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Loan Processing

Processing a loan can be a complex endeavor. The most common loans offered by mortgage lenders include conventional conforming, conventional nonconforming, FHA, VA, and subprime loans. For most lenders, the steps to processing these loans are pretty similar, so in this series of courses, we're going to cover the five main steps: taking the application, the verification process, compliance, underwriting the loan, and making the final decision. Here, we'll cover how to properly fill out the loan application. We'll discuss each section and the information needed to complete the form.

Keywords: banking, Bank, loan, processing, loan processing, HSI-ej4

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Loan Processing: Taking the Application
Loan Processing: Taking the Application

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Loan Processing: Verification
Loan Processing: Verification

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Loan Processing

Loan Processing: Taking the Application
Loan Processing: Taking the Application
Processing a loan can be a complex endeavor. The most common loans offered by mortgage lenders include conventional conforming, conventional nonconforming, FHA, VA, and subprime loans. For most lenders, the steps to processing these loans are pretty similar, so in this series of courses, we're going to cover the five main steps: taking the application, the verification process, compliance, underwriting the loan, and making the final decision. Here, we'll cover how to properly fill out the loan application. We'll discuss each section and the information needed to complete the form.
Loan Processing: Verification
Loan Processing: Verification
The second step of loan processing is verification. After the loan application is completed, it's turned over to the loan processor. They obtain the necessary information from the applicant and validate that information, verifying their employment and income. Then they package the loan application and send it to the underwriter. In addition to gathering application information, the loan processor also obtains an appraisal of the property, the applicant's credit report, and most likely, a title search. In this course, we'll go over this entire verification process, so you know what to expect.
Loan Processing: Compliance
Loan Processing: Compliance
Within three business days after completing and verifying the application, the lender needs to provide the applicant with a loan estimate of the anticipated closing costs. This estimate shows the costs associated with the loan settlement, like origination fees, mortgage insurance, title insurance, escrow reserves, and hazard insurance. In 2015, federal changes were made to enhance transparency in the lending industry. In this course, we'll talk about these compliance requirements.
Loan Processing: Underwriting
Loan Processing: Underwriting
Underwriting is the fourth step in processing a loan. It's what happens behind the scenes once you submit your application. It's one of the most critical steps, because the underwriter makes the decision about whether an applicant is qualified for the loan. Loan underwriters may ask for additional information, documentation, or adjustments to the loan request before making the final decision. In this course, we'll talk about what happens during this process and how underwriters make their final determinations.
Loan Processing: The Decision
Loan Processing: The Decision
So far, in our series on loan processing, we've covered taking the application, verifying that data, compliance regulations, and underwriting the loan. For the final step, we're going to talk about the decision to finally approve or deny the loan. After the underwriter has reviewed the entire loan package, there can be four outcomes. We'll discuss those here.
Loan Processing

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