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Become a Mortgage Loan Processor

Video Introducing this tutorial


BECOME A MORTGAGE LOAN PROCESSOR :
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
Employer expectations
How are loan processors paid?
How much do loan processors get paid?

GET STARTED AS A LOAN PROCESSOR :
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
Become an approved contract processor with different lenders

BREAKING IT DOWN :
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

PREPARING A COMPLETE FILE :
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

COMMON DOCUMENTS PROCESSORS NEED TO BECOME FAMILIAR WITH :
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

LENDERS WEBSITE NAVIGATION :
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

KEY FACTORS WHEN PROCESSING MORTGAGE LOANS :
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 questions

Compliance and quality control checks :
Transaction journal example
CRM reports
Compliance checklist for each loan closed

FINAL THOUGHTS :
Enjoy the process of helping others
Thank you