9AM to 5PM
All three days
A live, instructor-led course, created to help people who are seeking more education on the function of residential mortgage loan processing. This course will be helpful for junior loan processors, loan originator assistants, brand new loan originators, or anyone new or newer to the mortgage lending industry.
Processor’s role within the mortgage industry, duties: reviewing the loan application, pre-underwriting, credit, title, escrow, appraisals, analyzing documentation.
Secondary market, loan programs: Conventional, FHA, VA, USDA. Fair Housing, Mortgage Fraud, and Federal laws: SAFE, TILA, RESPA, ECOA, FCRA, Dodd Frank/TRID.
Working up the file, troubleshooting, submitting to underwriting, most common conditions, processing case studies and final exam.
We will cover the following and more:
Identify the methods used by the loan processor to verify an applicant’s employment and assets.
Identify the essential components of an appraisal report.
Describe important aspects to consider when reviewing the Property Description section of the appraisal.
Explain how a property’s market value is determined and described on the appraisal.
Explain the concept of “change of circumstance” and related requirements concerning re-disclosure.
Explain key factors in reviewing a loan file prior to submission to underwriting.
Identify examples of compensating factors.
Identify typical prior-to-closing and at-closing conditions.
Describe basic loan file documents that are submitted to the underwriter.
Describe methods processors use to detect and prevent fraud.
CE Forward, Inc. is an NMLS Approved Course Provider #1400068 doing business under the name National Association of Mortgage Fiduciaries. This course does not provide any pre-licensing or continuing ed hours for licensed loan originators.