What you’ll learn
- 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.
This course includes:
- 3 hours on-demand video
- 3 articles
- 39 downloadable resources
- Access on mobile and TV
- Full lifetime access
- Certificate of completion
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.
WHAT WILL YOU LEARN IN THIS COURSE?
- 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’S INCLUDED IN THIS COURSE?
- 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
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.
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