Mortgage Training - Loan Originators, Loan Officers and Mortgage Processors
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It's Baa-aack!! Online LIVE Instructor Loan Processing Boot Camp

Objective
 
For new and intermediate processing staff, this course helps to understanding the functions of the processor, loan file set up, documentation review, loan file submission preparation, satisfying underwriting results, status communication, and loan closing preparation. Considering a career as a processor?  Read the Free White Paper - A Processing Career and Register for Free Training and receive an introduction to the career prospects. 
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Now LIVE -online- with nationally recognized instructors. Hands-on learning where you actually process a loan. $599
Since 1992 - The ORIGINAL Processing Boot Camp
Just $599

COURSE DESCRIPTION AND PURPOSE:
This course is designed for individuals desiring to join the mortgage loan industry as a new
processor or an existing processor wanting to improve and strengthen their skills. The material
covers the loan from setup through submission to underwriting and closing. At the end of the
course, the student will be given an actual loan to process.

CHAPTER 1: THE PROCESSOR’S DUTIES & RESPONSIBILITIES
  • Generally accepted definition of mortgage processor
  • List of specific duties
  • Division of duties between MLO and Processor
  • Time Management- Manage your desk.
  • Goals – How to Reach
  • Working Remotely
  • Order Services
  • Discussion of Work Queues
CHAPTER 2: MORTGAGE INDUSTRY OVERVIEW
  • Primary vs. Secondary
  • Definition of primary and its players
  • Who are the secondary market players, and what is their purpose?
  • Bankers vs. Brokers
  • Pros and Cons of each
  • Mortgage Locks
  • Mortgage Math
  • LTV’s and Ratios
  • Loan Products
  • Conventional
  • Fixed
  • ARMS
  • Balloon
  • 1st and 2nd combos
  • Reverse Mortgages
  • Introduction to guidelines- conforming.
  • Risk discussion with relation to collateral, income, assets, and credit
  • Eligibility of Borrowers
  • AUS
  • Employment/Income
  • Assets
  • Credit
  • Specialty Programs
  • PMI
  • Non-QM loans
CHAPTER 3.1: NEW LOAN SETUP, VENDORS AND DISCLOSURES, PART I
  • Setup Loan Procedure - Sources
  • Loan File Setup Procedure- Setup Checklist
  • Missing Documentation
  • Ordering Services
  • Welcome Package and Disclosures
  • Basic File Stacking
  • CHAPTER 3.2: NEW LOAN SETUP, VENDORS AND DISCLOSURES, PART II
  • Federal Laws and Disclosures
  • RESPA
  • TILA
CHAPTER 4: DOCUMENTATION REVIEW – REVIEWING CREDIT AND PAYMENT HISTORY
  • The Housing Expense
  • How Much Should Be Spent On Housing
  • The Housing Ratio
  • Total Debt Ratio
  • Debt and Debt Treatment
  • Types of Debt and Their Hierarchy
  • The Credit Report
  • Types of Credit Reports
  • How To Read
  • Credit Issues
  • Adverse Credit
  • Non-QM Lending
  • Credit Scoring
  • Credit Fraud Watch
CHAPTER 5: DOCUMENTATION REVIEW- INCOME DOCUMENTATION
  • Basic Income Calculation
  • What is Stable Income
  • Base Income
  • Bonus, Commission, and Tips
  • Self-Employment
  • Definition
  • Types and Documentation
  • Income Calculation
  • Compensating Factors
  • Income Fraud
  • Red Flags
CHAPTER 6: DOCUMENTATION REVIEW – ASSETS
  • Cash Requirements – Closing Costs
  • Hard costs vs. Variable Costs
  • Cash Requirements – the LE and the CD
  • Explanation of Both Documents
  • Cash Requirements –Source of Funds
  • Acceptable Sources of Funds and Documentation
  • Fraud Alert- Source of Funds
  • Asset Red Flags for Non-Allowable Sources
CHAPTER 7: DOCUMENTATION REVIEW – PROPERTY, APPRAISALS, PROJECTS, NEW
CONSTRUCTION
  • Property Types
  • Condos, PUDs, Single-Family
  • New Construction
  • Investment Property
  • Requirements and Challenges
  • Appraisals
  • Requirements and Explanation of the Single-Family Appraisal
  • CHAPTER 8: UNDERWRITING SUBMISSION AND APPROVAL
  • Relationship Between Underwriter and Processor
  • Documentation Assembly
  • DU/LPA Review
  • Review of Sections on the Feedback
  • Loan Approval Process
  • New URLA
  • Review of the Sections
CHAPTER 9: THE CLOSING AND REQUIREMENTS
  • Brokered vs. Funded Transaction
  • Preparing the Fee Sheet
  • Fee/Cost Reconciliation
  • Compliance Testing
  • Settlement Agent- Documentation Requirement
  • Title Binder
  • Survey
  • Insured Closing letter
  • HOI
  • Condos and PUDs
  • Termite Report
  • Well/Septic Inspection
  • Flood Certification
  • Manner of Vesting Title
  • Explanation of the CD
  • Wet/Dry Settlement
  • Right of Recission
CHAPTER 10: TIME MANAGEMENT STRATEGIES FOR PROCESSORS
  • Benefits of Time Management
  • Have a Back-up Plan
  • Goals
  • Changing Landscape created by COVID-19
  • Working from Home Main Necessities
  • Working Remotely
  • Using Software for Time Management
  • Services
  • Order Tracking
  • Work Queues
  • Submit to Underwriting


Register for Live Processor Boot Camp Now!

Text Books

Loan Officer's Practical Guide to Residential Finance
Practical Guide to Loan Processing
Practical Guide to Marketing

Courses

Loan Officer Boot Camp
Mortgage Processor Boot Camp

Policies and Procedures 

Origination
Processing
Underwriting
Closing/Funding
Post-Closing Quality Control
Operations/Human Resources
Information Security
Federal Compliance
Mortgage Servicing
Secondary Marketing

Single Plans

SAFE Act
Anti-Money Laundering
Fair Lending/Deceptive Practices
Appraiser Independence

Services

Online Training Login
Operational Audit Assessment
Internal Training Program Development

QuickStart Mortgage Training Programs
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