Mortgage Processing 101 Guide
Training can be an expensive investment for companies and individuals alike. While we provide unique and affordable solutions, particularly with our textbook and loan officer training, as a consumer there are some things to consider:. Be wary of for profit 'career training' - these companies make money from your lack of knowledge of the business, selling you expensive programs and offering job placement. You can often do the same thing yourself for free. Be wary of 'Certifications' - there are very few actual recognized certifications you receive from training (only offered by government agencies, and very specialized).
Loan Processing 101
New - USDA Complete Program Training Housing Counselor Training - take the Housing Counselor Course for FREE and receive a certification! MountainWest Mortgage - Topics for mortgage originators and companies Crescent Mortgage - An example of a training center compiled from free sources Franklin Mortgage Corporation - A complete suite of customer training courses. Loan Processing Step-By-Step Procedures. The following guide will still serve as a good checklist in any loan processing environment. The Loan File. As well as the type of loan itself. For example, if you are handling a mortgage loan, you'll need to have the property appraised, inspected, get proof that there is no termite presence. If you're looking for a career in mortgage, banking, lending, or becoming a loan officer, then there is no other better place like 101 Mortgage Training.
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This is a deceptive marketing practice. The most important training you'll receive actually comes from knowing how your employer does business like 1.) loan program training, 2.) Loan Origination Software (LOS) training, and 3.) company policies and procedures. Knowing what the company requires can help you get a job. New -take the Housing Counselor Course for FREE and receive a certification! - Topics for mortgage originators and companies - An example of a training center compiled from free sources - A complete suite of customer training courses. They also pull from other sources.
Lots of topics, Conventional, Compliance and FHA - Another Lender Library of Training Programs, including a new processor training class - Fraud, Tax Return Analysis, Appraisal Review, Rental Income Events (This page's location changes a lot - let us know if there's a broken link) Training - Fraud, Underwriting, Appraisals, Tax Returns, Self-Employment - Income and Asset Evaluation, Marketing Strategies, others - Many webinars - A Free Training Resources.
Income and Asset Documentation All assets and income used in the mortgage approval process must be documented. The mortgage processor has to have copies of W-2 forms used in income tax filing for the current and prior tax years. How far back the W-2 forms must go varies by mortgage lender, but a common requirement is the past two tax years. Copies of at least four current pay stubs are needed for employed borrowers.
Self-employed borrowers must provide income and loss statements, and copies of their full tax return. Bank and asset statements must be provided, as well as copies of any court awards being used to qualify for the mortgage such as child support. Appraisal and Home Insurance Reports Mortgage lenders generally require proof of homeowner's insurance in the borrower's name for the home tied to the mortgage - to protect the asset. The processor obtains a copy of the commitment and policy terms, and coverage amounts from the insurance company. Additional coverage the lender is asking for, such as flood insurance, has to be included on the insurance documentation.
Mortgage Processing Checklist Pdf
The lender requires a professional home appraisal for the purpose of evaluating the home's market value and verifying that the home is worth the mortgage amount. The mortgage processor must have a copy of the home appraisal.