Students can take loan processing courses to obtain the skills necessary to find employment as a loan processor in a bank, fulfill their continuing education requirements or prepare for a licensure or certification exam.
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Schools with Loan Processing Programs
The following schools offer programs which include skill development in loan processing.
|College/University||Location||Institution Type||Degrees Offered||Undergraduate Tuition (2015-16)*|
|North Lake College||Irving, TX||2-year, Public||Associate's, Undergraduate Certificate||$1,770 in-district, $3,330 in-state, $5,220 out-of-state|
|Central Piedmont Community College||Charlotte, NC||2-year, Public||Undergraduate Certificate||$2,664 in-state, $8,808 out-of-state|
|Arapahoe Community College||Littleton, CO||2-year, Public||Undergraduate Certificate||$3,334 in-state, $13,052 out-of-state|
|Houston Community College||Houston, TX||2-year, Public||Undergraduate Certificate||$1,632 in-district, $3,360 in-state, $3,756 out-of-state|
|Columbus State Community College||Columbus, OH||2-year, Public||Associate's, Undergraduate Certificate||$3,808 in-state, $8,430 out-of-state|
|Indian Hills Community College||Ottumwa, IA||2-year, Public||Associate's||$3,840 in-state, $5,760 out-of-state|
|San Diego Miramar College||San Diego, CA||2-year, Public||Associate's, Undergraduate Certificate||$1,142 in-state, $4,670 out-of-state|
*Source: NCES College Navigator.
School Selection Criteria
Some schools only offer a course in loan processing, while others offer certificate or degree programs. Aspiring loan processors may want to keep the following considerations in mind when deciding on a program:
- Students can enroll in a course or program to prepare for the exam to become a licensed mortgage loan originator (MLO), certified financial planner (CFP), licensed mortgage broker or licensed loan officer.
- Students who aspire to a career in finance can enroll in a program that includes an internship as part of the curriculum so that they can gain practical experience prior to employment.
- Some schools that offer loan processing courses allow students to complete their studies online, during the evening or at satellite campuses, which can be helpful for students who are working full-time.
- Students who want to pursue employment directly after completion of a loan processing course may want to look for experienced faculty so that they may gain insight into the current finance industry.
Courses in Loan Processing
Loan processing courses can be in mortgage (also known as conventional), federal housing administration, or advanced loan processing. Courses in conventional loan processing will cover basic knowledge and techniques needed to assist consumers with obtaining mortgage loans, while advanced courses will cover concepts like underwriting and property value. Most courses also cover standard industry software and loan application instructions.
Associate's Degree Programs in Loan Processing
Two-year degree programs that include courses in loan processing are usually Associate of Applied Science in Financial Services or Associate of Applied Science in Mortgage Banking programs. These programs prepare students for careers in finance or real estate, such as mortgage banking, financial analysis or account management. Programs may require students to complete an internship. In addition to courses in loan processing, these programs include courses in accounting, business communication, computer applications, and markets.
Certificate Programs in Loan Processing
Certificate programs in loan processing result in awards like a Loan Processor Certificate or a Financial Planners Certificate. These programs are designed for individuals who hold at least a bachelor's degree in a related field and want to complete continuing education credits or supplement their degree. Typical courses cover topics including loan processing, underwriting, fraud, taxes, and escrow.
Although loan processing is typically not its own program, several schools offer finance and mortgaging programs which include loan processing in their curricula.