Advanced Mortgage Loan Processor: Essential Skills Training from Udemy

Advanced mortgage loan processor training will give you the knowledge to earn a higher income. This course goes from theory to practical examples. Lenders are hiring mortgage loan processors by the hundreds.

This fast-paced course will go over the most fundamental tasks processors need to master such as: requesting a change in circumstance, being able to read and understand Loan Prospector findings, outsource basic processing tasks to third party vendors which will reduce your time on repetitive tasks and will allow you to focus more on providing the best service possible. You will also learn to calculate salaried and self-employed borrowers income quickly and easily with practice questions taught by the instructor. Besides that, you'll also review common calculations you will see every day in an exercise format. These realistic exercises will teach you how to calculate the debt-to-income ratio, loan-to-value, cash to close, borrowers middle credit score when you only have two credit scores or just one, plus, how to calculate all of these in one loan scenario. This course will even go over a real life conditional approval in detail just like you will need to do when you process loans for banks and lenders. If you're looking to start a career in real estate or mortgage and want to receive a salary and not a commission, becoming a loan processor is the right choice.

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

- Earn a great starting salary and possibly a sign on bonus

This course includes the contact information for 2 lenders that are currently hiring and need loan processors and other mortgage positions paying $40,000 - $100,000+ per year.

- Work remotely from home and have a flexible work schedule

- Become an expert on home mortgages

- Quickly and easily change careers into a high demand market

Once you start working as a mortgage loan processor, you can quickly move up to becoming a senior loan processor which are the highest paid form of loan processors. By completing this course, you will learn much of the knowledge senior loan processors have which will allow you to increase your income and potential for other higher paid positions within a bank, lender, or mortgage company.

The first section of this course will take you through three enormously important elements of loan processing: quickly running the debt-to-income ratio, loan-to-value, and calculating the cash to close for different borrowers. How to calculate a salaried and self-employed borrowers income. In the second section of this course, you will learn what lenders are the easiest to process loans with and what tools they offer to make processing faster. You will also learn what lenders are hiring and how to get hired by using some of the techniques which I have seen work in the past.

Once you complete this course, you will have advanced loan processing knowledge and a course diploma to show employers. 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.

This course is more advanced so if you haven't taken my "Become a Mortgage Loan Processor" course, I would suggest you start with that one first but you are welcome to start with this one and then move on to that one.

What's inside

Learning objectives

Learn how to calculate a salaried borrowers income.
Learn how to read and understand an appraisal and how property values are obtained.
Become a pro at locking rates and understanding how rates affect a loans approval.
Develop a deeper knowledge of verifications of employment to get more loans approved.

Learn how to become more valuable as a processor by completing more of the necessary task to close more loans.
Read and know what to request on a homeowners declaration page to get more loans closed.
Understand the importance of a survey and when it should be ordered and by who.
Learn how to obtain invoices for third party fees so that you loan is compliant and the lenders clears your loan to close.

Learn how to calculate a salaried borrowers income.
Learn how to read and understand an appraisal and how property values are obtained.
Become a pro at locking rates and understanding how rates affect a loans approval.
Develop a deeper knowledge of verifications of employment to get more loans approved.
Learn how to become more valuable as a processor by completing more of the necessary task to close more loans.
Read and know what to request on a homeowners declaration page to get more loans closed.
Understand the importance of a survey and when it should be ordered and by who.
Learn how to obtain invoices for third party fees so that you loan is compliant and the lenders clears your loan to close.

Syllabus

You will learn what this course is all about and what you can expect to earn as a processor and senior loan processor.

Introduction to the course

I just wanted to make sure you have the most up to date Uniform Residential Loan Application aka "URLA" for when you have a borrower that needs to complete it with your assistance or in case you want to become more familiar with this form. This is an important document for you to have in your files. You can download it in this lecture

This course assessment will allow the instructor to provide you improved content and quality thanks to your input.

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Read about what's good

what should give you pause

and possible dealbreakers

Teaches how to calculate income for both salaried and self-employed borrowers, which is a core skill for loan processing and helps ensure accuracy in loan qualifications

Explores the importance of surveys in the loan process and when they should be ordered, which is essential for ensuring compliance and avoiding potential property disputes

Covers the process of requesting a change in circumstance (CIC), which is a common task for loan processors when loan details need to be adjusted after initial application

Requires learners to have taken the "Become a Mortgage Loan Processor" course first, which may pose a barrier to entry for some learners seeking advanced knowledge

Discusses running Desktop Underwriter and Loan Prospector, which are tools that may require a subscription or access through a financial institution

Reviews summary

Essential training for advanced mortgage loan processors

According to learners, this course provides practical, step-by-step guidance on essential mortgage loan processing tasks. Many highlight the value of the realistic exercises, particularly for complex calculations like DTI, LTV, and income verification, finding them highly effective for skill development. Students often appreciate the instructor's deep industry knowledge and how the course covers topics relevant to daily work in the field, including navigating lender systems and understanding documentation. Some reviewers mention that the course content helps clarify processes they encounter on the job, making it useful for both aspiring and current processors seeking to advance.

