Kickstart Your Mortgage Career as: Processor or LO Assistant

Name: Kickstart Your Mortgage Career as: Processor or LO Assistant
Rating: 3.6 (8 reviews)

Work From Home as you Build Your Mortgage Career: Essential Skills for Processors and Loan Officer Assistants

Created byDionne Bass

Last updated 5/2024

English

What you'll learn

Understand the fundamental concepts and structure of the mortgage industry.
Recognize the key players and their roles within the industry.
Identify different positions and roles in the mortgage industry.
Understand the responsibilities and career paths for mortgage professionals.
Gain a high-level overview of the mortgage process and its regulatory framework.
Comprehend the TILA-RESPA Integrated Disclosure (TRID) rule.
Understand tolerance levels and their implications on loan costs and fees.
Learn the requirements for Customer Identification Program (CIP) and Intent to Proceed
Differentiate between various transaction types, eligible properties, and occupancy types.
Understand the different loan programs available in the market.
Complete and review the Uniform Residential Loan Application (URLA) sections and addendums.
Verify borrower credit, income, and assets through appropriate documentation.
Assess and verify property collateral, including appraisals, titles, and insurance.
Prepare comprehensive loan packages for different types of transactions, including purchases, rate-and-term refinances, and cash-out refinances.

Course content

15 sections • 107 lectures • 5h 10m total length

Introduction to the Mortgage Industry3:05
In this foundational section, we embark on a comprehensive exploration of the mortgage industry, offering an illuminating introduction to its intricate workings and essential concepts.
We begin by unraveling the historical roots of the mortgage market, tracing its evolution from its origins to the present day. By understanding the historical context, you'll gain valuable insights into the factors that have shaped the industry's development and influenced its current dynamics.
History of the Mortgage Industry1:49
FHA (Federal Housing Administration)2:24
Fannie Mae (FNMA)2:50
VA Loans1:09
Freddie Mac (FHLMC)1:49
USDA Single Family Housing Guaranteed Loan Program1:23

Introduction1:03
In this section, we provide a concise overview of the various positions and roles within the mortgage industry, offering insights into the responsibilities and career paths available to mortgage professionals. Through clear descriptions and real-world examples, you'll gain a comprehensive understanding of the roles performed by loan officers, processors, underwriters, and closers, among others.
Additionally, we explore the intricacies of each role, outlining the day-to-day tasks and skill sets required for success. This section will help you navigate the diverse career paths within the mortgage industry, empowering you to make informed decisions about your professional development and advancement.
Types of Lending institutions2:46
Positions0:49
Mortgage Loan Originators MLO2:29
Openers3:41
Mortgage Loan Processor1:02
Mortgage Underwriter1:08
Closer/Funder0:51
Post Closing1:14
Review3:40
Who Am I? (1)0:30
Who Am I? (2)0:39
Who Am I? (3)0:42
Who Am I? (4)0:31
Who Am I? (5)0:32
Who Am I? (6)0:53

Intro to Compliance0:51
In this section, we provide a comprehensive overview of compliance within the mortgage industry, offering participants a high-level understanding of the regulatory framework that governs mortgage processes. Through engaging content and practical examples, participants will gain insights into the essential requirements for applications, disclosures, and compliance checks.
We delve into the intricacies of compliance, exploring key regulations and guidelines that shape mortgage transactions. From understanding the documentation requirements for loan applications to ensuring adherence to disclosure protocols, participants will emerge with a clear understanding of their responsibilities in maintaining regulatory compliance throughout the mortgage process. Whether you're a newcomer to the industry or a seasoned professional, this section will equip you with the knowledge and skills needed to navigate the complex landscape of mortgage compliance with confidence and proficiency.
Application2:29
TILA-RESPA Integrated Disclosures (TRID )2:21
Loan Estimate (LE)3:56
Closing Disclosure (CD)3:39
Disclosure Tolerance3:28
Customer Identification Program (CIP) and Intent to Proceed (ITP)2:40
Additional Loan Disclosures1:31
Governing Agencies2:20
Review1:28

Introduction0:27
In this section, participants embark on a journey into the world of mortgage mathematics, beginning with foundational concepts in Module 5.1. Subsequent modules delve into crucial calculations, including determining loan amounts, assessing loan-to-value ratios, and analyzing debt-to-income ratios. Through interactive lessons and practical exercises, participants gain the skills needed to navigate essential mathematical principles in the mortgage industry.
Loan Amounts3:46
Loan Amount Case Study0:56
Loan-to-Value9:47
Loan-to-Value Case Study3:48
Debt to Income DTI7:14

