ICE Mortgage Technology Processing Boot Camp
This Processing Boot Camp is designed for novices to the mortgage industry or participants seeking refreshment of their processing skills. Typically running for two weeks, this class combines on demand and live instructor learning courses with case study work to provide a regulatory framework as well as job expectations that define successful loan processors. Through task-based blended learning, participants analyze key loan file documents to extract and evaluate critical information.
What will I learn?
- Explore mortgage lending and regulation including mortgage types and products, primary regulators and key regulations
- Experience the loan application process including activities during origination, processing, underwriting, closing, servicing and the importance of 3rd party partners
- Explore the loan file including application forms, reports, and verifications
- Understand the purpose of disclosures and other closing documents
- Examine mortgage fraud types and techniques and become familiar with common red flags for detecting mortgage fraud and money laundering
- Analyze documentation necessary to submit a loan file to underwriting including document requirements and acceptable sources of funds:
- Credit report
- Purchase agreement
- Title commitment
- Calculate stable monthly income, ratios, and funds to close
- Examine the URAR including key areas to review and indications of fraud
- Identify essential elements of a sales contract, key provisions, common addendums, and potential issues
- Explore types of insurance: PMI, Homeowner’s/Hazard, Flood, Title
- Explain requirements for a changed circumstance
- Review a file for submission to underwriting
- Discuss preparation of a file to send to closing
Upon successful completion of all coursework, case studies and a final exam participants will earn a digital credential as a Foundational Processor.
* Discounted pricing available for Mortgage Education Package subscribers. Contact your Account Rep for more details.