Loan Processing
English
30-Day Money Back Guarantee
Full Lifetime Access
Self-Paced
Finish in
19 mins!
Finish in
19 mins!
Made for for
Employees
only
Employees
only
Certificate
of Completion
of Completion
Mobile -
Friendly
Access
Friendly
Access
What you'll learn
Loan Processing Overview
Taking the Application
Verification
Compliance
Underwriting
The Decision
Skills covered in this course
Description
Processing a loan can be a complex endeavor. The most common loans offered by mortgage lenders include conventional conforming, conventional nonconforming, FHA, VA, and subprime loans. For most lenders, the steps to processing these loans are pretty similar, so in this series of courses, we're going to cover the five main steps: taking the application, the verification process, compliance, underwriting the loan, and making the final decision. Here, we'll cover how to properly fill out the loan application. We'll discuss each section and the information needed to complete the form.
System Requirements
• Windows 7 and newer
• Mac OS 10 and newer
Supported Browsers:
The current and previous major releases of the following browsers
• Safari v11 and higher
• Firefox v65 or higher
• Chrome v70 and higher
• Microsoft Edge v42 and higher
• Internet Explorer v11 and higher (Windows only- may exhibit visual differences from other
browsers)
Computer Speed and Processor:
• Use a computer 5 years old or newer when possible.
• 1GBofRAM
• 2GHz processor
Author
Making the Workplace Safer and Smarter
HSI (Health & Safety Institute) is a recognized leader in Environmental, Health and Safety (EHS) and workforce development software, training, and compliance solutions.
HSI is your single-source partner for EHS, Compliance, and Professional Development solutions. HSI provides integrated e-learning content, training solutions, and cloud-based software designed to enable your business to improve safety, operations, and employee development. Across all industries, we help safety and technical managers, human resources, first responders, and operational leaders train and develop their workforce, keep workers safe, and meet regulatory and operational compliance requirements. We are a unique partner that offers a suite of cloud-based software solutions including learning management, safety management, chemical SDS management, and more, integrated with our content and training so businesses can not only monitor and manage multiple workflows in one system, but train employees via one partner.
Loan Processing
Loan Processing: Taking the Application
Processing a loan can be a complex endeavor. The most common loans offered by mortgage lenders include conventional conforming, conventional nonconforming, FHA, VA, and subprime loans. For most lenders, the steps to processing these loans are pretty similar, so in this series of courses, we're going to cover the five main steps: taking the application, the verification process, compliance, underwriting the loan, and making the final decision. Here, we'll cover how to properly fill out the loan application. We'll discuss each section and the information needed to complete the form.
Loan Processing: Verification
The second step of loan processing is verification. After the loan application is completed, it's turned over to the loan processor. They obtain the necessary information from the applicant and validate that information, verifying their employment and income. Then they package the loan application and send it to the underwriter. In addition to gathering application information, the loan processor also obtains an appraisal of the property, the applicant's credit report, and most likely, a title search. In this course, we'll go over this entire verification process, so you know what to expect.
Loan Processing: 03. Compliance
Within three business days after completing and verifying the application, the lender needs to provide the applicant with a loan estimate of the anticipated closing costs. This estimate shows the costs associated with the loan settlement, like origination fees, mortgage insurance, title insurance, escrow reserves, and hazard insurance. In 2015, federal changes were made to enhance transparency in the lending industry. In this course, we'll talk about these compliance requirements.
Loan Processing: Underwriting
Underwriting is the fourth step in processing a loan. It's what happens behind the scenes once you submit your application. It's one of the most critical steps, because the underwriter makes the decision about whether an applicant is qualified for the loan. Loan underwriters may ask for additional information, documentation, or adjustments to the loan request before making the final decision. In this course, we'll talk about what happens during this process and how underwriters make their final determinations.
Loan Processing: The Decision
So far, in our series on loan processing, we've covered taking the application, verifying that data, compliance regulations, and underwriting the loan. For the final step, we're going to talk about the decision to finally approve or deny the loan. After the underwriter has reviewed the entire loan package, there can be four outcomes. We'll discuss those here.
