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More About Mortgage Loan Processor Training
More About What Is A Loan Processor And What Does A Loan Processor DoInterested in what does a mortgage processor do? Mortgage processors are primarily tasked with ensuring all of the proper documentation is present in a borrower's file, that all numbers check out, and everything is organized in an orderly fashion.
Loan Processors start with a loan application, gather additional information, then send the 'package' to the mortgage underwriter. This process includes gathering all the necessary documentation required to start the loan approval process, including verifying employment, reviewing bank and credit card statements, monthly bills, tax returns, and othe income and expenses.
The Loan Processor then works with the Mortgage Underwriter to get and/or verify any additional information needed to approve the loan.
Loan processors also order tax transcripts from the IRS, verify Social Security numbers from the Social Security Administration and review the borrower's homeowners insurance policy to make sure there is adequate coverage and that the mortgage lender's information has been shared with the insurance company. They also double-check that the borrower has sufficient cash to close the mortgage transaction.
Where Do Loan Processors Work? Loan processors are found in all kinds of financial institutions, including banks, credit unions, investment companies, auto dealerships, and other industries in which loans are brokered. Individuals with this type of financial skill set may also potentially find work in finance and accounting divisions, auditing companies and tax preparation companies.
What Education Is Needed To Be A Loan Processor? All that is needed for a career as a loan processor is a high school diploma. Nevertheless, some employers pursue loan processors who hold an associate's or bachelor's degree in a business-related area, such as accounting or business administration. Specific loan processing training programs are available as either certificate programs or single courses.
How To Become A Loan Processor
Becoming a Loan Processor is easy with our Loan Processor training courses. Simply select one of our recommended Loan Processor training courses from the list above, or use the search box by selecting "Loan Processor" from the "Professional Development" section of the search box. You also can earn a Loan Processor certification by clicking the link below.
