Consumer Loan Training Courses

Get into the mortgage business with our consumer loan training courses where you will learn the basics of consumer lending and loan processing, including the various types of loans, the various lending requirements, and the requirements and best practices for loan processing.

Specifically, you will learn about loan structure, the processor and underwriter job functinos, and the documentation issues that are an intricate part of the consumer lending process.

About The Residential Mortgage Loan Process

The process starts with the Application, where the potential borrower provides personal and financial information such as income, employment history, assets, debts, and the property details.

The bank then reviews the application to assesses the borrower's creditworthiness using factors such as credit score, debt-to-income ratio (DTI), and employment stability. The next step is to review the property appraisal to determine its market value (and ensure that the property serves as sufficient collateral for the loan!).

Based on the underwriter's assessment, the bank decides whether to approve the loan, deny it, or request additional information or documentation from the borrower. If the loan is approved, the borrower and the bank finalize the loan terms and conditions, such as term and rate.

And during the whole process, you must be sure to adhere to Reg B, Reg Z, TRID, Fair Credit Reporting, and other rules and regulations. Click here for a list of bank lending regulations.

What You'll Learn With Our Loan Training Courses

Terms, Laws, Requirements, And Best Practices:

• Income Calculations and Documents
• Employment
• Debt Structure
• Credit Review

• Ratios
• Compensating Factors
• Truth in Lending
• TRID requirements
• RESPA
• HMDA (including the 2018 applicability rules)
• Reg B
• Flood insurance
• Appraisals and evaluations
• FACTA credit score disclosures
• Insurance disclosures
• Military Lending Act

Training For The Loan Processing

While Loan Officers are responsible for generating loan business and taking the initial loan application, Loan Processors typically do the hard work of double checking the paperwork, correcting any errors, and corresponding with the underwriter to make sure the loan is approved.

Essentially, once a loan is originated by the mortgage broker or loan officer, the corresponding paperwork is sent along to a loan processor. The loan processor is then responsible for prepping and organizing the file and getting it over to the bank or mortgage lender for approval. This work includes:

• Organizing the loan application's documentation and makes sure it is in order
  
• Reviewing the loan package as given by the lender for completeness and accuracy
  
• Verifying the borrower's credit history in terms of debts and payments
  
• Checking appraisal and property issues requiring further justifications
  
• Determining if the application and ensuring requirements and paperwork comply with the lender's standards
  
• Contacting the borrower if information is missing or if additional information or documentation is required

Find Your Mortgage Loan Training Courses

Simply click and of the recommended courses or use the search box below to find a wide array of mortgage loan training courses.