Processing from A-Z introduces the new processor to the ins and outs of single-family conventional loan processing - from application to final analysis to submitting the loan package to the underwriter. The course covers skills essential to successful loan processing, such as how to calculate underwriting ratios, how to order and review verifications, and what to look for in reviewing loan file documents. Course topics include: the processor's role in mortgage lending, regulatory compliance, the loan application, loan verification documentation and procedures, how market value is established and documented on the property appraisal, and final analysis and submission of the loan file to the underwriter.
Course Outline:
Lesson 1 - Processing Overview
- Working as a Processor
- Processing Tasks
- Fair Lending Laws
- Automated Underwriting
- Loan Calculations
Lesson 2 - The Loan Application
- Loan File Setup
- Application Overview
- Type of Mortgage and Terms of Loan
- Property Information and Purpose of Loan
- Borrower Information
- Employment Information and Income and Housing Expense Information
- Assets and Liabilities
- Other Parts of the URLA
- Disclosures
Lesson 3 - Loan Verification
- The Verification Process
- Employment and Income Verification
- Verification of Assets and Net Worth
- Verification of Willingness to Pay
Lesson 4 - Property Appraisal
- Steps in the Appraisal Process
- Appraisal Overview
- Property Description
- Valuation Section
Lesson 5 - Final Analysis
- Reviewing the Loan Package
- Commitment and Closing Conditions
- Loan File Documents
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or Certified Mortgage Technologist (CMT) designations. |