Course Description

Seat Time: 2.5hrs - Desc:

This course will introduce the learner to the extensive procedures involved in consumer lending. The learner will become familiar with application process and documentation, home equity loan documentation, and liens on collateral, in addition to many other aspects. After completing this program the learner will understand:

• How to quote rates to customers.
• The pre-closing and closing processes.
• How to communicate loan decisions to customers.

Course Topics

T1. The Consumer Lending Process: This topic will offer an introduction to the consumer lending process, with an overview of origination, preliminary decision, processing, notifications, and more.

T2. Rates: This topic will discuss the necessity of quoting rates, including a definition of rates, rate sheets, and the process of quoting rates to customers.

T3. Consumer Loan Applications: This topic will describe the first steps in the consumer loan application process; steps include assessing the borrower's needs, taking the application, and providing all required disclosures.

T4. Loan Documentation: This topic will focus on explaining all of the documentation that is necessary in the consumer loan application process, which includes the application itself, along with disclosures to the borrower and documents from the borrower.

T5. Home Equity Loan Documentation: This topic will educate the learner on the various documents required for home equity loans, including property valuations, title search, releases, and more.

T6. Liens on Collateral: This topic will introduce the learner to the concept of "collateral", the two processes required to secure collateral, and examples, exceptions, and procedures for liens therein.

T7. Underwriting Guidelines: This topic will introduce the learner to the underwriting process and the underwriters' and processors' involvement in income verification requests, preliminary approvals, counteroffers, declines, and exceptions.

T8. The Closing Process: This topic with explain the pre-closing and closing processes, documentation review, customer communication, and closing and funding the loan.

T9. Communicating Loan Decisions: This topic will educate the learner on acceptable practices for communicating loan decisions, which can be approval, counteroffer, or decline.

T10. Closing Documentation: This topic will explain the loan finalization process, with information on closing documents for every loan and situation.