Online Courses in Loan Processing
These are some loan processing courses commonly offered online.
- Loan Originators & Ethics Course: Focus is on ethical lending practices, along with recognizing and preventing predatory lending and loan fraud. Students learn about lending issues, disclosure requirements, preventing unethical practices and reviewing and following lending regulations.
- Real Estate Loan Processing Course: Students learn the fundamentals of processing residential mortgages from loan application to closing. Mortgage types are introduced, including VA, FHA, jumbo, subprime and conventional. Topics include good faith estimates, credit report analysis, truth-in-lending, verification of income and employment and financial documents.
- Loan Processing Principles Course: Students get a hands-on learning approach to the basics of loan processing from the start right to the time of closing. Emphasis is on understanding applicable laws, providing customer service, ensuring ethical lending practices and obtaining sufficient documents to satisfy compliance laws.
- Loan Origination Course: This course is aimed at students interested in the origination of residential mortgage loans. Students learn all aspects of residential mortgage loans, including the pre-qualification period, loan applications, regulatory compliance, real estate contracts, credit reports, property appraisals and meeting federal and state regulations.
- Business Math Course: Students are introduced to the finance and business techniques currently in use today. Topics include compound and simple interest, percentages, reconciliation, bank statements, consumer credit, consumer and business loans and taxes.
- S.A.F.E Mortgage Loan Originator Course: . This course provides comprehensive pre-licensing education to comply with the S.A.F.E. (Secure And Fare Enforcement) Act. Topics covered include amortization types, mortgage frauds, predatory lending, loan types and financing options.
- Mortgage Math Course: This course specifically covers the mathematical calculations used in the mortgage industry. These include calculations of payment, income, LTV, housing and debt ratios; students also learn how to amortize loans.
- Underwriting Course: This course introduces students to the fundamentals of mortgage underwriting; it builds on the principles covered in loan processing courses. Students learn how risk analysis can be used to determine credit worthiness and set loan conditions.
Loan processing courses may be part of online certificate, bachelor's degree or master's degree in real estate or underwriting programs. Students learn about loan types, compliance and lending procedures. Loan processors can find careers with banks, credit unions and other lending institutions. Some people with a background in loan processing start their own businesses. Loan processing courses and classes are offered fully online, and typically require word processing or spreadsheet software. Additionally, students may need access to other materials, such as calculators.
Individuals who want to pursue online studies in loan processing can find relevant coursework that covers procedures in real estate industry and the mathematical techniques used for loan processing.