Posted by MDNotary on 11/6/06 2:28pm
Msg #157545

Loan processing

Does anyone have info on any reasonable books or training courses in becoming a loan processor?
Any experienced contract loan processrors out there? Would love to chat.

S.

Reply by Traveling2U on 11/6/06 3:15pm
Msg #157547

I did a search for CA and I didn't like the fact I had to be employed by a firm. I like being mobile myself I googled there are plenty courses out there. My daughter inlaw is doing it in CA and so far her loans been declined she haven't been at it long enough though and I don't know how hard she is working at it.

I hear its good money

Reply by Pamela on 11/6/06 3:35pm
Msg #157550

Traveling2U Re: Loan processing

A Loan Processor and/or Loan Officer (Mortgage Broker)
are not required to be employed by a firm. Many are
independent contractors.

Pam

Reply by PAW on 11/6/06 4:01pm
Msg #157557

Loan Officer not the same as Mortgage Broker

Most states require Mortgage Brokers to act as a conduit between a lender and a borrower, acting on behalf of the borrower. Additionally, many states require mortgage brokers to be licensed. A Loan Officer is an employee of a lender or of a broker business. A loan officer that is an employee of a lender, acts on behalf of the lender, and since they are employed by the lender, they typically do not need to be licensed. Loan officers that are employees of a broker business, perform similarly to a mortgage broker, but do not need to be licensed. (State regulations vary considerably as the whether or not broker businesses can hire loan officers and if they do, what functions they can and cannot perform. The only consensus that I can find, is that loan officers are employees while brokers are IC's.) A pretty good article can be found at http://tinyurl.com/yc22uy.

Loan Processors are hired by lenders, broker businesses and brokers to do the actual processing of the loan after the application is taken. The job description that I have on file for a Loan Processor is:

Verifies, compiles, and types application information for mortgage loans: Reviews residential loan application file to verify that application data is complete and meets establishment standards, including type and amount of mortgage, borrower assets, liabilities, and length of employment. Recommends that loan not meeting standards be denied. Calls or writes credit bureau and employer to verify accuracy of information. Types loan application forms, using computer. Calls specified companies to obtain property abstract, survey, and appraisal. Informs supervisor of discrepancies in title or survey. Submits mortgage loan application file for underwriting approval. Types and mails approval and denial letters to applicants. Submits approved mortgage loan file to MORTGAGE LOAN CLOSER (financial) 249.362-018 for settlement. Records data on status of loans, including number of new applications and loans approved, canceled, or denied, using computer.

Reply by Traveling2U on 11/6/06 4:07pm
Msg #157562

Re: Loan Officer Thanks Paw

I'll checkout this side of the loan since its like that. I know she have to drive 30 miles to work one way I'll check into this thank you very much

Reply by Pamela on 11/6/06 4:50pm
Msg #157573

PAW,

Thanks for the information.

The reason I inputed Mortgage Broker in quotations, is that
some of the smaller full-service companies in California,
(I call them "Mom and Pop" type offices), may only have
one or two Mortgage Brokers with one telephone clerk.
In these offices, the Mortgage Broker does it all!

I am currently working on my broker's license as we speak.
As I would like to work in (and eventually own), one of these
"Mom and Pop", full-service offices (and to do my own loan
signings as well).

And, as I suggested to Charles, I think that you should
be an instructor at one of the colleges. You have
much to offer.


Pam

Note: I hope this message doesn't duplicate.
I posted before, but had "connection" problems!

Reply by PAW on 11/6/06 5:00pm
Msg #157577

Re: PAW,

I just wanted to clarify the difference between a loan officer and mortgage broker since there are many who use the terms interchangeably. Sometimes, it can be, but most often they are different. I differentiate myself to my clients as a broker who works for them. It is my job to service their needs, not the lenders.

Good luck with your endeavor in becoming a mortgage broker. However, I do caution you about "doing your own loan signings". I have been told that it is okay in CA, but the perception of conflict of interest still may exist and really should be avoided. I won't close or sign any of my own loans for that very reason.

