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30-Day Money-Back Guarantee

This course includes:

  • 2 hours on-demand video
  • 2 articles
  • 10 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
Business Real Estate Mortgage

Become a Mortgage Loan Processor

Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor
Bestseller
Rating: 4.4 out of 54.4 (1,485 ratings)
4,979 students
Created by Joe Correa
Last updated 12/2020
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • You will be able to understand how mortgage processing works
  • You will be able to start working as a mortgage loan processor
  • You will be able to prepare and submit a loan package to underwriting for approval
  • You will learn how to review specific documents including a 1003 and disclosures
  • You will learn how to become a contract processor as well as a salaried processor
  • You will understand how to prepare a loan package for auditing
  • You will be able to complete compliance checks and know exactly what needs to be in each file
  • You will learn how to view and make changes on Calyx Point
  • You will learn how to submit a loan on a lenders website

Requirements

  • Must understand English.
  • High School Diploma level Mathematics

Description

Starting a new career as a mortgage loan processor is a smart and profitable decision that can have a significant effect on your financial future. Mortgage loan processors are in high demand!

In this modern course, you'll learn all of the skills necessary to become a successful mortgage loan processor and be able to use these skills in you're day-to-day working life. From how to prepare a loan package to submitting a file to underwriting and getting an "approved with conditions" status, these lectures are designed for any one who is interested in starting a career in real estate but that would prefer not be in sales. With real world examples demonstrating exactly how to execute each step of the mortgage process, you'll find out exactly what to do (and what not to do) to prepare a file to the level where it can be approved and be compliant with all federal and state regulations.

Main benefits of this course and of being a mortgage loan processor are:

- Make a great starting and future income

Most starting processors make $40,000 - $60,000 per year. Senior and experienced loan processors make $60,000 - $100,000+

- Have the flexibility of getting paid in the form of a salary or as an independent contractor (Work from home on your computer and phone if you are an independent contractor)

- Learn what it takes to close a home loan

- Start a career that is in high demand where you can quickly increase your income

If you already know the basics of being a loan processor and want refresh your memory or are just starting out and want to learn more in depth, this is the course for you. Ensuring the success of each and every loan is very different if you have the knowledge necessary to solve problems and have back up plans if problems arise. You need to know the steps you will need to take to prepare, submit, and close a loan. This takes experience and the right skills which is what this course will provide you with.

The first section of this course will take you through two hugely important elements of loan processing: how the entire loan process works and what you'll need to do on each and every loan file. You will learn how to do quality control checks to make sure you are compliant with all laws and how to be ready for an audit. In the second section of this course, you will learn what you need to do to start a career as a loan processor and what it entails.

At the end of it all, you'll have the tools needed to make better, and more successful decisions in your loan processor role.

A course diploma will be available to you when all sections have been completed at 100% which you can save or print. For instructions on downloading your course diploma you can go to: https://support.udemy.com/hc/en-us/articles/229603868-Certificate-of-Completion

Your instructor

Joseph Correa is the founder and CEO of Finibi Mortgage, a licensed mortgage brokerage business based out of Orlando, Florida. Having closed hundreds of mortgage loans and processed many of them, he has the necessary processing knowledge to help you become a success. In the past, he has also owned a correspondent lender business and invested in real estate.

Who this course is for:

  • Anyone looking to start a new career in real estate
  • Anyone who wants to work from home
  • Students who want to make a large income no matter what your age
  • Mortgage loan originators looking to start their own business
  • Real estate agents looking to learn a new field
  • Anyone who wants to start a career that has a stable income and great benefits

Featured review

Doris Monteverde
Doris Monteverde
7 courses
4 reviews
Rating: 5.0 out of 511 months ago
This is a very interesting course and I took it just to educate myself in this department. I really enjoy the way he explains everything without making it so complicated. I highly recommend his teachings!

Course content

9 sections • 94 lectures • 2h 13m total length

  • Preview00:36
  • Preview00:27
  • Preview00:33
  • Preview00:33
  • Preview00:43
  • Preview00:30
  • Preview00:33
  • Preview00:23
  • Preview00:41
  • Preview01:01

  • Preview00:19
  • Preview00:23
  • Preview00:42
  • Preview00:41
  • Preview00:19
  • Preview00:39

