Start Your Own Mortgage Loan Processing Business from Udemy

Are you looking to start a career as a mortgage loan processor? Have you considered hiring yourself instead of working for others? Did you know that all you need to start your own loan processing business is a mortgage loan originator license? Yes, that's right. Even if you're not thinking of starting your own business, the second and third sections of this course will show you how to process loans like a senior loan processor with practical examples which is incredibly valuable if you want to start working as a mortgage loan processor.

Starting your own mortgage loan processing company requires very little time and will allow you to start working with lenders and mortgage companies not as their employee, but as the owner of your own company. You will build relationships with different companies that will send you loans to process for them. By outsourcing the work to you, they save on loan processor salaries and will increase their profits. You can choose to work for them or to work with them as a partner. Some lenders even hire loan processing companies as preferred loan processors which is a huge benefit because you will receive loans to process on a consistent basis and will charge a fee for processing these loans.

Understand what you need to do to start your own processing company
Develop your loan processing skills further so you can process loans even if you're new to this field
Learn how to hire and pay loan processors that work for you
Go over most of the loan processing documents you'll see in real life so you can become as knowledgeable as possible
How to think like a senior loan processor
How to double, triple, or quadruple your income by charging lenders and mortgage companies a flat processing fee
Loan processing companies normally charge between $300 - $900 per loan processed which can result in an annual income of:
- $300 x 20 (loans processed per month) x 12 (months in a year) = $72,000 or more in annual income on the low end
- $900 x 20 (loans processed per month) x 12 (months in a year) = $216,000 or more in annual income on the high end

WHAT'

35 downloadable course documents as pdf files
5 Practical exercises
2 advertising examples you can use to get your business started
2 Practice tests to prepare you to start your own loan processing business
Many examples of how to complete the most common loan processing documents
Access to the instructor in case you have any questions

In the first section of this course, you will learn how to set up and start your mortgage loan processing business, including: how to get MLO licensed to start your processing business, how to create and build lender and mortgage business relationships to bring in loans to process, what you need to do to get paid and pay others, where you can find the right contacts that will send you loans to process, and how much you can expect to get paid as a 1-person company or if you decide to hire other loan processors.

In the second section of the course you will learn what steps are necessary when processing a loan file including: what documents need to be reviewed and supplemental documents such as letters of explanation (LOX's) and gift letters, what third party verifications should be completed and sent out such as VOE's, VOM's, VOD's, VOI's, request for title, request for insurance, etc. , who will take care of different steps in the process, who you need to be in contact during the loan process to get the loan to closing, what lenders and mortgage companies need to provide you so that you can perform your job (ID's, passwords, credit vendor information, etc.), how to obtain a denial letter when necessary, what the underwriter will take of, what the mortgage loan originator is responsible for, and much more. Also, I will go over some of the most important loan documents you will need to read and understand as a loan processor including: the loan estimate, a conditional loan approval, and mortgage payoffs and how to fill them out.

The third section will go over important things you need to consider when starting a loan processing business such as working remotely and hiring loan processors remotely. You will additionally learn what loan processors should be doing and what loan processors should not be doing which is very important either as the owner of a loan processing business or as a loan processor that works for a lender or mortgage company.

This course, in combination with my course on "Loan Processor & MLO Mortgage Math: Problems & Solutions", will give you the tools necessary to become knowledgeable enough to become independent as a loan processor.

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.

What's inside

Learning objectives

Learn to start and run your own mortgage loan processing business.
Understand how to close an entire file with a complete loan processing example.
Become a business owner and hire other loan processors.
Learn to read and understand a loan approval.

Learn who you need to contact when processing a mortgage loan.
Understand what documents need to be completed and included in a loan file before submitting to underwriting.
Learn how to determine your loan processing fees.
Discover how to find lenders and mortgage brokerage companies that will work with you.

Learn to start and run your own mortgage loan processing business.
Understand how to close an entire file with a complete loan processing example.
Become a business owner and hire other loan processors.
Learn to read and understand a loan approval.
Learn who you need to contact when processing a mortgage loan.
Understand what documents need to be completed and included in a loan file before submitting to underwriting.
Learn how to determine your loan processing fees.
Discover how to find lenders and mortgage brokerage companies that will work with you.