Reply by Traveling2U on 11/6/06 4:04pm
Msg #157558

Re: Traveling2U Re: Loan processing

let me back up! maybe it was a loan originator I searched. That's what I checked into and my daughter inlaw is doing. I can't deal clockin in anymore ;-/

Reply by Pamela on 11/6/06 3:31pm
Msg #157549

MDnotary, Re: Loan processing

There are several mortgage training schools around the country.
You can browse the internet for a comparison.
Check with the Better Business Bureau for any information
about a particular school (as well as your state's mortgage regulatory
agency[ies], for their recommendation and/or list of schools, if any:
Http://www.dllr.state.md.us/finance/mortlendac.htm ).

However, my First choice of mortgage schools is Capstone Institute:

Http://www.capinst.com/


Pam

Reply by Charles_Ca on 11/6/06 3:56pm
Msg #157556

Re: MDnotary, Re: Loan processing, Right on Pamela...

I employ several loan processors and they are all independant. I pay $400 per loan for the processor and they keep my paperwork straight. There are several loan processors who have a fairly large business. You wold need one of the loan software packages such as Calyx Point or Ellie Mae's Encompass. Encompass has a deal right now on single licenses. There is also a freeware processing program availble but it is not as complete as the other two. I'm on the road currently but if you want to ak additional questions about loan processing I would be glad to help, click on my link and use the e-mail address. Good luck. It is an excellent business, pays well and doesn't have a lot of the crap that goes with being an NSA, but you have to be accurate and you need to know how do order the documents because the some lenders have different stacking orders

Reply by Pamela on 11/6/06 4:05pm
Msg #157560

Charles,

You are exactly the person MD Notary needs to talk to.
If anyone would know anything about the mortgage and/ or
real estate industry it's you.

"but you have to be accurate and you need to know how do order the documents because some lenders have different stacking orders"

I still think that you should teach a real estate course.


Pam

Reply by Charles_Ca on 11/6/06 4:10pm
Msg #157564

Re: Charles, thanks Pam but I don't have the patience to

teach anyone much of anything but I'd certainly be glad to point anyone to sources. I do alright on a one on one basis answering questions but I just get too frustrated to teach!

Reply by Pamela on 11/6/06 5:00pm
Msg #157576

Charles, thanks Pam but I don't have the patience to

Years ago, I was in the university's teaching program
but decided to go into social work instead (however,
I still like teaching).

You are a long-time, experienced Realtor. You have
much to offer (I suggested the same to PAW).

My gosh, there are many students out there who
need good quality instructors. Or at the very least,
write a book (with CD) on the industry. You
(and PAW both) have a wealth of information to share!


Pam

Reply by Traveling2U on 11/6/06 4:10pm
Msg #157565

Re: MDnotary, Re: Loan processing, Right on Pamela...

this is great information I need to read upon on the con's of this business

Reply by Pamela on 11/6/06 5:10pm
Msg #157578

Traveling2U

Just about any career or job in the real estate or
mortgage industry pays very well. That is, if you
are able to stay around long enough to reap the
benefits. It can be very costly at first, but the rewards
are plentiful. And, as in any field, there is both good and bad.

If you like to research it more, there are books at

Http://www.Amazon.com which you may find beneficial.

Currently I have my real estate license, but am working on my
broker's license (I've learned, it is MUCH better to
be a broker than an agent).


Pam

Reply by Wendy Pablico on 11/6/06 6:40pm
Msg #157595

Thank you so very much

I almost signed up to become a real estate agent but then I realized it wouldn't be good for me. Yes you do have to hang in through the downsides which I don't have a problem with. I love being solow and incontrol of my days.

I love learning new ways to make income. I read Robert Allen's book Multiple Streams Of Income when one dries up one or two are still working. I have 3 so far but he said we need at least 10 streams of income so I plan to invest in tax liens instead of flipping properties too much work for me then selling in a soft market and I sure do not want to be a landlord ;-D

I know I will be happy making money do what I like or love

Amazon is my favorite book store ;-D

thank you Pamela

Reply by Pamela on 11/7/06 4:38am
Msg #157716

Wendy,

You're Welcome!

I agree with you one hundred percent. It is always good to have
a backup plan or plans. Makes a person more flexible.

Amazon is my favorite bookstore too. I also purchase books online
at e-Bay's Half.com and on e-Bay (I sometimes sell on e-Bay too,
though I mostly buy.).

Will have to check out Robert Allen's book, seems interesting.


Pam

Reply by Sherri McDonald on 12/6/06 10:51pm
Msg #164446

Thanks sooo much everyone for your advice. This was of great help to me!

S.