  • Preview02:46
  • 1. Loan origination
    00:33
  • 2. Income and assets
    00:45
  • 3. Credit and liability information
    01:22
  • 3.1. Credit and liability example
    01:28
  • 4. Submitting the loan to underwriting
    02:05
  • 4.1. Factors that affect approvals
    00:49
  • 5. Loan approval
    00:38
  • 6. Obtaining loan conditions
    00:49
  • 7. Ordering the appraisal
    00:54
  • 7.1 Appraisal waivers
    00:30
  • 8. Ordering the homeowners insurance and title documents
    00:24
  • 8.1. Ordering title documents
    01:13
  • 9. Ordering a verification of employment or a verification of deposit
    00:51
  • 9.1. Outsourcing the verification of employment
    00:31
  • 9.2. Outsourcing the verification of deposit
    00:36
  • 10. Obtaining a mortgage payoff
    00:45
  • 10.1. Mortgage payoff request requirements
    00:27
  • 11. Sending loan conditions to underwriting
    00:35
  • 11.1. Verifying large deposits and solutions to this problem
    00:41
  • 11.2. Going over all the documents being sent to underwriting
    00:49
  • 12. Locking the interest rate
    00:26
  • 12.1. Can the borrower afford the payment with this interest rate?
    00:32
  • 12.2. Solutions to obtaining lower mortgage payments
    01:10
  • 12.3. Lock time periods available that can be used to the borrowers favor
    00:38
  • 12.4. How interest rates are determined
    00:39
  • 13. Once you obtain a clear to close
    00:28
  • 14. Requesting the closing documents and a closing date
    00:49
  • 15. Saving a complete file in digital format
    00:52
  • 16. Running quality control checks on all files
    00:44
  • 17. Compliance with all Federal and State laws
    00:27

  • What documents are needed on each and every file
    00:58
  • What disclosures are necessary for a compliant file
    00:52
  • A quick interruption
    01:07
  • 1003 Uniform residential loan application
    10:08
  • Loan Estimate
    07:28
  • Truth-in-lending disclosure statement
    01:04
  • Affiliated business disclosure
    01:07
  • Borrower signature authorization
    00:55
  • Borrowers certification and authorization
    01:40
  • Optional Credit life/credit disability
    00:22
  • Flood hazard notice
    01:31
  • Disclosure notices
    03:07
  • Mortgage loan origination agreement
    02:23
  • Equal credit opportunity act (ECOA)
    00:54
  • Notice to home applicant
    00:55
  • Esign disclosures
    01:14
  • Always save a Fannie Mae 3.2 file
    00:29

  • How to complete a verification of employment (VOE)
    02:59
  • How to complete a verification of deposit (VOD)
    02:11
  • Homeowners insurance (HOI) request process
    02:42
  • Title documents request process
    03:42
  • Homeowners insurance invoice
    00:45
  • Insurance binder example
    01:07
  • Payoff request using a mortgage statement
    01:27

  • Uploading a Fannie Mae 3.2 file
    00:57
  • How to request DU or LP and how to reissue credit
    00:56
  • Date tracking for the entire loan process
    04:19
  • Generating initial loan documents for borrower signature
    01:24
  • Using a lenders document-less process
    00:50
  • How to submit a file to underwriting
    01:13
  • Viewing all loan documents saved and archived
    00:52
  • Save a complete file for auditing purposes
    00:47
  • Saving a Fannie Mae 3.2 file from the lenders portal
    01:18

  • Common minimum credit score requirements
    01:27
  • Debt to income ratios processors need to know
    00:41
  • Calculating the loan to value for specific loan programs
    00:44
  • Processors specific PITI calculation
    00:48
  • Partnering with credit repair companies to help borrowers qualify
    00:31
  • Using a loan origination software (LOS) that easy and fast to use for processors
    00:31
  • Loan processing made easy with these lenders
    00:31
  • General overview of Calyx Point for processing purposes
    11:56
  • Loan processor review
    3 questions

  • Transaction journal example
    00:58
  • CRM reports
    05:48
  • Compliance checklist for each loan closed
    08:11

  • Enjoy the process of helping others
    00:27
  • Thank you
    00:27
  • Bonus: What I recommend
    01:12

Instructor

Joe Correa
CEO of Finibi Mortgage and Published Author
Joe Correa
  • 4.4 Instructor Rating
  • 2,420 Reviews
  • 13,062 Students
  • 17 Courses

Joe Correa is a multi-business entrepreneur with years of experience in real estate, mortgage, personal finance, and investment advisory in Florida. He believes in living a financially independent lifestyle by maximizing your strengths and creating passive income streams to balance your life. Joe chose to follow the path of philanthropy by helping others to fulfill their dreams by reorganizing their financial lives in a way that would give them the most free time while increasing their income. He is a firm believer in not working harder but instead in making money and knowledge work hard for you. 

Published author:

Joe Correa is the author of: 

"The Compound Interest Millionaire"

In this book, Joe teaches you how to retire wealthy by using the power of compound interest.

"How to Pay Off Your Mortgage in 6 to 8 years"

Learn how to eliminate your mortgage debt in just a few years using new techniques that will allow you to own your home free from debt.

"Rich Kids Made Simple"

Teaching our kids how to manage their finances at a young age is the only way to prepare them for life and all the financial pitfalls that can appear in their path.

"How to Take Your Credit Score from 0 to 800"

Managing your credit is necessary in our economy and this book teaches you to save the most on interest by having the best credit scores.

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