Syllabus

In this section, you will learn how to start a loan processing company and what the financial benefits are so that you can get started and build a new future in loan processing.

Acronyms are very important in the mortgage industry and becoming familiar with common acronyms will allow you to speak fluent mortgage with other people in the industry. This quiz will help you to improve your overall acronym knowledge. Get started with this quiz and see how much you learn.

Using the information you have learned in this course, answer the questions to the best of your knowledge. You can always go back to any of the lectures to double check your answers and the review the content. I actually prefer you do this when you are not sure so that you can improve your knowledge on that specific topic.

These basic questions are simple and easy to complete about a loan processing businenss.

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Provides practical examples of loan processing documents, which is valuable for those wanting to work as a mortgage loan processor or start their own business

Teaches how to build relationships with lenders and mortgage companies, which is essential for securing a consistent flow of loans to process

Explores the financial benefits of starting a loan processing company, which can motivate learners to pursue entrepreneurship in this field

Requires obtaining a mortgage loan originator (MLO) license, which may involve additional costs and requirements depending on the jurisdiction

Uses Calyx Point software, so learners will need access to this software to fully engage with the practical exercises

Includes downloadable course documents and advertising examples, which can help learners quickly implement the strategies taught in the course

Reviews summary

Start mortgage loan processing business

According to students, this course offers a positive and practical approach to both processing mortgage loans and learning how to start your own business. Learners frequently highlight the helpful practical examples and invaluable downloadable documents provided. The instructor is often praised for explaining concepts clearly. However, some learners noted that the course could benefit from more depth, particularly regarding marketing strategies and advanced processing scenarios, suggesting it provides a solid foundation but may require supplemental learning for comprehensive mastery or immediate business success. Some content, like software examples, was mentioned as potentially dated.

Instructor explains concepts well

"Joseph explains complex topics in an easy-to-understand way."

"The instructor is knowledgeable and presents the material clearly."

"Joseph is very clear."

"The instructor is easy to follow..."

Helpful walkthroughs and downloads

"The practical examples and downloadable documents are incredibly helpful."

"The section on processing specific documents like the LE and CD is invaluable."

"The course has some good information, especially the document examples."

"Reviewing documents like the conditional approval was extremely helpful."

"The downloadable forms save me a lot of time."

Uniquely combines skills for career

"It provides a clear, step-by-step guide on how to not only process mortgage loans but also how to set up and market your own business."

"Best mortgage processing course I've found online. It uniquely combines processing skills with the business aspect."

"Fantastic course! ... The business setup part gave me the confidence to actually start planning."

"I got a solid introduction to starting a processing business, covering essential steps and the loan processing flow."

Software examples might be outdated

"However, it feels a little dated in parts, and some of the software examples (like Calyx Point) aren't universally used or explained in immense detail."

"My main suggestion would be to update some videos to reflect current software interfaces..."

More detail needed on marketing/advanced topics

"I would have liked a bit more detail on finding lenders and marketing strategies beyond the basic examples provided."

"it lacks depth for becoming truly 'senior' or successful immediately. Needed much more info on lead generation and advanced processing scenarios."

"Could be more detailed on marketing and finding clients, which is crucial for a new business."

"it's a decent overview, but I felt I needed additional resources to fully grasp the processing side and definitely the business marketing side."

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 Start Your Own Mortgage Loan Processing Business with these activities:

Review Mortgage Industry Acronyms

Show steps

Familiarize yourself with common mortgage industry acronyms to improve communication and understanding of loan documents.

Show steps

Create a list of common mortgage acronyms.
Define each acronym and its relevance to loan processing.
Use flashcards or online tools to memorize the acronyms.

Read 'The Complete Idiot's Guide to Mortgages'

Show steps

Gain a broader understanding of the mortgage landscape and the roles of various parties involved.

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

Show steps

Read the book, focusing on chapters related to loan processing.
Take notes on key concepts and terminology.
Relate the information to the course content.

Simulate Loan Processing for a Fictional Client

Show steps

Apply your knowledge by processing a simulated loan file from start to finish, including document review, verification, and submission.

Show steps

Create a fictional client profile with income, assets, and credit history.
Gather necessary documents, such as pay stubs, bank statements, and credit reports.
Complete the loan application and verification process.
Submit the loan file for underwriting and address any conditions.

