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Online Class: Loan Processing 101


We're sorry, this course is no longer open for enrollment.
  • 17
  • 34
    Exams &
  • 15
    average time
  • 1.5

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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  • Completely Online
  • Self-Paced
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly
  • Accredited CEUs
Universal Class is an IACET Accredited Provider

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Course Lessons

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 38 Total Points
  • Review 2 Articles: Loan Officer; Lending Industry
  • Complete Assignment: An Introduction
  • Complete Assignment: Lesson 1: Basics Skills of a Loan Officer
  • Complete: Quiz for Lesson 1 : Introduction to the Loan Officer/Processor Career

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 33 Total Points
  • Review Article: Loan Officers' Career
  • Complete Assignment: Lesson 2: Financing Industry Basics
  • Complete: Quiz for Lesson 2 : General Financial Lending Industry Overview

Lesson 3 : Steps to Becoming a Loan Officer/Processor

In 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 or licensings. 22 Total Points
  • Review Video: A Day with a Loan Officer
  • Take Poll: Responsibilities of a Loan Officer
  • Complete Assignment: Lesson 3: Education and Training
  • Complete: Quiz for Lesson 3 : Steps to Becoming a Loan Officer/Processor

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 they are willing to learn in an effort to become a successful loan officer-processor. 32 Total Points
  • Review 3 Articles: Essential Skills of a Loan Officer; Numerical Analysis; Financial Analysis
  • Take Poll: Skills Required by the Loan Officer
  • Complete Assignment: Lesson 4: Basics & Application Skills
  • Complete: Quiz for Lesson 4 : Basic Skills

Lesson 5 : Categories of Loans

This lesson outlines the major types of loans on the market, their prevalence and specific areas of knowledge associated with each. 25 Total Points
  • Review 2 Articles: Mortgage Loan; Small Business Loans
  • Complete Assignment: Lesson 5: Types of Loans
  • Complete: Quiz for Lesson 5 : Categories of Loans

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. 25 Total Points
  • Review 2 Articles: Auto Loans; Student Loan
  • Complete Assignment: Lesson 6: Loan Detailing
  • Complete: Quiz for Lesson 6 : Types of Loan Programs

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. 34 Total Points
  • Review 2 Articles: Credit Score; Commercial Loan Structuring
  • Complete Assignment: Lesson 7: Loan Structure
  • Complete: Quiz for Lesson 7 : Loan Process & Structuring

Lesson 8 : The Loan Application

Connecting back to Lesson 7, because the loan application is so integral to the overall process, in Lesson 8, we explore the many facets of the loan application, for example, set-up--disclosures and application forms, appraisals, credit reports. 33 Total Points
  • Review 2 Articles: Loan Origination; Debt
  • Complete Assignment: Lesson 8: Loan Application Process
  • Complete: Quiz for Lesson 8 : The Loan Application

Lesson 9 : The Credit Report

Because of the importance of the loan officer-processor being made privy to and being able to fairly evaluate the client's financial history and current standings, in Lesson 9, we will outline the procedures for reviewing and evaluating credit reports 35 Total Points
  • Review 2 Practice Worksheets
  • Review 3 Articles: Credit History; Credit Report; Importance of Credit Rating
  • Complete Assignment: Lesson 9: Dealing with Bad Habits
  • Complete: Quiz for Lesson 9 : The Credit Report

Lesson 10 : Final Loan Documentation

In this lesson, we will focus on 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. 34 Total Points
  • Review 2 Articles: Loan Agreement; Promissory Note
  • Complete Assignment: Lesson 10: Official Loan Documents
  • Complete: Quiz for Lesson 10 : Final Loan Documentation

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. 0 Total Points
  • Review 2 Articles: Fair Credit Reporting Act; About the Loan Process

Lesson 12: Underwriting

In lesson 12, we touch upon the steps involved the process of securing funds, such as available funding sources, stack orders, checklists, understanding DU and LP findings or results, and satisfying conditions. 34 Total Points
  • Review 3 Articles: Underwriting; Risk Assessment; Commissions
  • Complete Assignment: Lesson 12: Further Process in Loan Application
  • Complete: Quiz for Lesson 11 : Underwriting

Lesson 13 : Payment Calculations

In this lesson we will look at the ways in which loan officers-processors ascertain the regular payments that 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 borrowin 40 Total Points
  • Review 3 Articles: Payment Calculations; Interest Charges; Repayment Plan
  • Complete Assignment: Financial Lending Formula
  • Complete: Quiz for Lesson 12 : Payment Calculations

Lesson 14 : Incentives, How a Loan Officer Makes Money

To provide insight into the methods by which loan officers make money, in lesson 14 we relay the various incentive programs available. 25 Total Points
  • Review 2 Articles: Incentives; Performance Related Pay
  • Complete Assignment: Lesson 13: Incentives of Loan Officer
  • Complete: Quiz for Lesson 14 : Incentives, How a Loan Officer Makes Money

Lesson 15 : Defaults on Loans

In Lesson 15, we will look at the ramifications loan officers-processors need to face in such instances (defaults), and how the anticipation of a specified percentage of non-payers are calculated into the cost of making loans. 29 Total Points
  • Review 2 Articles: Default; Credit Risk
  • Complete Assignment: Lesson 14: Default: Definition
  • Complete: Quiz for Lesson 15 : Defaults on Loans

Lesson 16 : Current Regulations and Legislation Affecting Loans

In Lesson 16 we will look into some of the more troublesome areas of the lending industry. 35 Total Points
  • Review 3 Articles: Subprime Loan; Predatory Lending; Loan Sharking
  • Complete Assignment: Lesson 15: Default: Definition
  • Complete: Quiz for Lesson 16 : Current Regulations & Legislations Affecting Loans

Lesson 17 : Basic Loan Terminology, Acronyms and Resources

In the final lesson, we include definitions for some of the most commonly used terms within the financial lending industry. provide links and summaries for key industry websites, and list publications relevant to the loan officer profession. 99 Total Points
  • Review 3 Articles: Glossary of Basic Loan Terms; Return on Assets; Yield
  • Take Poll: Career Challanges of a Loan Officer
  • Take Survey: Program Evaluation Follow-up Survey (End of Course)
  • Complete Assignment: Lesson 16: Mini Loan Glossary
  • Complete: Quiz for Lesson 16 : Basic Loan Terminology, Acronyms and Resources
  • Complete: The Final Exam
Total Course Points
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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.
  • Know the loan process and loan structuring.
  • Know the loan application.
  • Describe the credit report.
  • Identify final loan documentation.
  • Demonstrate loan processing step-by-step procedures.
  • Know underwriting.
  • Describe payment calculations.
  • Describe incentives, how a loan officer makes money.
  • Know defaults on loans.
  • Know current regulations and legislations affecting loans.
  • Define basic loan terminology and acronyms, and
  • Demonstrate mastery of lesson content at levels of 70% or higher.
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Student Testimonials

  • "It was great to be able to still do my job and take the course when it was convenient." -- Ardeth L.
  • "I enjoyed it, and my instructor was very nice." -- Katherine N.
  • "I felt all the material given was able to explain everything I needed to know about Loan Processing and the procedures that it takes to be a good Loan Officer. I enjoyed taking this online course." -- Wesley H.
  • "I enjoyed the class." -- Eileen T.
  • "The Instructor was great and put together a great way of learning Loan Processing." -- Donna P.
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