Processing Boot Camp - Live! Instructor Led Courses!!
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. |
Live Instruction Led Processor Boot Camp Taught by recognized industry leaders - $599
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Since 1992 - The ORIGINAL Processing Boot Camp
We have been teaching the Loan Officer Boot Camp since 1992 - long before most other instructors and companies were even in the mortgage business. The Boot Camp concept is not for everyone. It requires commitment on the part of the student to be an active learner, and to be interested in being a highly professional, ethical, career-minded lender.
Only $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
CONSTRUCTION
We have been teaching the Loan Officer Boot Camp since 1992 - long before most other instructors and companies were even in the mortgage business. The Boot Camp concept is not for everyone. It requires commitment on the part of the student to be an active learner, and to be interested in being a highly professional, ethical, career-minded lender.
Only $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
- 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
- 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
- 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
- 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
- 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
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
- 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
- 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
