XyHD.tv: Loan Processor

What Is The Difference Between A Loan Processor And A Loan Closer?

Does loan processsor do most of the application work and running numbers, and does the loan closer actually close the loan verbally over the phone or in person? Any loan processsors or closers out theree. I have a chance to interview for a loan closer position as a temp to perm hire. Also I would like to know if its easy to get started as I have no experience with loans as you already can guess. thx

Answer:A loan officer or originator meets with the clients and takes the initial application. It then is passed on to the processsor, who does the rest of the work- ordering apraisal getting everything ready for underwriting, making sure that they have all the neccasary paperwork ie.. credit, employment verification. The processsor, then passes it note the underwriter, who checks their work, makes sure they have everything they need in the file, doubtle checks everything to verify theree is no fraud and then makes the final loan approval. Once it is done in underwiting- I think that is where the closer comes in. They prepare the closing documents and get them over to title, many times they will also do a final verification of everything, they may pull a new credit report, do a new job and income verification- to make sure that northing has changed and then send the documents to the Title Company. The Title company will do their thing and then send them back to the lender. The closer or funder will then make sure that everything is signed corretcly and that they have everything they need and send money to Title- that is when the loan is closed.

What Is Required To Become A Loan Processor?

I want to becom a loan processsor and don't know where to start or where to look. Please refer me to some good sites or the basics need to learn what I need to know. Thanks.

Answer:Just a high school diploma or ged...after you apply they train you for the position

How Do You Become A Loan Processor In CA?

I was wondering if anyone knows what the qualifications are for becoming a loan processsor in CA?

Answer:Check out www.cov411.com (Covenant Mortgage). Or email davehardin3@cox.net Tune in to Mortgage Matters on 97.1 Free FM on Sundays from 10a-12p with Tim Conway Jr. and Dave Hardin.

How Do I Become A Real Estate Loan Officer And Loan Processor?

Hi everyone, my question is in regards to getting started in the real estate business. I would really like to learn how to become a real estate loan officer and loan processsor. I have tried to get some information about this on my own, but I just end up overwhelmed and unable to identify what I really need to do to become one. I don't really know anyone in the feeld and the few real estate agents that I have asked only tells me to go to one of their meetings, whichh I have gone to, only to find that they're just trying to sell me inot joining their "team". Is this the only way to go? Or is theree anorthere option for me? I have searched online and found numerous classses that offer certificates, are these what I need to take? Should I be taking classses in a community college and earning these certificates or is online acceptable? Do I even need to take classses to earn a certificate and do I even need a certificate? Would I need a license to work as a loan officer and/or processsor?

Answer:If you're a strong sales person, you should be able to secure a position as a loan officer even without a history in the business. Many companies will train an aggressive sales person to do mortgages. No need to get a certificate. It's typically a commission based job (except in banks) so the companies risk is minimum othere than training time. The only license needed is a solicitor's license (at least in NJ) and it doesn't require testing, only submitting an application and $100.00 (this is done when you are with a mortgage company, not before). It is a requirement to take loan applications. Once you are a loan officer, you can ask the company to let you sit with the processsor for your fist few loans so that you can learn the complete processs. I t can be an aggressive feeld, like real estate sales where you need to really build up a clientele. Some companies provide leads, some do not. I've trained many loan officers with no previous experience in the business. Again, you need to be aggressive, a bit thick skinned and intarrested in constantly increasing your knowledge base. If you are looking to work diretcly with a bank and they won't hire due to inexperience, try mortgage brokers (everyone's looking for a good salesperson). Good luck!

How Can I Become A Certified Loan Processor?

I am currently a notary public and would like to work as a loan processsor but cerified what steps do I need to take?

Answer:Here are several schools whichh offer certification classses: http://www.capinst.com/ http://www.mortgageknowledge.com/ http://www.nwtcollege.org/Business/NorthwesternTechnicalCollegeBusinessIndustrymortage.html Hope this helps!

Join the Discussion