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Online Class: Loan Processing 101

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Learn the Fundamentals of Loan Processing

IACET Authorized Provider Enroll today! This is a self-paced, continuing education, online course with instructor. You have 6 months to complete.
Course Cost: 6 Month Subscription
Course (no Certificate)   =   $65.00
Course with CEU Certificate*   =   $90.00
* Instantly download, print, and share your CEU Certificate at course completion (additional shipping/handling charges apply for hard copy delivery). UniversalClass™ offers many wonderful learning tools including an online portfolio service that manages all your course completions and CEUs.  
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Course Description

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.
 
 
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Learning Outcomes

By successfully completing this course, students will be able to:
  • Define the role of the Loan Officer.
  • Describe general financial lending industry.
  • Describe the steps to becoming a loan officer/processor.
  • Define basic skills needed for this career option.
  • Define categories of loans.
  • Define types of loan programs.
  • Summarize the loan process and loan structuring.
  • Summarize the loan application.
  • Describe the credit report.
  • Identify final loan documentation.
  • Demonstrate loan processing step-by-step procedures.
  • Summarize underwriting.
  • Describe payment calculations.
  • Describe incentives, how a loan officer makes money.
  • Summarize defaults on loans.
  • Summarize current regulations and legislations affecting loans.
  • Define basic loan terminology and acronyms, and
  • Demonstrate mastery of lesson content at levels of 70% or higher.

Course Lessons

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Lesson 1 : Introduction to the Loan Officer/Processor Career

This introductory lesson will cover basic differences between the loan officer and the loan processor; key job responsibilities associated with each; important skills & knowledge areas needed to master; and types of persons well-suited to loan officer/ pr

Lesson 2 : General Financial Lending Industry Overview

In this second lesson, we will provide a general sense of the lending finance industry inclusive of: average loan officer/processor salary ranges; forecast for job opportunities and growth treks within the field; and examples of specific loan officer/proc

Lesson 3 : Steps to Becoming a Loan Officer/Processor

Within the third lesson, we provide the general steps one needs to take in order to become a loan officer/processor inclusive of the associated training; educational background; requirement or non-requirement of official certifications and/or licensings;

Lesson 4 : Basic Skills

Lesson 4 covers the core skills, characteristics and concepts an individual needs to have a good handle on, as well as, those that he/she is willing to learn in an effort to become a successful loan officer/processor.

Lesson 5 : Categories of Loans

This lesson outlines the major types of loans on the market, their prevalence and specific knowledge areas associated with each.

Lesson 6 : Types of Loan Programs

In this lesson, the focus shifts from the loan categories mentioned in lesson 5, to the specified types within each category.

Lesson 7 : Loan Process & Structuring

In lesson 7, we lay out the process a candidate follows when applying for a loan, the specific documents required during the application process and examples of financial asset disclosures that will need to be provided.

Lesson 8 : The Loan Application

Connecting back to lesson 7, because the loan application is so integral to the overall process, within lesson 8, we explore the many facets of the loan application, e.g. set-up--disclosures and application forms; appraisals/credit reports, et al.

Lesson 9 : The Credit Report

Because of the importance in the loan officer/processor being made privy to and being able to fairly evaluate the client's financial history and current standings, within lesson 9, we will outline the procedures for reviewing and evaluating credit reports

Lesson 10 : Final Loan Documentation

In this lesson, we will focus upon those 'official loan documents' both to understand the three main documents that are required and the processes loan officers go through in order to produce such officiating forms.

Lesson 11 : Loan Processing Step-By-Step Procedures

In this lesson, we'll go through all the loan processing procedures step-by-step before the loan file is handed to the underwriters.

Lesson 12: Underwriting

Within lesson 12, we touch upon the steps involved the process of securing funds, e.g., available funding sources, stack orders, checklists, understanding DU and LP findings/results, and satisfying conditions.

Lesson 13 : Payment Calculations

In this lesson we will look at the ways in which loan officers/processors ascertain the regular payments clients need to make to remain in good standing on their loans. We will also explore the breakdown of the fees and costs associated with borrowing.

Lesson 14 : Incentives, How a Loan Officer Makes Money

To provide insight into the methods by which loan officers make money, within lesson 14 we relay the various incentive programs available.

Lesson 15 : Defaults on Loans

Within Lesson 15, we will look at the ramifications loan officers/processors need to face in such instances, and how the anticipation of a specified percentage of non-payers are calculated into the cost of making loans.

Lesson 16 : Current Regulations & Legislations Affecting Loans

In Lesson 16 we will look into some of the more troublesome areas of the lending industry.

Lesson 17 : Basic Loan Terminology, Acronyms and Resources

Within the final lesson, we include definitions for some of the most commonly used terms used within the financial lending industry; provide links and summaries for key industry websites; and list publications relevant to the loan officer profession.

Additional Information

Course Title : Loan Processing 101
CEU Value :

1.5 IACET CEUs (Continuing Education Units)

Standard :

Course Adheres to the ANSI/IACET 1-2007 Standard

Accreditation :

Universal Class, Inc. has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET), 1760 Old Meadow Road, Suite 500, McLean, VA 22102.

Languages : English - United States, Canada, United Kingdom, Australia, New Zealand, and other English speaking countries
Course Number : 7550143
Course Type : Professional Development
Course URL :

http://loanprocessor.onlineclasses.com

Course Rating : Excellent Course! 4 Star Rating
Instructor :

UniversalClass Staff Instructor

Syllabus :

View Syllabus

Grading Policy :

Earn a final grade of 70% or higher to receive a CEU Certificate documenting CEUs earned

Assessment Method :

Lesson assignments and review exams

Duration : Continuous: Enroll anytime!
Requirements : View Technical Requirements
Course Fee :

Basic Course: $65.00 (no CEU Certificate)

   

with CEU Certificate: $90.00

NOT FOR COLLEGE CREDIT
This is a non-credit course, and is provided for your personal enrichment. This course is not intended to be a substitute for any state, government, licensing, certification or educational requirements.

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