Fast-paced and covers a lot of ground.

"It's a fast-paced course, packed with information."

"The course moves quickly, which is great if you already have some basic knowledge."

"While fast-paced, the structure felt logical, building on previous concepts."

"Be prepared for a lot of detailed information delivered efficiently."

Useful for career change or moving up.

"As someone looking to switch careers into mortgage processing, this course felt like the right step."

"I feel more prepared to pursue advanced processor roles after completing this training."

"The course gave me the confidence and knowledge needed to apply for loan processor positions."

"This training is valuable for increasing my income potential in the mortgage industry."

Addresses tasks crucial for a processor's daily work.

"The modules on AUS systems, appraisals, and VOEs are directly applicable to what I do daily."

"Learning how to request a change in circumstance and read LP findings was very beneficial."

"The course content aligns well with the tasks expected of an advanced loan processor."

"Understanding things like rate locks and third-party invoices is crucial, and this course covers them."

Instructor shares valuable real-world experience.

"The instructor's experience shines through, providing insights only someone in the field would know."

"I appreciated learning from someone who has actually closed and processed many loans."

"The instructor's explanations were clear and based on practical experience, which built confidence."

"Joseph Correa's knowledge is evident and makes the course content trustworthy and relevant."

Hands-on exercises are key to learning calculations.

"The exercises were extremely helpful in understanding the calculations like DTI and LTV."

"I found the step-by-step approach to income calculation particularly useful for real-world application."

"The practical examples and exercises on cash to close and credit scores made complex topics easy to grasp."

"This course provided me with practical tools and strategies that I could apply immediately to my work."

Best suited for those with some basic background.

"Although it's titled 'Advanced', it does cover some fundamental concepts, but having a basic understanding beforehand is helpful."

"I recommend having some prior exposure to loan processing terms to get the most out of this."

"The course material is dense; it helps if you've taken the instructor's basic course first."

"It moves quickly, so beginners might need to pause and rewatch sections."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Advanced Mortgage Loan Processor: Essential Skills Training with these activities:

Review Basic Mortgage Concepts

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Reinforce your understanding of fundamental mortgage concepts to better grasp the advanced topics covered in this course.

Browse courses on Mortgages

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Review definitions of key mortgage terms like principal, interest, and APR.
Practice calculating basic mortgage payments using online calculators.
Familiarize yourself with different types of mortgages (e.g., fixed-rate, adjustable-rate).

Read 'The Complete Idiot's Guide to Mortgages'

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Gain a broader understanding of the mortgage landscape to better contextualize the advanced processing techniques taught in the course.

View The Complete Idiot's Guide to Success as a... on Amazon

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Read the book, focusing on chapters related to loan types and the mortgage process.
Take notes on key concepts and terminology.
Relate the book's content to the course syllabus.

DTI and LTV Calculation Drills

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Sharpen your skills in calculating debt-to-income (DTI) and loan-to-value (LTV) ratios, essential for efficient loan processing.

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Find online DTI and LTV calculators.
Create sample borrower profiles with varying income, debt, and property values.
Calculate DTI and LTV for each profile, comparing your results to the calculator's output.
Analyze how different factors affect these ratios.

Four other activities

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Develop a Loan Processing Checklist

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Create a comprehensive checklist to ensure all necessary steps are completed during loan processing, improving efficiency and accuracy.

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Review the course materials and identify all required processing steps.
Organize the steps into a logical sequence.
Create a digital or physical checklist with space for notes and completion dates.
Test the checklist on sample loan scenarios.

Read 'Mortgages For Dummies'

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Understand the borrower's perspective and the factors that influence their decisions.

View Financial Literacy Essentials For Dummies on Amazon

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Read the book, focusing on chapters related to loan types and the mortgage process.
Take notes on key concepts and terminology.
Relate the book's content to the course syllabus.

Simulate a Full Loan Processing Cycle

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Apply your knowledge by simulating the entire loan processing cycle for a hypothetical borrower, from initial application to final approval.

