As we move into a new era of lending, one in which there will be increased regulations and scrutiny of loan officer activities, it is very critical to have well educated and trained professionals in place capable of knowledgably working with clients and guiding them on their process to secure a loan.
Regardless of whether your goal is to work with mortgages/home loans, automobile loans, school/college loans, small business or personal loans, this course will provide you with the tools to help you better understand the overall lending industry and the specific responsibilities undertaken by loan officers from evaluating client's credit histories and financial data to seeking out appropriate lending sources and preparing final loan documentation.
Also important for potential loan officer candidates to understand is that the lending environment has a great deal of options with respect to the types of loans available to clients. With varying payment structures, there is a loan type that is custom fit for each and every individual based upon his/her individual earning styles and motivations for paying off the loan with a defined period of time.
And, pertaining to the loan officer's earning, there is also a range of incentive structures via which to earn money based upon one's performance as opposed to being relegated to earn a flat fee on an ongoing basis.
This is just a sampling of the many options that exist within the wide world of lending. An exciting and worthwhile career, our course has been designed to act as a guide to help you to get a foothold in the industry.
I. Introduction to the Loan Officer/Processor Career
A. Loan Officer Characterizations
B. Lending Industry: Brief History
C. Loan Officer: Debt and the Economy
D. Loan Officer: Officer-Friendly
E. Loan Officer: Areas of Specialty
F. Loan Officer: Statistics
G. Loan Officer: Skills Sets
H. Loan Officer: Education & Work Experience Qualifications
I. Comments on Payment/ Commission Structure
II. General Financial Lending Industry Overview
A. Loan Officer: Career Environment
B. Loan Officer: Positions
C. Loan Officer: Generalist versus Specialist
D. Loan Officer: Payment Structures
E. Loan Officer: Job Outlook for and Transforming Role
III. Steps to becoming a Loan Officer/Processor
A. Education
B. Education and Training
C. Day in the Life of a Loan Officer
IV. Basic Skills
A. Loan Officer: Primary Skills
B. Analysis of Financial Information
C. Numerical Calculation Appreciation Concepts
D. Fundamental Mathematical Skills
V. Categories of Loans
A. Loan Officer: Pigeonholing
B. Five Major Categories of Loans
VI. Types of Loan Programs
A. Mortgages
B. Automobile Loans
C. School/College Loans
D. Small Business Loans
E. Personal Loans
VII. Loan Process & Structuring
A. Loan Officer: Your Role
B. Loan Packaging
C. Credit Scores
D. Lending Decisions
VIII. The Loan Application
A. Traditional versus Contemporary Processes
B. Applicant Requirements
C. Identification
D. Income
E. Supplemental Income
F. Debt
G. Real Estate
IX. The Credit Report
A. What is a Credit Report?
B. Credit Report: Contents
C. What’s Not in the Credit Report
D. Importance of Credit Scores
E. Conclusions
X. Documentation Review
A. Loan Agreement (LA)
B. Loan Subdivisions
C. Promissory Note
D. Guarantee & Surety Agreement
E. Truth in Lending (TIL)
XI. Underwriting
A. Definition: Underwriting
B. Credit History
C. Employment and Income
D. Risk Assessment
E. Commissions
F. Additional Sources Revenue
G. Self-Employed
H. Automated Underwriting
XII. Payment Calculations
A. Lending Figures
B. Total Loan Package
C. Calculations
D. Interest Charges
E. Repayment Plans
XIII. Incentives, How a Loan Officer Makes Money
A. Loan Officer Compensation Forms
B. Earning Structures/ Incentive Structures
C. Conclusion
XIV. Defaults on Loans
A. Definition: Default
B. Types of Default
C. Default: Timeframe
D. Default: Process
E. Risk Assessment
F. Creditworthiness
G. Probability of Default
H. Conclusion
XV. Current Regulations & Legislation Affecting Loans
A. Lending Environment
B. Sub-prime Loans
C. Predatory Lending/ Exploitation
D. Current Regulations
E. Conclusion
XVI. Basic Loan Terminology, Acronyms and Resources
A. Mini-Loan Glossary
B. Acronyms
C. Lending Affiliated Organizations/Associations
D. Publications