Mortgage Loan Processing Fundamentals - Submission to CTC
Opening Escrow, W2, Paystubs, Bank Statements, Pulling Credit Reports, Running AUS, Pricing Loan, Appraisal, 1003 Entry
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Oct 29, 2023
About This Course
This course is designed to provide participants with an in-depth understanding of the loan processing fundamentals, covering the key steps involved in processing a loan application. The course will begin with setting up the processor workspace and organizing the folders, forms, desktop applications, checklists, and Docusign required for loan processing.
Participants will learn how to request specific documents from borrowers and what to look for in the requested documents, including garnishments, different addresses, name variations, and expired IDs. The course will also cover sending out borrowers' auth and credit card forms to pull credit and order appraisal, and inputting data from the documents into the LOS (Loan Origination System).
Additionally, the course will cover calculating income and employment information entry, pulling credit reports from Point LOS, Arive LOS, and websites, retrieving previous credit ordered in the LOS system, reviewing the credit file for anything to omit, and ordering a VOE (Verification of Employment).Participants will also learn how to export the complete file to the lender's portal for pricing and AUS (Automated Underwriting System), import the file to the lender's website, review for any errors during the import, price the loan, and get all the docs ready for submission once we have AUS approval.
The course will also cover getting a copy of the purchase contract, reviewing the purchase price, loan amount, loan program, and date contingencies. Participants will learn how to open escrow and request items needed from the escrow company, including fees, wire ins, prelim, taxes, CPL, E&O, and EMD receipt. They will also review fees and update the lender's portal fee and request a needs list from borrowers.
Furthermore, participants will learn how to get the HOI (Homeowner's Insurance) and RCE (Replacement Cost Estimator) quote from the insurance company, review lender's portal data, and update it to match new documents. They will also get disclosures out for borrowers to sign, order an appraisal, and set up documents for submission to the underwriter to review.
Participants will learn how to get conditional loan approval, get the CD (Closing Disclosure) out, review conditional loan approval, request required documents from conditional loan approval, and submit requested documents back to the lender for review. The course will also cover reviewing any changes needed, confirming everything is good to go, accepting everything and generating docs, advising the title agent that we are clear to close, and scheduling the notary signing with the borrower.
Finally, participants will learn how to review and balance the fees with the title agent, upload signed notary documents to the lender's portal, and request a check from the title to be shipped to the office or direct deposit. By the end of this course, participants will have a thorough understanding of the loan processing fundamentals and be able to process loan applications with ease.
Section 11 - WE ARE IN CONTRACT! BORROWER HAS FOUND A HOME!
Section 12 - Opening Escrow and request items needed from Escrow company
Section 13 - Requesting Updated Needs List from borrowers
Section 14 - Getting Disclosures Out - Lenders Portal to Match Purchase Contract Numbers
Section 15 - Submission to Underwriter to Review
Section 16 - WE HAVE LOAN APPROVAL! GETTING THE CD (Closing Disclosures) OUT!
Section 17 - Reviewing The Conditional Loan Approval After Underwriter Review
Section 18 - Resubmitting Final Conditions for Clear To Close
Section 19 - LOAN IS CLEAR TO CLOSE!!!
Section 20 - Balancing with Escrow and Scheduling Closing
Frequently Asked Questions
What will students learn in your course?
Satisfy all conditions requested by the underwriter while communicating with the borrower on specific documents needed to suffice for each condition.
Manage a timely and accurate process for the loan to meet crucial deadlines and closing per the fully executed purchase agreement.
Organize and review all documents including assets, income, credit, expenses and debts along with employment verification.
Communicate with all parties including seller side and buyers side attorneys, agents and title companies.
Follow up with applicants and all parties on both seller and buyer side to ensure communication on the status of the loan.
What are the requirements or prerequisites for taking your course?
No prior experiences needed.
Who is this course for?
This course is designed for loan processors who are seeking to gain a comprehensive understanding of the loan processing workflow, from the initial needs list to clear to close. Through this course, you will be able to gain insights into the intricacies of the loan processing back-end, and develop the necessary skills to effectively manage the loan process. You will learn about the critical documentation needed for loan approval, how to navigate common roadblocks, and the steps required to ensure a smooth closing process.
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