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.
Requirements
Should complete my course on Become a Mortgage Loan Processor, but is not a requirement.
Description
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 companyDevelop your loan processing skills further so you can process loans even if you're new to this fieldLearn how to hire and pay loan processors that work for youGo over most of the loan processing documents you'll see in real life so you can become as knowledgeable as possibleHow to think like a senior loan processorHow to double, triple, or quadruple your income by charging lenders and mortgage companies a flat processing feeLoan 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 endWHAT'S INCLUDED IN THIS COURSE?35 downloadable course documents as pdf files5 Practical exercises2 advertising examples you can use to get your business started2 Practice tests to prepare you to start your own loan processing businessMany examples of how to complete the most common loan processing documentsAccess to the instructor in case you have any questionsIn 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-CompletionYour instructorJoseph 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.
Overview
Section 1: Introduction to starting your own loan processing business
Lecture 1 Introduction to starting your own loan processing business
Lecture 2 IMPORTANT: Download these PDF documents to use during the course.
Lecture 3 Tired of applying for loan processing jobs?
Lecture 4 Why start a loan processing business?
Lecture 5 What role does a loan processor play in a mortgage?
Lecture 6 How much can you really make as a loan processing company?
Lecture 7 Steps necessary to start a loan processing company
Lecture 8 Should you pay your employees as W2 employees or 1099 independent contractors?
Lecture 9 What's your business model?
Lecture 10 How to pay your employees payroll
Lecture 11 The best pay structures for mortgage companies and loan processing companies
Lecture 12 How to find and build relationships with MBBs and Lenders
Lecture 13 NMLS Consumer Access
Lecture 14 How you'll need to proceed on a loan file
Lecture 15 What lenders need to provide you to do your job?
Lecture 16 Steps necessary to process a live loan
Lecture 17 Reviewing a loan and submitting to underwriting
Lecture 18 What will the underwriter be reviewing on a loan?
Lecture 19 How long does it take to get a conditional loan approval?
Lecture 20 Planning for success in the mortgage industry
Section 2: Process loans like a senior loan processor by understanding how everything works
Lecture 21 Digital signature service providers
Lecture 22 Using DocuSign to obtain eSignatures
Lecture 23 Borrower signature authorization
Lecture 24 Reviewing the initial 1003 on Calyx Point
Lecture 25 Loan application and disclosure checklist
Lecture 26 DocuSign example to get a borrower's signature authorization eSigned
Lecture 27 How to estimate the property taxes on a loan
Lecture 28 Example of a property tax estimator website
Lecture 29 Reviewing a loan estimate as a loan processor
Lecture 30 Completing a verification of employment on theworknumber.com
Lecture 31 Verification of Employment (VOE) on Calyx Point
Lecture 32 Requesting a verification of employment through truework.com
Lecture 33 What are verbal verifications of employment?
Lecture 34 Appraisal request through an AMC
Lecture 35 Requesting an appraisal on Calyx Point
Lecture 36 DU or LP findings approve/eligible status
Lecture 37 Conditional loan approval reviewed by a loan processor example #1
Lecture 38 Conditional loan approval reviewed by a loan processor example #2
Lecture 39 Submitting loan conditions for a clear to close
Lecture 40 Closing disclosure reviewed by the loan processor
Lecture 41 Payoff example
Lecture 42 How to complete a gift letter
Lecture 43 Request for Payoff on Calyx Point
Lecture 44 Requesting tax transcripts on IRS.gov
Lecture 45 What is a verification of mortgage or VOM?
Lecture 46 Requesting a Verification of Mortgage (VOM) on Calyx Point
Lecture 47 Requesting a Verification of Deposit (VOD) on Calyx Point
Lecture 48 Ordering tax transcripts using form 4506T
Lecture 49 Request for Tax Return (4506T) on Calyx Point
Lecture 50 What documents need to be obtain from the title company?
Lecture 51 Request for Insurance on Calyx Point
Lecture 52 What does ISAOA ATIMA mean?
Lecture 53 Completing the Patriot Act: Borrower Information on Calyx Point
Lecture 54 Who sends the denial letter to the borrower?
Lecture 55 Reviewing a denial letter
Section 3: Important things to consider when starting a mortgage loan processing business
Lecture 56 Things to consider before disclosing a loan processing fee
Lecture 57 What should a loan processor be doing?
Lecture 58 What should a loan processor not be doing?
Lecture 59 Choosing to work remotely and hire remotely
Lecture 60 Your main purpose as a business owner
Anyone who wants to start their own Mortgage Loan Processing company.,Anyone who wants to start a position as a mortgage loan processor and work remotely remotely.,Anyone who currently works in a related field and wants to start something new where you will have complete control of your future.,Anyone who has the drive to start their own business and not wait to get hired by others.,Anyone who wants to become independent and create solid business relationships.



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