Four other activities

Expand to see all activities and additional details

Show all seven activities

Develop a Loan Processing Checklist

Show steps

Create a comprehensive checklist of all the steps and documents required for processing a loan, ensuring no critical items are missed.

Show steps

List all the steps involved in loan processing.
Identify the documents required for each step.
Organize the checklist in a logical order.
Review and refine the checklist based on course materials.

Read 'Mortgages For Dummies'

Show steps

Gain a broader understanding of the mortgage landscape and the roles of various parties involved.

View Financial Literacy Essentials For Dummies on Amazon

Show steps

Read the book, focusing on chapters related to loan processing.
Take notes on key concepts and terminology.
Relate the information to the course content.

Create a Presentation on Loan Processing Best Practices

Show steps

Synthesize your knowledge and present best practices for efficient and compliant loan processing.

Show steps

Research and identify key best practices in loan processing.
Organize the information into a clear and concise presentation.
Include examples and case studies to illustrate the best practices.
Practice the presentation to ensure a smooth delivery.

Answer Questions in Online Mortgage Forums

Show steps

Reinforce your understanding by helping others learn about loan processing and answering their questions.

Show steps

Find online forums related to mortgages and loan processing.
Monitor the forums for questions related to your expertise.
Provide clear and accurate answers to the questions.
Engage in discussions and share your knowledge.

Career center

Learners who complete Start Your Own Mortgage Loan Processing Business will develop knowledge and skills that may be useful to these careers:

Mortgage Loan Processor

A mortgage loan processor prepares mortgage loan files by verifying, compiling, and entering data. The course is designed to teach you how to effectively manage and process mortgage loans. This course is very useful to the development of a mortgage loan processor, as it allows an individual to develop their loan processing skills even if they're new to this field. A mortgage loan processor will also review most of the loan processing documents they will see in real life.

See salaries and explore the career path for Mortgage Loan Processor

Independent Loan Processor

As an independent loan processor, you work with multiple lenders or mortgage companies on a contract basis, offering loan processing services. This course directly targets those aspiring to start their own loan processing business. It provides the knowledge and skills to process loans independently and manage client relationships. Independent loan processors may find particularly relevant the sections on building relationships with lenders, setting up a business, and managing finances.

See salaries and explore the career path for Independent Loan Processor

Loan Processor

The loan processor is responsible for collecting documentation from the borrower, and preparing the loan file for approval. This course provides the knowledge and documentation to become a loan processor. This course can demonstrate how to process loans like a senior loan processor. The second and third sections of this course will show you how to process loans like a senior loan processor, with practical examples.

See salaries and explore the career path for Loan Processor

Mortgage Broker

A mortgage broker acts as an intermediary between borrowers and lenders, helping borrowers find suitable mortgage options. This course will be extremely useful because it gives someone the information and training required to start your own mortgage loan processing company. By understanding loan processing, a mortgage broker can provide better assistance to their customers.

See salaries and explore the career path for Mortgage Broker

Mortgage Loan Originator

A mortgage loan originator guides borrowers through the loan application process. This course provides a foundational understanding of the mortgage industry, particularly the critical steps of loan processing. Understanding these steps prepares a mortgage loan originator to manage the loan process effectively, communicate clearly with processors, and advise clients accurately. The course also elucidates various loan documents and third-party verifications, which are crucial for an originator to ensure compliance and facilitate a smooth loan closing.

See salaries and explore the career path for Mortgage Loan Originator

Quality Control Specialist

Quality control specialists examine loan files to ensure accuracy and compliance with regulations. The course on starting a mortgage loan processing business offers a deep dive into the intricacies of loan documentation and verification procedures. A quality control specialist can leverage this course to gain a comprehensive understanding of the loan processing lifecycle, enhancing their ability to identify and rectify errors, thus ensuring the quality and compliance of loan files.

See salaries and explore the career path for Quality Control Specialist

Compliance Officer

Compliance officers ensure that a company adheres to regulatory requirements. This course may be useful for compliance officers in the mortgage industry. This course offers insights into the documentation, processes, and regulations involved in mortgage loan processing. By gaining a deeper understanding of these aspects, a compliance officer can develop a better understanding of the mortgage regulatory landscape and ensure that the organization follows best practices.