Intro1:07
Gain a comprehensive understanding of the four crucial elements that comprise credit analysis: Credit, Income, Assets, and Collateral. Through detailed exploration, you'll learn to assess borrowers' financial reliability by examining their credit history, verifying income sources, evaluating financial assets, and appraising collateral. Understanding the significance of each component equips you with the knowledge and skills needed to make informed lending decisions and mitigate risks effectively in the mortgage lending process.
Character (Credit)1:48
Capacity (Income)0:38
Collateral (Property)_ Automated Underwriting System (AUS)2:20
Review1:45

Qualify - Introduction to Uniform Residential Loan Application (URLA)1:40
Qualify- URLA_Section 1 Borrower Info5:23
Qualify- URLA_Section 2 Financial Information0:30
Qualify- URLA_Section 3_Financial Info_Real Estate0:30
Qualify-URLA_Section 4 Loan and Property Info7:18
Qualify- URLA_Section 4 Loan and Property Info6:44
Qualify- URLA_Section 5_Declarations5:40
Qualify- URLA_Section 6_Acknowlegement and Agreements0:30
Qualify- URLA_Section 7 Military Service0:44
Qualify- URLA_Section 8 Demographic Info3:12
Qualify- URLA_Section 9 Loan Origination Info0:57
Qualify- URLA_Additional Borrower0:34
Qualify- URLA_Continuation Sheet1:25
Qualify- URLA_Unmarried borrower Addendum0:58
Qualify- URLA_Lender Loan Information L1 Property and Loan Information5:54
Qualify- URLA_Lender Loan Information L2 Title Loan Information2:55
Qualify- URLA_Lender Loan Information L3 Mortgage Loan Information2:52
Qualify - URLA_Lender Loan Information L4 Qualifying the Borrower4:56

Requirements

Must understand English.
Basic math skills

Description

Welcome to our comprehensive course designed to equip individuals with no prior industry experience with the knowledge and skills needed to excel as a Loan Officer Assistant (LOA) or loan processor. This program covers every aspect of these roles, guiding you through the essentials of mortgage processing, from understanding terminology to mastering loan documentation and compliance requirements.

Whether you're entirely new to the mortgage industry or seeking a career transition, our comprehensive course, broken into four parts - Introduction, Qualify, Verify, and Packaging - provides the tools you need. Through engaging lectures, practical exercises, and real-world case studies, you'll gain a deep understanding of the mortgage process and develop the expertise necessary to succeed in the dynamic world of mortgage lending.

Mortgage Industry Fundamentals: Understanding the basic structure, key players, and various roles within the mortgage industry.
Credit and Asset Verification: Learning to review, assess, and verify borrower credit and assets through comprehensive documentation and analysis.
Loan Processing Procedures: Mastering the preparation of comprehensive loan packages for different transaction types and ensuring all necessary documentation meets underwriting standards.

By the end of the course, you'll be well-prepared to embark on a rewarding career as an LOA or loan processor. You'll be equipped to contribute effectively to any mortgage lending team, bringing valuable knowledge and skills to the table. Join us to build a strong foundation for your new career in the mortgage industry and take the first step toward a successful future in this field.

Who this course is for:

High school graduates seeking a well-paid, entry-level position in the mortgage industry.
New mortgage loan originators who want to deepen their understanding of the mortgage process.
Students aiming to earn a significant income, regardless of age.
Anyone seeking a career with stable income and excellent benefits.
Those who want to work from home.
Anyone interested in becoming a Loan Officer Assistant or Mortgage Loan Processor

Kickstart Your Mortgage Career as: Processor or LO Assistant

What you'll learn

Explore related topics

Course content

INTRODUCTION - The Mortgage Industry7 lectures • 14min

INTRODUCTION - Lending Institutions and Roles16 lectures • 23min

INTRODUCTION - Compliance10 lectures • 25min

INTRODUCTION - Transactions and Loan Programs4 lectures • 32min

INTRODUCTION - Mortgage Math6 lectures • 26min

INTRODUCTION - 4Cs of Credit5 lectures • 8min

QUALIFY - Uniform Residential Loan Application (URLA)18 lectures • 53min

QUALIFY - Breakdown of the Credit Bureau Report11 lectures • 25min

VERIFY - Credit Verification6 lectures • 27min

VERIFY - Asset Verification5 lectures • 12min

Requirements

Description

Who this course is for: