Mortgage Processor & Loan Originator Course..... $195.00
Includes:
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Frequently asked questions…..
What’s the difference between a mortgage processor and a loan originator?
A Mortgage Loan Processor facilitates the mortgage loan application process by validating mortgage loan application information and verifying that the loan application meets established standards. Typically, the processor will be an employee of a lender or mortgage broker. With experience the processor may want to be an independent contractor and process for several lenders and brokers.
The loan originator takes the loan application, gathers all supporting documents to verify employment, income, assets and debt liabilities. He/she will provide any documentation the lender’s underwriter needs to support the application. Loan originators work for mortgage lenders and correspondent lenders and are employees.
Is there a requirement for state licensure for mortgage processors?
In Florida, there are no license requirements for mortgage processors. Some states, like Georgia, do require processors to be licensed.
Who employees mortgage processors?
Mortgage loan processors are employed by banks, mortgage bankers, mortgage brokers and large retail and wholesale institutions. They may also be contract service providers and own their own business serving many different clients.
May a mortgage processor be an employee? Independent contractor?
Most will start their career as employees. However, with experience they may be self-employed as independent contractors.
How much can I expect to earn as a mortgage processor?
Starting out in the low $20s to $5more experienced in the $50,000 range
Are there other opportunities for mortgage processors?
Many lenders choose their underwriters from the mortgage processor ranks. Some processors are also mortgage brokers or originators and earn additional income. Some choose to run their own processing business.
Are there educational requirements to become a mortgage processor?
Depending on your employer, you will need additional training in the lender’s software for originating and processing. Calyx and Encompass are two of the most popular software applications. The large institutions have their own custom processing software applications. Processors need to know the various types of loan programs and processing such as Conventional Fannie Mae and Freddie Mac guidelines and also, the now popular FHA/VA processing.
What are the minimum skills necessary in becoming a mortgage processor?
A study of conventional loan calculation and requirements. Knowledge in the basics of residential mortgage application, title, appraisal, credit reports, the various documents used in origination and processing such as verification documents, good faith estimates, truth-in-lending, and underwriter guidelines for conventional and non-conventional (FHA/VA) loans.