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Create a detailed borrower profile with income, assets, and credit history.
Gather all necessary documentation (e.g., pay stubs, bank statements).
Calculate DTI, LTV, and other relevant ratios.
Submit the loan application to a simulated lender (using online tools or templates).
Track the loan's progress through each stage of processing.

Create a Presentation on Loan Processing Best Practices

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Solidify your understanding of loan processing by creating a presentation that outlines best practices for efficiency, accuracy, and compliance.

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Research and compile a list of loan processing best practices.
Organize the best practices into logical categories.
Create a visually appealing presentation with clear and concise explanations.
Include real-world examples and case studies.

Career center

Learners who complete Advanced Mortgage Loan Processor: Essential Skills Training will develop knowledge and skills that may be useful to these careers:

Mortgage Broker

Mortgage brokers connect borrowers with lenders, helping them find the best mortgage rates and terms for their needs. Mortgage brokers need a comprehensive understanding of different loan products and the mortgage approval process. This course provides an overview of the entire mortgage process, from initial application to closing. The course covers useful information about lenders, loan timelines, and the documentation required for a mortgage. This knowledge helps the mortgage broker guide clients through the mortgage process more efficiently.

See salaries and explore the career path for Mortgage Broker

Mortgage Underwriter

A mortgage underwriter evaluates loan applications to determine the risk involved in approving a mortgage. The underwriter analyzes the applicant's creditworthiness, income, assets, and the property being financed, ensuring that loans meet specific guidelines and regulatory requirements. This course may be useful for aspiring mortgage underwriters as it covers essential skills needed in the mortgage industry. The course covers many calculations such as debt-to-income ratio, loan-to-value, and cash to close, all of which are very useful calculations for a mortgage underwriter. In particular, the course provides training on reviewing appraisals, running Desktop Underwriter and Loan Prospector, and understanding loan approvals.

See salaries and explore the career path for Mortgage Underwriter

Loan Officer

Loan officers assist individuals and businesses in obtaining loans. The loan officer assesses applicants' financial situations, explains different loan products, and guides them through the application process. This course may be useful for a loan officer because it builds a strong foundation in mortgage loan processing, which is central to originating loans. A critical element of this role involves explaining loan terms and ensuring borrowers understand the process, which parallels the course's content on loan timelines and required documentation. Furthermore, understanding how processors calculate income, loan-to-value, and cash to close can help loan officers in guiding their clients.

See salaries and explore the career path for Loan Officer

Escrow Officer

Escrow officers manage the escrow process during real estate transactions, ensuring that all conditions of the sale are met before funds are disbursed. An escrow officer ensures a smooth transaction and protects the interests of all parties involved. The detailed knowledge of mortgage loan processing provided by this course is directly relevant to this role. The detailed overview of the loan process, including required documentation, invoice collection, and final approval, directly translates to the responsibilities of an escrow officer in coordinating and managing funds.

See salaries and explore the career path for Escrow Officer

Closing Coordinator

Closing coordinators manage the administrative tasks related to closing real estate transactions. They work with lenders, title companies, and other parties to ensure all documents are prepared and signed correctly. This course may be useful for closing coordinators, as it covers essential aspects of the mortgage loan process from conditional approval to clear to close. Training on invoice collection and reviewing approval conditions directly supports the responsibilities of a closing coordinator in managing the loan closing process.

See salaries and explore the career path for Closing Coordinator

Credit Analyst

Credit analysts assess the creditworthiness of individuals or businesses applying for loans or credit. They analyze financial statements, credit history, and other relevant data to determine the level of risk associated with extending credit. A credit analyst can find value in this course, with its emphasis on calculating debt-to-income ratio, evaluating credit reports, and understanding the documentation required for loan approvals. The course also covers the importance of verifications of employment, homeowners insurance, and surveys, all of which contribute to assessing risk and determining loan eligibility.

See salaries and explore the career path for Credit Analyst

Real Estate Agent

Real estate agents help clients buy, sell, or rent properties. This involves understanding market trends, property valuation, and the legal aspects of real estate transactions. For a real estate agent, this course may be helpful because it provides insights into the mortgage process, which is crucial for facilitating successful property transactions. The course's coverage of appraisals, credit reports, and loan approvals provides valuable context for agents assisting clients with financing. By understanding how lenders evaluate borrowers, real estate agents can better guide their clients and navigate potential roadblocks.

