Lending Officer Education

The Mortgage Lending and Banking industry has seen tremendous growth recently. Many positions have remained unfilled due to a shortage of trained professionals. Lending Officer Education helps prepare students for positions in the mortgage industry, such as: mortgage loan processor, mortgage loan underwriter, and mortgage loan officer. A good place to start when entering the mortgage industry is as a loan processor. Loan processors are responsible for checking the files received from loan officers for completeness and accuracy. And Lending Officer Education will help you to achieve that accuracy. Processors order credit reports, appraisals, and other necessary verifications. After all pieces of a file are assembled, the processor forwards the file to the underwriter for a credit decision.

Many individuals that pursue careers as underwriters and loan officers have started as loan processors. Processors may also want to take the North Carolina Loan Officer exam, in order to be able to give interest rate quotes or offer other information to borrowers. To see them through, Lending Officer Education is always at their service. Mortgage loan processors are generally paid a salary plus incentives based upon the number of loans closed each month. Mortgage loan underwriters, according to Lending Officer Education usually possess a minimum of two years of mortgage experience, many times in the loan processing area. They are responsible for reviewing all the information in a borrower's file and making a credit decision.

Underwriters may request more information, place conditions on approval, or deny the loan. Underwriters are generally paid a salary plus incentives based upon the number of loans closed each month. Individuals interested in becoming mortgage loan officers should be interested in sales, says Lending Officer Education. Loan officers start the loan process by finding borrowers. They are responsible for meeting with borrowers to determine which product best fits their client's needs. The loan officer requests documents, supplies disclosures, and takes an accurate loan application. Loan officers must be licensed in North Carolina. Some banks and lending institutions are exempt from this requirement. Individuals interested in being a loan officer must take an approved fundamentals course at Lending Officer Education, pass a state exam, and submit an application to the NC Commissioner of Banks for approval before working as a loan officer. Mortgage loan officers generally work on commission. A few lending institutions may offer a base salary or draw along with a commission.