See salaries and explore the career path for Compliance Officer

Loan Officer

The role of a loan officer is to evaluate, authorize approval, or deny loan applications for people or organizations. The course will be useful to a loan officer, as it provides comprehensive insights into loan processing, including document review, third-party verifications, and interactions with underwriters. This knowledge empowers loan officers to make informed decisions on loan approvals and guide applicants through the process more effectively. By understanding the nuances of loan processing, a loan officer fosters efficiency and accuracy in their role.

See salaries and explore the career path for Loan Officer

Mortgage Underwriter

Mortgage underwriters evaluate loan applications to assess risk and determine loan eligibility. This course may be useful for an underwriter, to gain a deeper understanding of the loan processing lifecycle, from initial application to final submission. It offers insights into the documents, verifications, and processes involved in preparing a loan file for underwriting. This course also allows an underwriter to better collaborate with loan processors and originators, ensuring a more streamlined and efficient underwriting process.

See salaries and explore the career path for Mortgage Underwriter

Real Estate Agent

Real estate agents assist clients in buying, selling, or renting properties. This course may be useful for real estate agents, especially regarding the financial aspects of real estate transactions. Learning about mortgage loan processing gives them a better understanding of what their clients go through when securing a mortgage. This understanding will allow a real estate agent to guide their clients more effectively through the home buying process, answer questions relating to mortgage applications, and help deals close efficiently.

See salaries and explore the career path for Real Estate Agent

Credit Analyst

Credit analysts assess the creditworthiness of individuals or businesses to determine the risk of lending money. This course may be useful for credit analysts, as it provides a detailed understanding of the mortgage loan process, documentation requirements, and verification procedures. By learning the specifics of the mortgage industry, they can improve their risk assessment skills and better evaluate the credit quality of mortgage loan applicants.

See salaries and explore the career path for Credit Analyst

Financial Advisor

A financial advisor provides guidance to clients on managing their finances. This course may be useful to a financial advisor as it will provide insights into the mortgage loan process and its impact on a client's overall financial health. By understanding the intricacies of mortgage loan processing, a financial advisor can offer more informed advice to clients regarding their mortgage options, refinancing decisions, and long-term financial planning.

See salaries and explore the career path for Financial Advisor

Escrow Officer

An escrow officer manages the funds and documents in real estate transactions, ensuring all conditions are met before closing. This course may be useful for escrow officers, as the course will provide insight into the loan processing steps that precede the final closing. Learning about the loan process will allow an escrow officer to better understand the documentation and requirements needed to complete the transaction, and to work more effectively with lenders, borrowers, and other parties involved in the closing process.

See salaries and explore the career path for Escrow Officer

Title Company Officer

Title company officers examine property records to verify ownership and ensure clear title for real estate transactions. This course may be useful for individuals at a title company, as the course provides context for the mortgage loan processing aspects of real estate transactions. Understanding the loan process will allow a title company officer to collaborate effectively with lenders and borrowers, ensuring that title-related issues are resolved in a timely manner, and facilitating smooth loan closings.

See salaries and explore the career path for Title Company Officer

Bank Teller

Bank tellers handle customer transactions and provide basic banking services. This course may be useful for a bank teller, as the course provides background on the mortgage loan business. This understanding will allow a bank teller to have a greater understanding of the bank's business strategy and assist customers more effectively when they have mortgage-related questions.

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 Start Your Own Mortgage Loan Processing Business.

Financial Literacy Essentials For Dummies

Save

Simplifies the complexities of mortgages, explaining different loan types, the application process, and how to navigate the mortgage market. It's a useful resource for understanding the borrower's perspective and the overall mortgage landscape. This book is valuable as a prerequisite to the course.

Financial Literacy Essentials For Dummies

Paperback

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

Save

Provides a comprehensive overview of the mortgage process, from application to closing. It is particularly useful for understanding the different types of mortgages and the requirements for each. This book is helpful in providing background knowledge on the mortgage industry. It is more valuable as additional reading than it is as a current reference.

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

Kindle Edition

Start Your Own Mortgage Loan Processing Business

What's inside

Learning objectives

Syllabus

Traffic lights

Save this course

Reviews summary

Start mortgage loan processing business

Activities

Career center

Reading list

Share

Similar courses