See salaries and explore the career path for Real Estate Agent

Compliance Officer

Compliance officers ensure that a company adheres to relevant laws, regulations, and internal policies. In the mortgage industry, compliance officers are crucial for ensuring lending practices comply with federal and state regulations. This course may be useful as it covers essential aspects of the mortgage loan process, including required documentation, appraisal reviews, and credit report updates. The course's emphasis on collecting third-party vendor invoices and obtaining a clear to close reflects the compliance requirements involved in mortgage transactions.

See salaries and explore the career path for Compliance Officer

Appraisal Reviewer

Appraisal reviewers evaluate the accuracy and validity of property appraisals to ensure they meet industry standards and lender requirements. The appraisal reviewer often identifies discrepancies or potential issues that could affect the value of the property. This course may be useful for aspiring appraisal reviewers, as it includes training on ordering and reviewing appraisals. The course explains how property values are obtained and emphasizes the importance of understanding appraisal findings and requirements.

See salaries and explore the career path for Appraisal Reviewer

Mortgage Servicer

Mortgage servicers manage mortgage loans after they have been originated, including collecting payments, managing escrow accounts, and handling borrower inquiries. This course may be useful as it enhances understanding of the mortgage loan process from origination to closing, which is beneficial for managing loans effectively. The course's training on calculating income, loan-to-value, and cash to close helps mortgage servicers understand the borrower's financial situation and assess the loan's ongoing performance.

See salaries and explore the career path for Mortgage Servicer

Real Estate Paralegal

Real estate paralegals assist attorneys in preparing legal documents, conducting title searches, and managing real estate transactions. This course provides helpful context for real estate paralegals, as it covers aspects of the mortgage loan process that intersect with legal documentation and compliance. The course covers surveys, homeowner's insurance, and lenders' documentation needs which contribute to a paralegal's understanding of complex transactions.

See salaries and explore the career path for Real Estate Paralegal

Financial Advisor

Financial advisors provide guidance to clients on various financial matters, including investments, retirement planning, and mortgages. For financial advisors, this course may be useful as it provides a deeper understanding of the mortgage loan process which is a major component of personal finance. The course's training on interpreting credit reports, calculating ratios, and understanding loan approvals helps inform sound financial advice related to homeownership. This knowledge enhances their ability to advise clients on mortgage options and their long-term financial implications.

See salaries and explore the career path for Financial Advisor

Loss Mitigation Specialist

Loss mitigation specialists work with borrowers who are at risk of defaulting on their mortgage loans. They evaluate borrowers' financial situations and explore options to avoid foreclosure, such as loan modifications or repayment plans. This course may be useful as it provides a comprehensive understanding of the mortgage loan process, including how lenders evaluate borrowers' ability to repay. The course's training on calculating income and debt-to-income ratio can help loss mitigation specialists assess borrowers' financial challenges and determine the most appropriate course of action to prevent foreclosure.

See salaries and explore the career path for Loss Mitigation Specialist

Title Examiner

Title examiners research property records to verify ownership and identify any liens, encumbrances, or other issues that could affect the transfer of title. This course may be useful as it covers aspects of the mortgage loan process that directly relate to property ownership and title. Specifically, the course discusses the importance of surveys and homeowner's insurance, which are key considerations when examining a property's title. Understanding how lenders evaluate these documents can help title examiners identify potential issues and ensure a smooth transaction.

See salaries and explore the career path for Title Examiner

Bank Teller

Bank tellers handle customer transactions, such as deposits, withdrawals, and loan payments, while providing customer service. This course may be useful as it provides a solid foundation in mortgage loan processing, which can expand a bank teller's knowledge of financial products and services. The bank teller may find value in the loan processing calculations and insights into loan documentation, which can enhance their ability to assist customers with mortgage-related inquiries.

See salaries and explore the career path for Bank Teller

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Advanced Mortgage Loan Processor: Essential Skills Training.

The Complete Idiot's Guide to Success as a Property...

Save

Provides a comprehensive overview of mortgages, making it a great resource for those new to the field. It covers various mortgage types, the application process, and tips for securing the best rates. It can serve as a good foundation before diving into more advanced processing techniques. This book is valuable for understanding the basics.

The Complete Idiot's Guide to Success as a Property...

Kindle Edition

Financial Literacy Essentials For Dummies

Save

Simplifies the complexities of mortgages, making it accessible to beginners. It explains key concepts, calculations, and the overall mortgage process in an easy-to-understand manner. It's a helpful resource for building a solid understanding of mortgage fundamentals. This book is valuable for understanding the basics.

Financial Literacy Essentials For Dummies

Paperback

Advanced Mortgage Loan Processor

Essential Skills Training

What's inside

Learning objectives

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Reviews summary

Essential training for advanced mortgage loan processors

Activities

Career center

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